Zumper National Rent Report: October 2020

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Expensive markets keep slipping

Expensive cities continued to drop rental prices over the past month, with annual declines largely attributable to the country’s seven most expensive cities: San Francisco; New York; Boston; San Jose; Oakland; Los Angeles; and Washington DC The median room price growth rate averaged -12.7% in these seven cities, compared to -10.4% last month. Declines in these cities and other expensive markets have contributed to the continued trend of historically expensive cities to move closer to the prices of historically cheaper cities. However, this ‘closing the gap’ effect slowed slightly over the past month, as cheaper cities saw moderate growth from the previous month – the 10 cheapest cities on this list averaged 2.2%. median price growth last month, compared to 4.8% the previous month.

San Francisco leads the fall

The median price for a bed in San Francisco last month was $ 2,830, down 20.3% from a year ago. Not only this drop among the biggest Annual declines Zumper has ever seen in our rental price tracking history, but it was also the first time the median bed price in San Francisco has been below $ 3,000. These trends combined show how dramatically the market has changed in the country’s most expensive city to rent.

New York could become the most expensive rental market if trends continue

New York City also continued to experience historic price declines, with the median bed price down 12.5% ​​from last year, but its trend diverged slightly from the price’s free fall. of rents in San Francisco. While there is evidence that new tenants are taking advantage of historic price drops and moving to both San Francisco and New York, New York’s migration flows have returned to pre-March levels, unlike those in San Francisco. The two cities continued to experience significant migration flows, but differences in the migration flows of the two cities may explain their diverging price trends and could lead to rental prices stabilizing in New York more quickly than in San Francisco. . If that happens and these trends continue, it’s likely that New York will overtake San Francisco as the most expensive city in the country by the median price of a bed.

Nationally

Overall, the national median one-bedroom rent fell 0.1% last month to $ 1,231, while the median one-bedroom rent declined 0.1 % to $ 1,489. Since the start of the year, the one-bedroom median has increased 0.6% and the two-bedroom median has increased 0.7%.

Top 5 rental markets

1. The median price of a bedroom in San Francisco, Calif. Fell 7% from the previous month, to $ 2,830. The 2-bedroom median has fallen 7% to $ 3,800. The one-bedroom and two-bedroom medians are down just over 20% from a year ago.

2. The median price for a bedroom in New York, NY fell 4% from the previous month to $ 2,600, and the median price for 2 bedrooms fell 2% to $ 2,990. The one-bedroom median and the two-bedroom median decreased 12.5% ​​and 11.3% from last year, respectively.

3. The median one-bedroom rent and the median 2-bedroom rent in Boston, MA remained stable at $ 2,300 and $ 2,800, respectively. The one-bedroom median and the two-bedroom median fell 8% and 3% respectively from a year ago.

4. The 1-bedroom median in San Jose, Calif. Was stable at $ 2,230 from the previous month and the 2-bedroom median declined 1% to $ 2,770. The median one-bedroom rent and the median two-bedroom rent are down 9% and 6% from a year ago, respectively.

5. Oakland, Calif., Was the fifth most expensive rental market, with the one-bedroom median down 3% from the previous month to $ 2,130 and the 2-bedroom median by 4% per year. compared to the previous month at $ 2,700.

Notable changes last month

To the top

1. Chesapeake, Va. Saw the median rent for a bedroom rise the most from the previous month, rising 5.4% to $ 1,180 and ranking 38th in the most expensive rental market.

2. Rochester, NY had the second highest monthly growth rate for median one bedroom rent at 5.3%. The median rent for the 2 bedrooms was up 4.3% from the previous month. Rochester is now ranked as the 59th most expensive rental market.

3. Newark, NJ and Norfolk, VA both saw the median rent for a bedroom soar 5.2% from the previous month and ranked 21st and 58th most expensive rental markets, respectively.

4. Cleveland, OH saw a 5.1% increase in its median rent for a bedroom from the previous month. The median rent for a bedroom was $ 1,030 last month.

5. Lincoln, NE saw a 4.9% increase in the median one-bedroom rent to $ 850 and was the 75th most expensive rental market.

Down

1. San Francisco, California recorded the largest decline in median rent for a room from the previous month, at -6.9%. The median rent for a bedroom was $ 2,830, but San Francisco was still the most expensive rental market.

2. Des Moines, IA saw the second-highest monthly decline in median one-bedroom rent at -5.6%. Des Moines ranked the 75th most expensive rental market with the median rent for a bedroom at $ 850.

3. Anchorage, AK saw a 5.3% monthly drop in median one-bedroom rent. Anchorage ranked 68th most expensive rental market with a median one-bedroom rent at $ 900.

4. Winston, Salem, NC, the 84th most expensive market, experienced the 4th largest monthly decline with -4.8% of the median room rent at $ 800.

5. Bakersfield, Calif., Recorded the 5th largest drop in median bedroom rent at -4.7% from the previous month, to $ 810.

Annual growth map of the median room price

Complete data

About

Zumper’s National Rent Report analyzes rental data from over one million active listings in the United States. Data is aggregated on a monthly basis to calculate median asking rents for the 100 largest metropolitan areas by population, providing a comprehensive view of the current state of the market. The report is based on all data available the month prior to publication.

If you’re interested in a more in-depth explanation of how and why we calculate our rent data, see our article on the methodology.

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