Zumper National Rent Report: September 2020

Variance in Prices Across Cities Continues to Decline

The nation’s historically expensive cities continue to get closer in price to historically cheaper cities as cities at the top continue their dramatic decline while cheaper, mid-sized cities steadily inch up in price. Year-over-year growth for 1-bedroom median price in the top 10 most expensive markets averaged -7.2%, while the 10 least expensive cities averaged 4.8%.

San Francisco and New York Continue Rental Price Free-Fall

Leading the price decline of cities at the top are San Francisco and New York, the nation’s two priciest cities. Both San Francisco and New York reached the lowest price points they ever have since Zumper started tracking median prices in 2014. Median 1-bedroom price in San Francisco last month was $3040, a 14.1% decrease from a year ago. Median 1-bedroom price in New York was $2700, down 10.9% from a year ago. While the median price for 1-bedroom units in San Francisco hovered above $3000 over the entire month, it dipped below $3000 in the latter half of the month, and will likely stay below $3000 next month if the trend continues.

No Sign of Price Decreases Slowing

9 out of 10 of the nation’s most expensive cities accelerated their year-over-year declines in 1-bedroom median rent compared to last month. In month-over-month terms, 7 out of these 10 cities accelerated their decline. Only 1 city in the top 10- San Diego- increased in 1-bedroom median price from last year. Despite significant price drops sustained thus far, the the nation’s most expensive rental markets do not appear to be slowing down in their decline as COVID-19 continues to keep Americans moving out of pricey, urban centers.

Nationally

Overall, the national 1-bedroom median rent remained flat compared to last month at $1233, while the 2-bedroom median decreased 0.3% to $1490. In year-to-date terms, the 1-bedroom median and 2-bedroom median were both up 0.7%.

Top 5 Rental Markets

1. San Francisco, CA 1-bedroom median price dropped 5% from last month to $3040. The 2-bedroom median dropped 3.3% to $4070. Both the 1-bedroom and 2-bedroom medians were down over 14% from last year.

2. New York, NY had drops in median price similar to San Francisco, with the 1-bedroom median decreasing 4.9% from last month to $2700, and 2-bedroom median decreasing 5% to $3040. The 1-bedroom median and 2-bedroom median were down 10.9% and 11.6% from last year, respectively.

3. Boston, MA saw a drop of 2.1% in the median 1-bedroom price from last month to $2300, and a drop of 0.4% to $2800 in the 2-bedroom median.

4. San Jose, CA had decreases of 3.0% and 2.5% in 1-bedroom and 2-bedroom medians from last month, respectively. The 1-bedroom median in San Jose sat at $2230 and the 2-bedroom median was $2750.

5. Oakland, CA was the 5th priciest rental market with the 1-bedroom median decreasing 0.9% from last month to $2200, and the 2-bedroom median decreasing 3.4% to $2800.

Notable Changes this Past Month

Upward

1. Detroit, MI saw 1-bedroom median rent increase 5.7% from last month to $740, but only ranked as the 92nd most expensive rental market.

2. Chattanooga, TN and Cincinnati, OH were tied for both 1-bedroom median rent and 2nd highest month-over-month increase. Both had median 1-bedroom rent at $950, and both grew 5.6% from last month. They were tied for 63rd most expensive market.

3. Norfolk, VA saw median 1-bedroom rent climb 5.4% from last month to $970, and ranked as the 60th most expensive rental market.

4. Laredo, TX saw an increase of 5.3% to its 1-bedroom median rent from last month. Median 1-bedroom rent is now $790, and Laredo ranked as the 92nd most expensive rental market.

5. Lincoln, NE had an increase of 5.2% in median 1-bedroom rent to $810 and was the 85th most expensive rental market.

Downward

1. Washington, DC had the largest decrease in 1-bedroom median rent from last month at -5.1%. Median 1-bedroom rent was $2050, and DC ranked as the 7th most expensive rental market, down one slot from last month.

2. San Francisco, CA saw the second highest decrease at -5.0% from last month. SF still ranked as the most expensive rental market with 1-bedroom median price at $3040.

3. New York, NY followed closely behind SF with a decrease in 1-bedroom median rent of 4.9% from last month. New York remained the 2nd most expensive rental market with 1-bedroom median rent at $2700.

4. Akron, OH, the least expensive rental market of the 100 tracked in this report, had the 4th largest decrease at -4.9% from last month. Median 1-bedroom rent in Akron was $580.

5. Minneapolis, MN had the 5th largest decrease in 1-bedroom median rent at -4.3% from last month to $1330.

Full Data

    1 Bedroom     2 Bedrooms    
Pos. City Price M/M % Y/Y % Price M/M % Y/Y %
1 San Francisco, CA $3,040 -5.0% -14.1% $4,070 -3.3% -15.0%
2 New York, NY $2,700 -4.9% -10.9% $3,040 -5.0% -11.6%
3 Boston, MA $2,300 -2.1% -8.0% $2,800 -0.4% -3.4%
4 San Jose, CA $2,230 -3.0% -11.5% $2,750 -2.5% -8.3%
5 Oakland, CA $2,200 -0.9% -9.1% $2,800 -3.4% -2.1%
6 Los Angeles, CA $2,080 -2.8% -8.4% $2,880 -3.0% -8.6%
7 Washington, DC $2,050 -5.1% -10.5% $2,820 -2.1% -3.1%
8 San Diego, CA $1,800 2.9% 2.9% $2,350 2.2% -4.1%
9 Miami, FL $1,750 -2.8% -0.6% $2,350 1.7% 2.2%
10 Seattle, WA $1,700 -3.4% -9.6% $2,240 -1.3% -7.1%
10 Santa Ana, CA $1,700 0.0% 0.6% $2,250 2.3% 7.1%
12 Fort Lauderdale, FL $1,690 -0.6% 5.6% $2,200 -1.3% 4.8%
13 Anaheim, CA $1,650 0.0% -5.7% $1,990 -0.5% -6.6%
14 Honolulu, HI $1,600 0.0% 1.3% $2,240 5.2% 1.8%
14 Long Beach, CA $1,600 0.0% 3.2% $2,100 1.4% 0.0%
16 Chicago, IL $1,500 0.0% 3.4% $1,800 0.0% 0.6%
16 Philadelphia, PA $1,500 0.0% 3.4% $1,750 1.7% 2.9%
18 Providence, RI $1,470 5.0% -7.0% $1,760 4.8% 6.0%
19 Scottsdale, AZ $1,450 2.1% 4.3% $1,930 1.6% -2.5%
19 New Orleans, LA $1,450 3.6% 6.6% $1,730 4.8% 7.5%
21 Atlanta, GA $1,440 -2.0% 2.9% $1,900 0.5% 6.7%
22 Denver, CO $1,430 -0.7% -10.6% $1,950 2.6% -2.5%
23 Portland, OR $1,400 0.0% 0.0% $1,740 -0.6% -2.2%
23 Sacramento, CA $1,400 -2.1% 6.9% $1,650 -0.6% 10.7%
25 Baltimore, MD $1,360 0.0% 15.3% $1,670 3.1% 12.8%
26 Newark, NJ $1,350 4.7% 11.6% $1,790 2.9% 15.5%
27 Minneapolis, MN $1,330 -4.3% -3.6% $1,920 0.5% 6.1%
27 St Petersburg, FL $1,330 4.7% 15.7% $1,640 0.6% 5.1%
29 Gilbert, AZ $1,300 -0.8% 7.4% $1,510 -0.7% 2.0%
30 Austin, TX $1,280 0.8% 5.8% $1,570 0.0% 2.6%
31 Nashville, TN $1,270 -2.3% 3.3% $1,440 2.1% 2.9%
32 Chandler, AZ $1,250 -0.8% 4.2% $1,470 2.1% 0.0%
33 Orlando, FL $1,230 -0.8% -6.1% $1,400 -2.8% -4.1%
33 Dallas, TX $1,230 -1.6% -0.8% $1,690 -0.6% -1.2%
35 Charlotte, NC $1,210 -2.4% -5.5% $1,410 -0.7% -1.4%
36 Tampa, FL $1,180 0.0% 1.7% $1,400 1.4% 7.7%
36 Henderson, NV $1,180 0.0% 4.4% $1,350 0.0% 0.0%
38 Richmond, VA $1,150 0.0% 7.5% $1,390 1.5% 10.3%
39 Plano, TX $1,130 -1.7% -5.8% $1,500 -3.2% -9.6%
40 Chesapeake, VA $1,120 -0.9% 7.7% $1,230 -1.6% -1.6%
41 Madison, WI $1,110 4.7% -7.5% $1,380 4.5% 1.5%
41 Houston, TX $1,110 0.0% 0.9% $1,360 0.0% 0.7%
43 Aurora, CO $1,100 0.9% -2.7% $1,440 5.1% -4.0%
43 Durham, NC $1,100 0.9% -0.9% $1,270 1.6% -1.6%
43 Reno, NV $1,100 4.8% 14.6% $1,420 4.4% 2.9%
46 Fort Worth, TX $1,090 0.0% -7.6% $1,330 -1.5% -2.9%
46 Fresno, CA $1,090 -0.9% 14.7% $1,320 1.5% 14.8%
48 Irving, TX $1,080 4.9% -4.4% $1,420 0.7% -5.3%
48 Virginia Beach, VA $1,080 2.9% -0.9% $1,250 -0.8% 3.3%
48 Buffalo, NY $1,080 2.9% 3.8% $1,280 -5.2% 3.2%
51 Pittsburgh, PA $1,070 1.9% -5.3% $1,350 0.0% 3.8%
52 Boise, ID $1,050 -1.9% 4.0% $1,240 5.1% 13.8%
53 Raleigh, NC $1,040 0.0% -1.9% $1,240 1.6% -0.8%
53 Milwaukee, WI $1,040 5.1% 2.0% $1,190 5.3% 11.2%
53 Phoenix, AZ $1,040 -1.0% 4.0% $1,250 -3.1% -0.8%
56 Las Vegas, NV $1,010 1.0% 1.0% $1,250 0.0% 3.3%
57 Salt Lake City, UT $1,000 -2.9% -10.7% $1,300 1.6% -9.7%
58 Colorado Springs, CO $980 -2.0% 7.7% $1,250 -3.8% 5.0%
58 Cleveland, OH $980 4.3% 15.3% $1,050 5.0% 15.4%
60 Kansas City, MO $970 1.0% 2.1% $1,150 -0.9% 4.5%
60 Norfolk, VA $970 5.4% 15.5% $1,100 0.0% 7.8%
62 Mesa, AZ $960 0.0% 4.3% $1,200 0.0% 3.4%
63 Anchorage, AK $950 -3.1% 4.4% $1,150 -4.2% 0.9%
63 Rochester, NY $950 -1.0% 8.0% $1,160 2.7% 12.6%
63 St Louis, MO $950 4.4% 14.5% $1,220 -4.7% 1.7%
63 Chattanooga, TN $950 5.6% 15.9% $1,070 3.9% 15.1%
63 Cincinnati, OH $950 5.6% 15.9% $1,150 -4.2% -2.5%
68 Jacksonville, FL $920 -1.1% 1.1% $1,120 1.8% 6.7%
69 San Antonio, TX $900 2.3% 0.0% $1,100 0.0% -3.5%
69 Arlington, TX $900 1.1% 4.7% $1,180 0.0% 5.4%
69 Des Moines, IA $900 -2.2% 15.4% $950 -4.0% 10.5%
72 Indianapolis, IN $890 2.3% 15.6% $980 5.4% 15.3%
73 Glendale, AZ $870 0.0% 2.4% $1,160 5.5% 9.4%
74 Louisville, KY $850 -1.2% -8.6% $950 -1.0% -4.0%
74 Omaha, NE $850 1.2% 4.9% $1,060 1.9% 3.9%
74 Memphis, TN $850 2.4% 10.4% $900 2.3% 9.8%
74 Bakersfield, CA $850 2.4% 11.8% $1,000 -2.9% 11.1%
74 Columbus, OH $850 4.9% 14.9% $1,100 4.8% -2.7%
79 Winston Salem, NC $840 2.4% 3.7% $900 0.0% 5.9%
80 Corpus Christi, TX $830 0.0% -2.4% $1,070 0.9% 0.0%
80 Spokane, WA $830 0.0% 2.5% $1,060 1.0% 8.2%
80 Baton Rouge, LA $830 0.0% 3.8% $930 2.2% 1.1%
83 Knoxville, TN $820 0.0% -1.2% $1,010 2.0% 6.3%
83 Augusta, GA $820 3.8% 5.1% $900 2.3% 8.4%
85 Lincoln, NE $810 5.2% 15.7% $970 3.2% 4.3%
86 Syracuse, NY $800 -2.4% -15.8% $1,100 4.8% 1.9%
87 Laredo, TX $790 5.3% -9.2% $850 -3.4% -7.6%
88 Tallahassee, FL $760 -3.8% -5.0% $900 -1.1% -1.1%
88 Greensboro, NC $760 2.7% 4.1% $890 4.7% 4.7%
88 Oklahoma City, OK $760 1.3% 5.6% $890 -1.1% 0.0%
91 Lexington, KY $750 0.0% 0.0% $910 -3.2% -5.2%
92 Albuquerque, NM $740 1.4% 5.7% $940 0.0% 5.6%
92 Detroit, MI $740 5.7% 15.6% $830 3.8% 15.3%
94 Tucson, AZ $720 2.9% 10.8% $930 3.3% 5.7%
95 El Paso, TX $680 -1.4% 4.6% $830 3.8% 7.8%
96 Tulsa, OK $650 4.8% -1.5% $830 1.2% 2.5%
96 Shreveport, LA $650 0.0% 1.6% $800 0.0% 8.1%
96 Wichita, KS $650 -3.0% 3.2% $750 4.2% 1.4%
96 Lubbock, TX $650 0.0% 8.3% $800 -1.2% 1.3%
100 Akron, OH $580 -4.9% 0.0% $720 0.0% 1.4%

About

The Zumper National Rent Report analyzes rental data from over 1 million active listings across the United States. Data is aggregated on a monthly basis to calculate median asking rents for the top 100 metro areas by population, providing a comprehensive view of the current state of the market. The report is based on all data available in the month prior to publication.

If you’re interested in a more in-depth explanation of how and why we calculate our rent data, view our methodology post.

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