Notable Trends
- Zumper’s National Rent Index showed the median one-bedroom rent ticked up 0.4% this month to $1,508, while two-bedrooms grew 0.8% to $1,895, continuing the growth trend that started last month and putting both bedroom types on pace to hit all-time highs before summer ends.
- San Francisco continues to lead the nation in annual rent growth with one and two-bedrooms up 19.9% and 22.8%, respectively, as rents reach the highest levels ever recorded in Zumper data: one-bedrooms at $3,850 and two-bedrooms at $5,340.
- Los Angeles fell out of the top 10 markets for the first time as record new apartment supply and softening demand push rents down.
- Chicago re-entered the top 10 for the first time in nearly two years with the third-highest annual growth rate in the nation for one-bedrooms, up 8.3%.
SF leads the nation in annual rent growth and sets another record for price
San Francisco is rewriting its own record books. One-bedroom rent hit $3,850, and two-bedrooms reached $5,340 this month, both the highest prices ever recorded in Zumper data, as the city posted the strongest annual rent growth in the nation: up 19.9% and 22.8%, respectively. Meanwhile, Chicago returned to the top 10 for the first time in nearly two years while Los Angeles exited it for the first time ever.
National rent growth puts all-time highs within reach
Zumper’s National Rent Index showed the median one-bedroom rent ticked up 0.4% this month to $1,508, while two-bedrooms grew 0.8% to $1,895, continuing the growth trend that began last month. Annual rent changes remain negative for the tenth straight month, but declines have nearly disappeared, with one-bedrooms down just 0.6% and two-bedrooms down 0.3%. With one-bedrooms just 2% below their December 2024 peak price of $1,538 and two-bedrooms nearing their August 2024 high of $1,915, national record rents could be challenged before summer ends if momentum holds.
The national picture only tells part of the story as rent growth is not uniform across the country. High-cost coastal markets are leading the charge, with cities like San Francisco posting outsized gains that are pulling the national numbers higher. At the same time, the supply picture is gradually shifting as well. After 10 consecutive quarters of historically elevated apartment deliveries, new supply has begun to normalize, slowly drawing down the excess inventory that defined the 2023-2025 cycle.
“Underneath the national averages, the rental market is splitting in two,” said Shawn Mullahy, Zumper CEO. “Expensive coastal cities are seeing rents spike as supply remains constrained, while markets in the Sun Belt and Mountain States are still working through a significant inventory overhang that could take another year or two to fully absorb. What looks like a national recovery is increasingly just a handful of markets doing the heavy lifting.”
The latest CPI data reinforces the trend: the shelter index rose 3% annually last month, signaling continued sticky inflation. For a deeper look at how Zumper’s national rent data offers an early signal into where the CPI may be headed, read our full analysis: https://www.zumper.com/blog/zumper-consumer-price-index/
Los Angeles falls out of the top 10 for the first time ever
For the first time in Zumper’s reporting, Los Angeles fell out of the top 10, now ranking as the 11th priciest city in the nation. Rents are down across the board, with one-bedrooms dropping 3.5% this month to $2,210 and two-bedrooms falling 2.6% to $3,030. Both bedroom types are down nearly 4% year-over-year.
Supply is the main driver. While most major markets hit peak apartment deliveries in 2024 and 2025 and are now winding down, Los Angeles is heading in the opposite direction with over 12,000 units scheduled for completion this year, which is the largest new supply volume ever recorded for the market. Due to this flood of new inventory, property owners have been prioritizing occupancy over rent growth, and the numbers reflect that.
Demand tells a more complicated story. Los Angeles County lost 28,000 residents in 2025, softening the renter pool as supply swells. The causes are layered as the January 2025 wildfires displaced tens of thousands of households, the entertainment and media industries have shed jobs, and persistently high costs continue to push long-term residents out of the region.
For renters, this is a rare window. With vacancy rising, new supply still hitting, and property owners competing for potential tenants, negotiating power in Los Angeles is strong right now.
Chicago re-enters the top 10 with the 3rd fastest growing rent in the nation
After nearly two years outside the top 10, Chicago has re-entered the rankings as the 10th priciest rental market in the U.S. One-bedroom rent jumped 4.2% this month to $2,220, bringing annual growth to 8.3%, the third-fastest pace nationally.
Unlike many major markets that have grappled with a surge of new supply in recent years, Chicago’s apartment pipeline has remained relatively constrained. Lengthy permitting timelines, elevated property taxes, and limited access to construction financing have all slowed new development. At the same time, demand has held firm, with reports of bidding wars emerging in highly sought-after neighborhoods. Multifamily occupancy reached 95.4% in Q4 2025 and has likely tightened further since.
Even with recent rent increases, Chicago remains relatively affordable compared to pricy coastal markets like New York, Boston, and San Francisco. For renters priced out of, or unwilling to pay premiums in, those cities, Chicago presents a compelling alternative. That combination of steady demand, limited new supply, and relative value is now driving rents higher.
Words by