Notable Trends
- Zumper’s National Rent Index showed the third straight month of flat or declining rates across the board: One-bedroom rent stayed stable at $1,517 this September, while two-bedrooms decreased 0.2% to $1,894. On an annual basis, one and two-bedroom prices are both down 1%.
- San Francisco rent prices had a momentous month: One-bedroom rent has surpassed its pre-pandemic benchmark of $3,500, now priced at $3,510. Two-bedroom rent crossed the $5,000 threshold for the first time since Zumper began tracking prices a decade ago, setting a new all-time high.
- Major markets in the Mountain Region are seeing notable annual rent declines, led by Salt Lake City where one-bedroom rent has dropped 11.1%.
New York City held onto its position as the most expensive rental market in the country, with one and two-bedroom rents rising 1% to 3% this month to $4,460 and $5,380, respectively. In San Francisco, the second priciest city, one-bedroom rent climbed past its pre-pandemic benchmark of $3,500, and the city posted the fastest annual growth in the top 10 for both unit types, with double-digit increases. By contrast, most other top 10 markets recorded annual declines. Jersey City led the downturn, followed by Miami and Los Angeles, each falling more than 7% year over year.
National rent prices continue to cool
Zumper’s National Rent Index revealed that national rent prices were either flat or declining across the board for the third consecutive month. In September, one-bedroom rent held steady at $1,517, while two-bedroom rent dipped 0.2% to $1,894. Year-over-year, both unit types are down 1%. Consistent with these national trends, 71 of the 100 cities in this report recorded flat or falling monthly one-bedroom rents.
“National rent prices have cooled over the past few months as the rental market continues to recalibrate,” said Anthemos Georgiades, CEO of Zumper. “A combination of cautious renter demand amid economic headwinds, ample inventory on the market, and a labor market that’s losing momentum have eased the pressure on rents we saw earlier this year.”
This softening in rents comes as the for-sale housing market records its slowest pace of home price growth in two years. The parallel underscores a broader shift across housing: renters are benefiting from easing rent pressures, while homebuyers face a market that’s losing steam but remains expensive. Together, these trends highlight how evolving demand, persistent affordability challenges, and wider economic forces are reshaping the housing landscape.
The most recent CPI data revealed that the shelter index is up 3.6% since last August. To dive deeper into how Zumper’s national rent data provides insights to where the CPI is heading, please go to our blog post here: https://www.zumper.com/blog/zumper-consumer-price-index/
San Francisco one-bedrooms surpass pre-pandemic benchmark, two-bedrooms hit record high
San Francisco rent prices had a momentous month. One-bedroom rent has surpassed its pre-pandemic benchmark of $3,500, last seen in February 2020, now priced at $3,510. Two-bedroom rent crossed the $5,000 threshold for the first time since Zumper began tracking prices a decade ago, setting a new all-time high. Nationally, only New York City also has two-bedroom rent in the $5,000 range. The next closest market, Boston, is more than $1,500 cheaper than San Francisco, at $3,490. Bucking the national trends, San Francisco saw the strongest annual growth across the country for two-bedroom rent, up 17.1%. One-bedroom rent also climbed in the double digits, growing 10.7% year-over-year, the third highest increase nationwide.
This rent surge reflects a perfect storm of factors unique to San Francisco. Tech-sector hiring and stricter return-to-office policies are driving more renters back into the city. At the same time, supply constraints remain severe: the citywide vacancy rate has fallen back to pre-pandemic levels, and new housing construction is at its weakest pace in a decade. Together, these forces have created one of the tightest rental markets in the country, pushing prices, particularly for two-bedrooms, to unprecedented levels.
Meanwhile, on the for-sale side, San Francisco’s housing prices have returned to 2018 levels. Steep home prices, elevated mortgage rates, and rising insurance costs have all dampened buyer enthusiasm and limited purchasing power. With fewer buyers entering the market, demand has shifted to the rental side, driving rents to new highs even as home values soften.
Mountain Region cities post notable rent drops with second-highest inventory growth nationwide
The majority of Mountain Region cities in our report are experiencing notable annual rent price declines. Salt Lake City led the way with one-bedroom rent down 11.1% year-over-year, followed by Denver (-7.3%), Boise (-5.8%), Phoenix (-3.8%), and Las Vegas (-3.3%). For context, the Mountain States that make up the Mountain Region are Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, and Wyoming.
This region added nearly 77,000 new units in Q1 2025, representing an inventory growth rate of more than 5%, the second highest nationwide. This surge of new construction has pushed vacancy rates higher and slowed rent growth across the area. Phoenix and Salt Lake City, in particular, have even more units scheduled to deliver this year, ensuring sustained downward pressure on rents. Meanwhile, local dynamics are further shaping conditions in some markets. Las Vegas, though past its peak in deliveries, is grappling with slower job growth and weaker in-migration, factors that will continue to moderate rent growth there.
Concessions highlight just how fierce the competition has become for property owners. In August 2025, nearly every market on this chart, with Boise being the exception, ranked among the nation’s leaders in the share of listings offering concessions, all topping 21%. These aggressive incentives point to the sheer volume of new supply landlords are still trying to absorb across the region.
