San Francisco’s rent premium over NYC widened in January, as the median for a 1 bedroom apartment in NYC dropped by 3.6% to $3,000, while median rents in SF hit a new high at $3,410, up 0.6% month over month. Shortage in housing supply, combined with a sustained influx in tech workers drove rents for apartments in San Francisco ever higher.
On the heel of last year’s momentum, 8 out of the top 10 major markets saw increases in rent for the first month of 2015.
Here are some of the other highlights from January:
Chicago slips to #7. Despite a stable market throughout 2014, the median price for a 1 bedroom apartment for rent in Chicago dropped by 3.4% vs. the last month, making the Windy City slide from #5 to #7 in our top 25 ranking. This price drop is not limited to 1 bedroom apartments but is affecting all type of homes.
Denver, fastest rising market in 2015. Prices for 1 bedroom apartments for rent in Denver have risen by 7.4% vs. the previous month to $1,300, making the Mile High City one of the nation’s fastest rising rental markets. Apartments in the Golden Triangle, the city’s most expensive neighborhood, will set you back $2,200 and $3,350 per month, for a 1 bedroom and 2 bedroom apartment respectively. That’s 70% above the city’s median levels.
Detroit: rent spike or sustained increase? Rent prices in Motown have consistently been some of the lowest in the country. However, rents for 1 bedroom apartments in Detroit saw the highest quarterly increase, jumping by 10% vs. 3 months ago. Is this the beginning of a sustained pickup in prices or just a one-time spike?
Below is the summary from the Zumper apartment rent price tracker for 25 major US cities for the month of January:
Want to read more? Download the full December report here: January 2015 Rent Report
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