With the holiday season upon us, rental markets consolidated their substantial price rises over the past year. Perhaps tenants were more focused on turkey, football and Black Friday deals than moving home?
San Francisco stays at #1 in the rental charts. 1 bedroom apartments for rent in San Francisco are the most expensive in the nation, up 8.1% quarter-over-quarter – one of the steepest increases nationwide. Rents in New York for example were flat over the same period.
Prices in SF saw their first monthly drop (albeit limited at -0.6%) in 5 months, but we are nowhere near an inflection point. Prices for 2 bedroom apartments increased by 2.2% in November as market fundamentals, such as limited housing supply, remained unchanged.
Here are some other highlights from November:
Denver – fastest rising market. Over the last 3 months, prices for a 1 bedroom apartment in Denver have risen by 9.6%, 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 $2,220 and $3,450 per month, for a 1 bedroom and 2 bedroom apartment respectively.
Philly back to #10. As Rocky once said, “It ain’t over ’til it’s over”. After having been dropped from the top 10 in October, Philly came back with a punch in November, clinching the #9 spot back from Minneapolis, and tying with San Diego. The average rent for a 1 bedroom apartment in Philadelphia soared by 7.7% vs. the previous month, the highest monthly increase in November.
Below is the summary from the Zumper rent tracker for 25 major US cities for the month of November:
Want to read more? Download the full November report here: November 2014 Rent Report
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