The top rental markets showed a loose trend of upward prices while mid tier and lower tier markets showed mixed changes. Overall, the Zumper National Rent Index showed that one bedroom median rent increased 1.92% to $1,164, while two bedroom median rent increased 1.84% to $1,377.
“More people move in the summer months, so turnover and an increased number of renters looking for apartments often affects prices,” said Zumper CEO Anthemos Georgiades. “Fluctuation within and between markets may be an indication that peak moving season is quickly approaching and landlords are beginning to price apartments to reflect the upcoming higher turnover.”
Once again, San Francisco topped the list as the most expensive city to rent in the United States. While San Francisco rents increased slightly in March, the last few months marked a trend of steady decline in prices, and since this time last year, the price of one bedroom units is down nearly 7.5%. For Bay Area renters this month, prices for one bedroom apartments have gone up in San Francisco (1.5% to $3,320), San Jose (3.7% to $2,260), and Oakland (3.5% to $2,070). Check out the table below to see how prices in your city have changed.
Top Five Rental Markets
1. San Francisco, Californie remained at the top of the list this month as median one bedroom rent rose to $3,330, marking a 1.5% increase. Two bedroom rent, on the other hand, dropped 1.6% to $4,430.
2. New York, NY experienced slightly rising prices for both apartments types. One bedroom prices rose 0.3.% to $2,940, while two bedroom prices went up 2% to $3,490. Both prices are down over 12% compared to a year ago.
3. San Jose, CA climbed into the top 3 markets this month thanks to some significant hikes in its prices. A one bedroom unit went for $2,260, indicating a 3.7% bump since February. Two bedroom prices saw a bigger jump of 4.8% to $2,820.
4. Boston, Massachusetts renters saw median one bedroom rent decrease 2.2% to $2,200.
5. Oakland, CA jumped up a rank this month to take the final spot in our top five. One and two bedroom apartments experienced considerable increases in their prices this month. One bedroom units grew 3.5% to $2,070, while two bedrooms increased 3.2% to $2,550.
Notable Changes This February
Upward
– Honolulu, HI made a reappearance in the top ten rental markets after a long hiatus. One bedroom prices jumped 4.7% to a median of $1,780. Two bedroom unit rent showed the opposite trend, falling 4.4% to $2,390.
– Philadelphie, Pennsylvanie‘s rising prices moved it up three spots. One bedroom prices rose 2.2% to $1,380, while two bedroom prices rose 3.2% to $1,590.
– Baltimore, MD rose three spots to 25th this month. One bedroom rent had a sharp increase to $1,150, marking a 4.5% increase. Two bedroom rent shows a more modest growth of 2.3%, bringing the median price to $1,320.
– Durham, NC shot up five ranks to 44th due to a 4.5% hike in one bedroom prices. Median rent for one bedroom apartments last month came out to be $930, while median rent for two bedroom apartments was $1,030, 2% higher than last month.
– Salt Lake City, UT also experienced rapid growth in its prices this month, allowing it to climb 3 spots to 51st. One bedroom and two bedroom apartment rents increased to $880 and $1,150, marking a 4.8% and 2.7% increase respectively.
Downward
– New Orleans, LA rents took a nosedive this month as prices for both one and two bedroom apartments decreased 5%. Median rents for one and two bed units were $1,360 and $1,510 respectively.
– Houston, Texas saw a similar trend to New Orleans as rents dropped close to 5% for both one and two bedroom apartments. After the big dip, median rent for a one bedroom apartment was at $1,150 while median rent for a two bedroom apartment was at $1,430.
– Austin, Texas fell two spots to 32nd this month. Prices took a big hit as one bedroom rent fell 2.8% to $1,050, while two bedroom prices plummeted 4.3% to $1,330.
– Pittsburgh, PA dropped from 29th to 33rd this month. One bedroom prices sunk to $1,040, marking a 4.6% decrease. Two bedroom prices, on the other hand, rose 1.6% to a median of $1,300.
– Syracuse, NY moved down four spots to 64th due to a 5% decrease in rent prices. Prices for one bedroom and two bedroom apartments were $750 and $950, respectively.
Full Dataset
| City | Price (1 Bed) | M/M % | Y/Y % | Price (2 Bed) | M/M % | Y/Y % |
|---|---|---|---|---|---|---|
| Portland | $1,340 | -1.5% | 0.8% | $1,600 | 0.6% | -0.6% |
| Hillsboro | $1,330 | 0.0% | 3.1% | $1,500 | 0.7% | 4.9% |
| Lake Oswego | $1,200 | 5.3% | 0.8% | $1,500 | 2.0% | -0.7% |
| Tualatin | $1,200 | -0.8% | 10.1% | $1,220 | -3.9% | 2.5% |
| Wilsonville | $1,180 | 5.4% | 8.3% | $1,420 | 4.4% | 11.8% |
| Happy Valley | $1,140 | 1.8% | 9.6% | $1,400 | 5.3% | 11.1% |
| Beaverton | $1,090 | -1.8% | 0.0% | $1,300 | -3.7% | 0.0% |
| Milwaukie | $1,050 | -5.4% | 5.0% | $1,280 | 4.1% | 13.3% |
| Gresham | $1,010 | 2.0% | 14.8% | $1,130 | 0.0% | 5.6% |
| Oregon City | $910 | 4.6% | -9.0% | $1,250 | 0.8% | -1.6% |
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.
To keep up to date with rent changes across the country, like or follow Zumper on Facebook, Gazouillement, and Instagram. In the market for a new place? Search apartments for rent on Zumper.
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