As the year begins, we wanted to highlight some 2020 Real Estate Trends we thought would be prevalent throughout the year. You can see the full predictions in our report here.
- Rent prices overall will continue to rise but at a slower rate than the last couple of years, underpinned by more and more renters settling down later in life and wanting to live a more flexible lifestyle.
- Despite low interest rates and the most recent rate cuts from the Fed, housing affordability, access to loans, and housing inventory will continue to be major constraints to home ownership, which will maintain a strong demand for rentals.
- San Francisco will remain the most expensive rental market in the nation, underpinned by the thriving tech scene and lack of space to build new supply.
- The trend of co-living will continue to be popularized as renters look for affordability during a time of growing rent prices.
- As more millennials become parents, suburbs will see a steady increase in demand for housing.
In the first National Rent Report for the year, the top 10 markets saw relatively flat monthly changes but year over year changes were much larger in some cities. Notable markets with large year over year changes included New York, with one and two bedroom rents both up around 9%, Washington D.C., with one bedroom rent up 7.6% and two bedroom rent up 15.2%, and San Diego, with one bedroom rent down over 8%.
Meanwhile, Des Moines had the fastest growing rent last month, up 4.9%, while Laredo rent saw the biggest dip, down 5.3%.
Overall, the national one bedroom rent dropped 0.4% to a median of $1,217, while two bedrooms decreased 0.3% to $1,460. On a year to date basis, one bedroom rent is down 0.3% while two bedrooms are up 0.6%.
Top Five Rental Markets
1. San Francisco, Californie began the first 2020 rent report with one bedroom rent increasing a slight 0.3% to $3,500, while two bedrooms remained flat at $4,500.
2. New York, NY saw one bedroom rent grow 1% to $3,000, while two bedrooms fell 1.2% to $3,390. Notably, on a year over year level, both bedroom types are up around 9%.
3. Boston, Massachusetts was 3rd with one bedroom rent climbing 3.6% to $2,590, while two bedrooms dropped 0.7% to $2,930.
4. Oakland, CA remained ahead of San Jose as 4th with one and two bedroom rents priced at $2,500 and $3,000, respectively.
5. San Jose, CA rounded off the top 5 markets with one bedroom rent staying flat at $2,450, while two bedrooms increased 0.3% to $2,910.
Notable Changes This Past Month
Upward
–Des Moines, IA had the fastest growing one bedroom rent last month, up 4.9% to settle at $860. This large growth rate moved the city up 6 spots to rank as the 70th priciest city.
–Richmond, VA jumped 4 positions to become the 42nd most expensive market with one bedroom rent growing 4.7% to $1,120 and two bedrooms increasing 1.5% to $1,360.
–Salt Lake City, UT one and two bedroom rents both saw 4.5% monthly increases, settling at $1,150 and $1,390, respectively.
–Detroit, MI one bedroom rent climbed 4.3%, settling at $720, and up 2 spots to rank as the 90th most expensive.
–Fresno, CA moved up 3 positions to 56th with one bedroom rent jumping 4.2% to $990 and two bedrooms growing 1.7% to $1,200.
Downward
–Laredo, TX one bedroom rent had the largest monthly decline, falling 5.3% to a median of $710, and dropped 5 spots to become the 92nd most expensive city. Notably, one bedroom rent is down 14.5% since this time last year.
–Providence, RI moved down 3 positions to rank as the 25th priciest city with one bedroom rent decreasing 5% to $1,340. Two bedrooms had a more modest decline, falling 1.2% to $1,600.
–Portland, Oregon took a 4 ranking dip to 24th with one bedroom rent dropping 4.9% to $1,360.
–Memphis, TN saw one bedroom rent fall 5 spots to 84th and decrease 4.9% to $770. Two bedrooms, meanwhile, moved down 4.7% to $810.
–Columbus, Ohio one bedroom rent declined 4.8% to $800 and dropped 6 positions to become 81st. Two bedroom rent was also on a downward trend, decreasing 0.9% to $1,050.
Full Data
| 1 Bedroom | 2 Bedrooms | ||||||
|---|---|---|---|---|---|---|---|
| Pos. | City | Price | M/M % | Y/Y % | Price | M/M % | Y/Y % |
| 1 | San Francisco, Californie | $3,500 | 0.30% | 0.00% | $4,500 | 0.00% | -3.20% |
| 2 | New York, NY | $3,000 | 1.00% | 9.10% | $3,390 | -1.20% | 9.00% |
| 3 | Boston, Massachusetts | $2,590 | 3.60% | 5.70% | $2,930 | -0.70% | 8.50% |
| 4 | Oakland, CA | $2,500 | 1.20% | 6.40% | $3,000 | 0.30% | 0.00% |
| 5 | San Jose, CA | $2,450 | 0.00% | -1.60% | $2,910 | 0.30% | -3.00% |
| 6 | Los Angeles, Californie | $2,260 | 2.30% | -6.60% | $3,060 | -1.30% | -5.00% |
| 6 | Washington, D.C. | $2,260 | 2.70% | 7.60% | $3,040 | 1.30% | 15.20% |
| 8 | Seattle, WA | $1,890 | 1.60% | -0.50% | $2,340 | 1.70% | -7.90% |
| 9 | San Diego, CA | $1,790 | 0.60% | -8.20% | $2,390 | 1.70% | -3.20% |
| 10 | Miami, Floride | $1,740 | 1.80% | -3.30% | $2,250 | 2.30% | -6.30% |
| 11 | Anaheim, CA | $1,640 | 1.20% | -0.60% | $2,010 | -1.50% | -8.20% |
| 12 | Fort Lauderdale, FL | $1,610 | 0.60% | 0.00% | $2,190 | 1.40% | 9.50% |
| 12 | Santa Ana, CA | $1,610 | -3.00% | -9.60% | $2,110 | -0.50% | -6.60% |
| 14 | Long Beach, CA | $1,600 | 3.20% | 0.00% | $2,000 | 0.00% | -4.80% |
| 14 | Honolulu, HI | $1,600 | 0.00% | -5.30% | $2,150 | 2.40% | -2.30% |
| 16 | Denver, Colorado | $1,540 | 1.30% | 0.70% | $1,980 | 4.20% | 1.50% |
| 17 | Philadelphie, Pennsylvanie | $1,500 | 0.00% | 4.20% | $1,640 | 0.00% | -3.50% |
| 18 | Chicago, Illinois | $1,490 | 3.50% | -0.70% | $1,700 | 0.00% | -8.10% |
| 18 | Scottsdale, AZ | $1,490 | 2.80% | 8.00% | $2,100 | 1.40% | 11.10% |
| 20 | Atlanta, Géorgie | $1,420 | -0.70% | -4.10% | $1,790 | -1.60% | -2.70% |
| 21 | New Orleans, LA | $1,410 | 0.00% | -2.80% | $1,630 | 5.20% | 6.50% |
| 22 | Minneapolis, MN | $1,390 | 0.70% | -0.70% | $1,800 | -1.10% | -5.30% |
| 23 | Nashville, TN | $1,380 | -2.80% | 3.80% | $1,400 | -4.80% | 1.40% |
| 24 | Portland, Oregon | $1,360 | -4.90% | 0.00% | $1,700 | 0.00% | 3.00% |
| 25 | Providence, RI | $1,340 | -5.00% | -14.60% | $1,600 | -1.20% | -2.40% |
| 26 | Newark, NJ | $1,330 | 0.80% | 15.70% | $1,560 | 0.60% | 15.60% |
| 27 | Sacramento, CA | $1,290 | 2.40% | -0.80% | $1,460 | 0.70% | 0.70% |
| 28 | Orlando, Floride | $1,260 | 0.80% | -3.10% | $1,430 | 2.10% | -3.40% |
| 29 | Gilbert, AZ | $1,240 | 0.80% | 11.70% | $1,450 | 1.40% | 9.80% |
| 30 | Austin, Texas | $1,230 | 0.00% | 0.80% | $1,520 | -1.90% | 1.30% |
| 31 | Chandler, AZ | $1,210 | 0.00% | 5.20% | $1,430 | 0.70% | 5.90% |
| 31 | Pittsburgh, PA | $1,210 | 3.40% | 5.20% | $1,380 | 2.20% | 4.50% |
| 33 | Plano, TX | $1,190 | 0.80% | 7.20% | $1,600 | 0.60% | 6.70% |
| 34 | Baltimore, MD | $1,180 | 2.60% | -12.60% | $1,410 | 0.70% | -9.00% |
| 35 | Charlotte, Caroline du Nord | $1,160 | -3.30% | 1.80% | $1,280 | -1.50% | -1.50% |
| 35 | Dallas, Texas | $1,160 | -2.50% | -7.20% | $1,590 | -0.60% | -5.40% |
| 37 | Madison, WI | $1,150 | -4.20% | -6.50% | $1,320 | -0.80% | -10.80% |
| 37 | Salt Lake City, UT | $1,150 | 4.50% | 7.50% | $1,390 | 4.50% | -2.80% |
| 39 | Buffalo, NY | $1,140 | 0.00% | 15.20% | $1,360 | -4.90% | 15.30% |
| 39 | Henderson, NV | $1,140 | 0.90% | 5.60% | $1,350 | 1.50% | 7.10% |
| 41 | Tampa, Floride | $1,130 | 0.90% | 2.70% | $1,330 | 0.00% | -0.70% |
| 42 | Milwaukee, WI | $1,120 | 0.00% | 15.50% | $1,170 | -4.10% | 14.70% |
| 42 | Richmond, VA | $1,120 | 4.70% | 3.70% | $1,360 | 1.50% | 6.30% |
| 44 | Aurora, CO | $1,100 | 0.00% | -8.30% | $1,410 | 1.40% | -2.80% |
| 45 | Chesapeake, VA | $1,090 | -4.40% | 10.10% | $1,210 | -1.60% | -0.80% |
| 45 | Irving, TX | $1,090 | -0.90% | -3.50% | $1,420 | 2.20% | -2.70% |
| 47 | Reno, NV | $1,040 | -1.00% | 8.30% | $1,260 | -3.10% | -3.80% |
| 48 | Houston, Texas | $1,030 | -1.00% | -12.00% | $1,260 | -1.60% | -13.10% |
| 49 | Durham, NC | $1,020 | -4.70% | -8.10% | $1,130 | -5.00% | -11.00% |
| 49 | Fort Worth, TX | $1,020 | -2.90% | -3.80% | $1,250 | 0.80% | 1.60% |
| 51 | St Petersburg, FL | $1,010 | -3.80% | -10.60% | $1,370 | -2.10% | -10.50% |
| 52 | Boise, ID | $1,000 | 1.00% | 4.20% | $1,140 | -5.00% | 4.60% |
| 52 | Colorado Springs, CO | $1,000 | 0.00% | 6.40% | $1,220 | 1.70% | 7.00% |
| 52 | Raleigh, NC | $1,000 | 0.00% | 1.00% | $1,200 | 1.70% | 1.70% |
| 52 | Virginia Beach, VA | $1,000 | -4.80% | -4.80% | $1,180 | -3.30% | -1.70% |
| 56 | Fresno, CA | $990 | 4.20% | -1.00% | $1,200 | 1.70% | 5.30% |
| 57 | Phoenix, Arizona | $980 | -1.00% | 1.00% | $1,240 | -0.80% | 5.10% |
| 58 | Las Vegas, Nevada | $950 | -1.00% | -4.00% | $1,160 | 0.00% | 0.90% |
| 59 | Cleveland, OH | $940 | 0.00% | 16.00% | $1,000 | 0.00% | 14.90% |
| 59 | Kansas City, MO | $940 | -1.10% | 3.30% | $1,020 | -1.90% | -1.90% |
| 61 | Glendale, AZ | $930 | 2.20% | 13.40% | $1,060 | 0.00% | 12.80% |
| 61 | Rochester, NY | $930 | 1.10% | 10.70% | $1,100 | 0.90% | 12.20% |
| 63 | Norfolk, VA | $920 | 0.00% | 15.00% | $960 | 0.00% | -4.00% |
| 64 | Anchorage, AK | $900 | 0.00% | 0.00% | $1,100 | -4.30% | 0.00% |
| 64 | Chattanooga, TN | $900 | 0.00% | 15.40% | $1,030 | 1.00% | 15.70% |
| 64 | Cincinnati, OH | $900 | 0.00% | 15.40% | $1,170 | -4.90% | 4.50% |
| 64 | Jacksonville, FL | $900 | 1.10% | -10.00% | $1,020 | 1.00% | -7.30% |
| 64 | Mesa, AZ | $900 | -2.20% | 5.90% | $1,110 | -2.60% | 9.90% |
| 69 | San Antonio, TX | $880 | -2.20% | -1.10% | $1,100 | 0.00% | -3.50% |
| 70 | Arlington, TX | $860 | -1.10% | 4.90% | $1,100 | -0.90% | 0.90% |
| 70 | Des Moines, IA | $860 | 4.90% | 0.00% | $900 | 0.00% | 0.00% |
| 72 | Louisville, KY | $830 | -3.50% | -1.20% | $930 | -2.10% | -7.00% |
| 72 | Tallahassee, FL | $830 | 3.80% | 9.20% | $900 | 0.00% | 2.30% |
| 74 | Corpus Christi, TX | $820 | -4.70% | -6.80% | $1,040 | -1.00% | -5.50% |
| 74 | Indianapolis, IN | $820 | 0.00% | 7.90% | $900 | 0.00% | 11.10% |
| 74 | St Louis, MO | $820 | -4.70% | -1.20% | $1,150 | 1.80% | 0.90% |
| 77 | Bakersfield, CA | $810 | 0.00% | 15.70% | $930 | 0.00% | 4.50% |
| 77 | Knoxville, TN | $810 | 0.00% | 1.30% | $940 | 0.00% | 4.40% |
| 77 | Lincoln, NE | $810 | 0.00% | 15.70% | $920 | 0.00% | -1.10% |
| 77 | Syracuse, NY | $810 | -4.70% | -10.00% | $1,000 | -1.00% | 4.20% |
| 81 | Columbus, Ohio | $800 | -4.80% | 8.10% | $1,050 | -0.90% | -1.90% |
| 81 | Omaha, NE | $800 | 0.00% | -3.60% | $1,000 | 2.00% | -6.50% |
| 81 | Winston Salem, NC | $800 | 1.30% | 2.60% | $830 | 0.00% | -1.20% |
| 84 | Memphis, TN | $770 | -4.90% | 2.70% | $810 | -4.70% | 0.00% |
| 85 | Baton Rouge, LA | $760 | -3.80% | -11.60% | $880 | 1.10% | -9.30% |
| 85 | Oklahoma City, OK | $760 | 4.10% | 1.30% | $890 | 2.30% | 2.30% |
| 85 | Spokane, WA | $760 | -2.60% | 2.70% | $1,030 | 5.10% | 10.80% |
| 88 | Augusta, GA | $750 | 0.00% | 0.00% | $840 | 1.20% | 3.70% |
| 89 | Lexington, KY | $730 | 2.80% | -3.90% | $950 | 3.30% | -2.10% |
| 90 | Detroit, MI | $720 | 4.30% | 14.30% | $820 | 1.20% | 12.30% |
| 90 | Greensboro, NC | $720 | 0.00% | 0.00% | $810 | -2.40% | -2.40% |
| 92 | Laredo, TX | $710 | -5.30% | -14.50% | $950 | 0.00% | 0.00% |
| 93 | Albuquerque, NM | $700 | 1.40% | 4.50% | $830 | 2.50% | 0.00% |
| 94 | El Paso, TX | $670 | 0.00% | 6.30% | $800 | 1.30% | 3.90% |
| 94 | Tucson, AZ | $670 | 1.50% | 6.30% | $870 | 1.20% | 6.10% |
| 94 | Wichita, KS | $670 | 0.00% | 9.80% | $700 | -2.80% | -6.70% |
| 97 | Lubbock, TX | $650 | 0.00% | 3.20% | $800 | 1.30% | 3.90% |
| 97 | Shreveport, LA | $650 | 1.60% | 1.60% | $700 | 0.00% | 0.00% |
| 99 | Tulsa, OK | $640 | -4.50% | 1.60% | $830 | -1.20% | 5.10% |
| 100 | Akron, OH | $620 | -1.60% | 14.80% | $700 | 0.00% | -5.40% |
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.
If you’re interested in a more in-depth explanation of how and why we calculate our rent data, view our methodology post.
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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