Pandemic pricing continues to affect the top markets while the “Brooklyn Effect” becomes more pronounced in cheaper, neighboring cities
The top 10 most expensive markets continued to experience pandemic pricing, as the majority of these cities were trending on a downward trajectory last month. As the pandemic persists on, the demand for rentals has continued to shift away from these pricey areas and a significant amount of that demand seems to be moving toward neighboring, less expensive areas. Similar to the trend we saw in New York, the “Brooklyn Effect” has become more pronounced as some of the largest monthly rent price increases in the nation occurred in satellite cities. For example, in our top markets, while Boston and San Francisco rents were on the decline, Providence and Sacramento prices were both up around 5% last month.
San Francisco rents hit another record month of declines, now down in the double-digits
San Francisco one-bedroom rent has fallen 11.8% year-over-year, which beat the previous month’s record of largest drop ever for this city and was also the largest decline in the nation. Two-bedroom rent had a slightly more modest dip, though still dropping nearly 10% since this time last year. On a monthly basis, one and two-bedroom prices in this city have decreased 2.4% and 1.8%, respectively.
National one and two-bedroom rents saw an uptick as more people have started moving again
Overall, the national one-bedroom rent grew 1% to a median of $1,229, while two-bedrooms increased 0.8% to $1,485. On a year-to-date basis, both one and two-bedroom prices are up 0.4%. It seems moving season has really started to pick up as demand for both bedroom types have grown nationally.
Top 5 Rental Markets
1. San Francisco, CA rents continued to have a downward trend with one-bedrooms decreasing 2.4% to $3,280 and two-bedrooms falling 1.8% to $4,340. On a year-over-year basis, one-bedroom rent is down 11.8%, which beats the previous month’s record of largest decline ever for this city.
2. New York, NY rents were down on all fronts as well with one-bedroom rent declining 2% to $2,890, while two-bedrooms decreased 0.3% to $3,210. Notably, two-bedroom rent in this city is down 5% since this time last year.
3. Boston, MA saw one-bedroom rent drop 1.6% to $2,410, while two-bedrooms remained flat at $2,900.
4. Oakland, CA moved up a spot to become the 4th most expensive city, though one-bedroom rent was down 2.1% to $2,300. Two-bedrooms, meanwhile, stayed flat at $2,850.
4. San Jose, CA dropped a ranking, to become tied with Oakland as 4th, with one-bedroom rent declining 5% to $2,300, while two-bedrooms fell 3.1% to $2,860.
Notable Changes This Past Month
Upward
–Lexington, KY moved up 3 spots to become the 89th most expensive city with one-bedroom rent jumping 5.6%, which was the largest monthly growth rate in the nation, to $750.
–Anchorage, AK was catapulted up 5 positions to rank as 60th with one-bedroom rent growing 5.5% to $960.
–Augusta, GA saw one-bedroom rent climb 5.3%, settling at $790, and up 4 rankings to 84th. Two-bedrooms had a more modest growth rate, increasing 3.5% to $880.
–Akron, OH jumped up 1 spot to become the 99th priciest market with one-bedroom rent growing 5.2% to $610 and two-bedrooms increasing 1.4% to $730.
–Portland, OR moved up 4 rankings to 21st with one-bedroom rent climbing 5.2% to $1,420, while two-bedrooms increased 3.6% to $1,750.
Downward
–Madison, WI took an 8 ranking plunge to 44th with one-bedroom rent falling 5.3%, which was the largest monthly decline in the country, to $1,080, while two-bedrooms decreased 0.8% to $1,310.
–San Jose, CA remained the 4th priciest city, though one-bedroom rent dropped 5% to $2,300 and two-bedrooms declined 3.1% to $2,860.
–Laredo, TX experienced a 6 spot drop to 86th with one-bedroom rent decreasing 3.7% to $780, while two-bedrooms dipped 3.3% to $890.
–Buffalo, NY saw one-bedroom rent fall 3.6%, settling at $1,080, and down 5 positions to become the 44th most expensive market. Two-bedrooms had a more modest decline, decreasing a slight 0.7% to $1,350.
–Irving, TX moved down 4 spots to rank as the 44th priciest city, now tied with Buffalo, with one-bedroom rent dipping 2.7% to $1,080 and two-bedrooms dropping 1.4% to $1,390.
Full Data
| 1 Bedroom | 2 Bedrooms | ||||||
|---|---|---|---|---|---|---|---|
| Pos. | City | Price | M/M % | Y/Y % | Price | M/M % | Y/Y % |
| 1 | San Francisco, CA | $3,280 | -2.40% | -11.80% | $4,340 | -1.80% | -9.60% |
| 2 | New York, NY | $2,890 | -2.00% | -1.70% | $3,210 | -0.30% | -5.00% |
| 3 | Boston, MA | $2,410 | -1.60% | -1.60% | $2,900 | 0.00% | 2.10% |
| 4 | Oakland, CA | $2,300 | -2.10% | 4.50% | $2,850 | 0.00% | 4.80% |
| 4 | San Jose, CA | $2,300 | -5.00% | -8.00% | $2,860 | -3.10% | -4.70% |
| 6 | Washington, DC | $2,270 | 2.30% | 1.30% | $2,920 | -0.70% | 2.50% |
| 7 | Los Angeles, CA | $2,150 | -0.90% | -3.60% | $2,960 | -0.70% | -5.10% |
| 8 | Miami, FL | $1,800 | 2.90% | 0.60% | $2,310 | 0.40% | 0.40% |
| 8 | Seattle, WA | $1,800 | 0.00% | -2.70% | $2,250 | -0.90% | -6.30% |
| 10 | San Diego, CA | $1,750 | -1.10% | -0.60% | $2,300 | 0.00% | -4.20% |
| 11 | Santa Ana, CA | $1,720 | 1.80% | -3.40% | $2,310 | 5.00% | 6.00% |
| 12 | Honolulu, HI | $1,670 | 1.80% | 0.00% | $2,100 | 5.00% | -8.70% |
| 13 | Fort Lauderdale, FL | $1,650 | 0.00% | 3.10% | $2,200 | 2.30% | 4.80% |
| 14 | Anaheim, CA | $1,600 | -0.60% | -5.90% | $1,960 | 0.00% | -7.50% |
| 14 | Long Beach, CA | $1,600 | 1.90% | 3.20% | $2,010 | 0.50% | 0.50% |
| 16 | Chicago, IL | $1,510 | 0.00% | 1.30% | $1,800 | -0.60% | 0.00% |
| 16 | Philadelphia, PA | $1,510 | 0.70% | 15.30% | $1,750 | 2.90% | 2.90% |
| 18 | Providence, RI | $1,470 | 5.00% | 2.80% | $1,650 | -5.20% | 4.40% |
| 19 | Atlanta, GA | $1,440 | 1.40% | 5.10% | $1,840 | 1.70% | 5.70% |
| 19 | Denver, CO | $1,440 | 0.00% | -10.00% | $1,880 | 1.10% | -5.10% |
| 21 | Portland, OR | $1,420 | 5.20% | 4.40% | $1,750 | 3.60% | 1.20% |
| 22 | Minneapolis, MN | $1,400 | 2.20% | 0.00% | $1,900 | 4.40% | 3.80% |
| 22 | Scottsdale, AZ | $1,400 | -1.40% | 1.40% | $1,870 | -3.10% | -2.10% |
| 24 | New Orleans, LA | $1,380 | -1.40% | -3.50% | $1,610 | 0.60% | 5.20% |
| 25 | Sacramento, CA | $1,360 | 4.60% | 7.90% | $1,600 | 3.20% | 8.80% |
| 26 | Nashville, TN | $1,340 | -1.50% | 8.90% | $1,450 | 0.00% | 7.40% |
| 27 | Baltimore, MD | $1,320 | 4.80% | 11.90% | $1,540 | 4.80% | 10.80% |
| 27 | Newark, NJ | $1,320 | -0.80% | 14.80% | $1,680 | 4.30% | 14.30% |
| 29 | Gilbert, AZ | $1,280 | 2.40% | 6.70% | $1,490 | 2.10% | 4.20% |
| 30 | Austin, TX | $1,250 | -0.80% | 5.00% | $1,520 | -0.70% | 0.70% |
| 30 | Chandler, AZ | $1,250 | 0.80% | 3.30% | $1,440 | 0.70% | -0.70% |
| 32 | Dallas, TX | $1,230 | -1.60% | -1.60% | $1,680 | 1.80% | -1.80% |
| 32 | St Petersburg, FL | $1,230 | 5.10% | 11.80% | $1,600 | 1.30% | 3.90% |
| 34 | Orlando, FL | $1,220 | 0.80% | -6.90% | $1,400 | 0.00% | -6.70% |
| 35 | Charlotte, NC | $1,200 | 2.60% | -4.80% | $1,370 | 5.40% | 0.00% |
| 36 | Tampa, FL | $1,150 | 0.90% | -2.50% | $1,390 | 2.20% | 4.50% |
| 37 | Plano, TX | $1,130 | 0.00% | -2.60% | $1,540 | 0.70% | -0.60% |
| 38 | Henderson, NV | $1,120 | 0.90% | -0.90% | $1,350 | 0.00% | 0.00% |
| 39 | Richmond, VA | $1,110 | 4.70% | 2.80% | $1,370 | 1.50% | 11.40% |
| 40 | Fort Worth, TX | $1,100 | 3.80% | -4.30% | $1,360 | 3.80% | 1.50% |
| 40 | Houston, TX | $1,100 | 0.00% | -9.10% | $1,310 | -1.50% | -6.40% |
| 42 | Aurora, CO | $1,090 | 0.00% | -8.40% | $1,350 | 0.00% | -9.40% |
| 42 | Fresno, CA | $1,090 | 4.80% | 9.00% | $1,240 | 5.10% | 8.80% |
| 44 | Buffalo, NY | $1,080 | -3.60% | 9.10% | $1,350 | -0.70% | 14.40% |
| 44 | Chesapeake, VA | $1,080 | 4.90% | 9.10% | $1,250 | 5.00% | 4.20% |
| 44 | Irving, TX | $1,080 | -2.70% | -9.20% | $1,390 | -1.40% | -10.30% |
| 44 | Madison, WI | $1,080 | -5.30% | -8.50% | $1,310 | -0.80% | -5.10% |
| 44 | Pittsburgh, PA | $1,080 | -0.90% | 1.90% | $1,350 | 0.00% | 3.80% |
| 49 | Boise, ID | $1,060 | 0.00% | 10.40% | $1,120 | -5.10% | 1.80% |
| 50 | Salt Lake City, UT | $1,050 | 5.00% | -1.90% | $1,300 | 2.40% | -5.10% |
| 50 | Virginia Beach, VA | $1,050 | 5.00% | 0.00% | $1,250 | 0.80% | 1.60% |
| 52 | Durham, NC | $1,040 | 5.10% | -6.30% | $1,230 | 5.10% | -3.10% |
| 53 | Reno, NV | $1,030 | 3.00% | 13.20% | $1,350 | 0.00% | 3.10% |
| 54 | Raleigh, NC | $1,020 | 3.00% | -1.90% | $1,200 | 0.00% | 0.00% |
| 55 | Phoenix, AZ | $1,010 | 2.00% | 1.00% | $1,280 | 3.20% | 2.40% |
| 56 | Las Vegas, NV | $1,000 | 3.10% | 1.00% | $1,200 | 0.00% | 4.30% |
| 56 | Milwaukee, WI | $1,000 | -1.00% | 3.10% | $1,170 | 0.00% | 14.70% |
| 58 | Colorado Springs, CO | $990 | 0.00% | 7.60% | $1,250 | 2.50% | 7.80% |
| 59 | Rochester, NY | $970 | 2.10% | 15.50% | $1,130 | 0.00% | 15.30% |
| 60 | Anchorage, AK | $960 | 5.50% | 5.50% | $1,180 | 0.00% | 2.60% |
| 60 | Kansas City, MO | $960 | 3.20% | 0.00% | $1,120 | 3.70% | 0.90% |
| 60 | Mesa, AZ | $960 | 4.30% | 4.30% | $1,190 | 3.50% | 3.50% |
| 63 | Cleveland, OH | $940 | 0.00% | 16.00% | $1,000 | 0.00% | 14.90% |
| 64 | Des Moines, IA | $930 | -1.10% | 14.80% | $990 | 0.00% | 15.10% |
| 65 | Norfolk, VA | $920 | 0.00% | 15.00% | $1,070 | 4.90% | 1.90% |
| 66 | St Louis, MO | $910 | 0.00% | 15.20% | $1,290 | 4.90% | 12.20% |
| 67 | Chattanooga, TN | $900 | 1.10% | 15.40% | $1,020 | 0.00% | 14.60% |
| 67 | Cincinnati, OH | $900 | 0.00% | 15.40% | $1,200 | 0.00% | 7.10% |
| 67 | Jacksonville, FL | $900 | 2.30% | -5.30% | $1,100 | 0.00% | 1.90% |
| 70 | Arlington, TX | $880 | 0.00% | 7.30% | $1,150 | 0.90% | 5.50% |
| 70 | San Antonio, TX | $880 | 1.10% | -2.20% | $1,100 | 0.90% | -1.80% |
| 72 | Glendale, AZ | $870 | 3.60% | 3.60% | $1,100 | 0.00% | 2.80% |
| 72 | Indianapolis, IN | $870 | 1.20% | 16.00% | $940 | 1.10% | 16.00% |
| 74 | Louisville, KY | $860 | 1.20% | -2.30% | $940 | -1.10% | -1.10% |
| 74 | Syracuse, NY | $860 | 4.90% | -11.30% | $1,060 | 5.00% | 1.00% |
| 76 | Omaha, NE | $850 | 0.00% | 1.20% | $1,020 | 0.00% | -2.90% |
| 77 | Bakersfield, CA | $840 | 1.20% | 13.50% | $1,070 | -0.90% | 15.10% |
| 78 | Corpus Christi, TX | $830 | -2.40% | -2.40% | $1,050 | -1.90% | -0.90% |
| 79 | Baton Rouge, LA | $820 | 5.10% | -1.20% | $940 | 4.40% | 1.10% |
| 80 | Columbus, OH | $810 | 0.00% | 15.70% | $1,050 | -1.90% | -1.90% |
| 80 | Knoxville, TN | $810 | 1.30% | 1.30% | $950 | 2.20% | 5.60% |
| 80 | Spokane, WA | $810 | -2.40% | 0.00% | $1,070 | 4.90% | 7.00% |
| 83 | Winston Salem, NC | $800 | -1.20% | 3.90% | $880 | 2.30% | 6.00% |
| 84 | Augusta, GA | $790 | 5.30% | 5.30% | $880 | 3.50% | 8.60% |
| 84 | Memphis, TN | $790 | 0.00% | 8.20% | $840 | 0.00% | 9.10% |
| 86 | Laredo, TX | $780 | -3.70% | -6.00% | $890 | -3.30% | 0.00% |
| 87 | Lincoln, NE | $770 | 0.00% | 14.90% | $920 | -1.10% | 3.40% |
| 88 | Tallahassee, FL | $760 | -2.60% | 0.00% | $900 | -2.20% | 2.30% |
| 89 | Albuquerque, NM | $750 | 4.20% | 7.10% | $900 | 1.10% | 7.10% |
| 89 | Lexington, KY | $750 | 5.60% | 0.00% | $950 | 0.00% | -3.10% |
| 89 | Oklahoma City, OK | $750 | 0.00% | 4.20% | $880 | -2.20% | 0.00% |
| 92 | Greensboro, NC | $720 | 0.00% | 1.40% | $840 | 0.00% | 1.20% |
| 93 | Detroit, MI | $700 | 0.00% | 14.80% | $800 | 0.00% | 15.90% |
| 93 | Tucson, AZ | $700 | 0.00% | 9.40% | $930 | 0.00% | 5.70% |
| 93 | Wichita, KS | $700 | 0.00% | 14.80% | $750 | 0.00% | 0.00% |
| 96 | El Paso, TX | $680 | 3.00% | 4.60% | $800 | 0.00% | 0.00% |
| 97 | Lubbock, TX | $650 | 3.20% | 3.20% | $840 | -1.20% | 7.70% |
| 97 | Shreveport, LA | $650 | 0.00% | 0.00% | $800 | 1.30% | 14.30% |
| 99 | Akron, OH | $610 | 5.20% | 10.90% | $730 | 1.40% | 0.00% |
| 100 | Tulsa, OK | $590 | 0.00% | -9.20% | $810 | 0.00% | 1.30% |
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, Twitter, and Instagram. In the market for a new place? Search apartments for rent on Zumper.
