Zumper National Rent Report

Notable trends

1. The national rent index demonstrated the largest annual growth rates since July 2023. The price of one-bedrooms rose 1.7% to $1,531, while two-bedroom grew  2.6% to $1,911. 
2. Rents in all major Texas markets are falling as the state has added over 100k new apartment units so far this year.
3. Some Midwest and Upland South areas are seeing annual rent price growth rates that are even larger than that of New York City’s due to consistent demand and limited inventory.
4. NYC one-bedroom rent is up 9.1% annually to $4,350, reaching a record high.

Annual growth rates for the national rent index reach a 12-month high

Annually speaking, our national rate for one-bedroom units rose 1.7% this July to $1,531 while two-bedrooms increased 2.6% to $1,911. These are the largest growth rates we’ve seen since July 2023, when they were both up around 4-5%. 

“The fact that Zumper shows national rent growth at a 12-month high at the same time as the U.S. delivers a record 50-year high of new supply shows you just how strong renter demand is today,” explains Zumper CEO Anthemos Georgiades. “Renters are feeling more confident about the economy and the labor market, and they also hold the power in today’s market, with generous concessions being offered to commit to a new lease.”

Texas’ rental marketing softening is driven by significant inventory coming online

The Texas rental market has been experiencing a significant surge of supply with over 100k new apartment units delivered so far this year. With Texas’ 5 largest metro areas comprising 96% of statewide apartment supply, it is no surprise that the majority of those 5 markets were the same Texas cities on our report with the largest annual rent price declines. Fort Worth led the state, and the nation, with the biggest downswing, dropping over 10% since this time last year. Irving, Houston, Dallas, and Austin all saw annual rates fall over 5% year-over-year. Additionally, of the top 8 cities across the nation with the largest monthly rent price declines this July, 5 of them were Texas markets. Houston led the pack in this sense with rent decreasing 6.3% and was followed by Austin, Plano, Dallas, and Fort Worth. 

With the influx of new housing supply putting downward pressure on prices, renters in Texas now have the opportunity to secure amenity-rich apartments that may have previously been out of reach. By taking advantage of concessions that include offers of several months of free rent and waived deposits and fees, renters can now access premium living spaces at reduced costs.

Midwest & Upland South markets see rent price spikes from limited supply and consistent demand

Aside from Syracuse and New Haven, which were markets addressed in last month’s report, the next 4 cities with the largest annual rent price growth rates across the nation were located in the Midwest and Upland South. Lexington, Des Moines, Chicago, and Lincoln all had annual growth rates that were above 15%, which are all notably higher than that of the most expensive rental market in the U.S., New York City. New York City saw one-bedroom rent grow 9.3% annually and although this growth rate was less than the other cities mentioned, it did reach a record high price wise, hitting $4,350.

Price increases in the Midwest have been mainly driven by limited new housing supply and consistent demand for rentals over the past few years. Chicago has seen both vacancy rates and inventory levels below the national averages. Chicago’s inventory has increased 5.5% in the last 5 years while the national average was 10%. Lincoln, meanwhile, is not only the capital of Nebraska but also a college town as well so rents in this market are driven up by limited supply and a large student population. Des Moines led the Midwest as the fastest growing area for population growth, which is fueling demand and competition for housing there. 

Similarly, rent growth in Lexington was boosted by minimal new supply, population increases seen in the last few years, and strong job growth. This market ended 2023 with a 3.7% bump in job growth, outpacing the national average of 1.9%.

If you’re interested in how Zumper’s historical rent data compares with the Shelter CPI produced monthly by the U.S. Bureau of Labor Statistics, view our updated chart here: https://www.zumper.com/blog/zumper-consumer-price-index/. 

Full Data

			1 bedroom			2 Bedrooms
Ranking	Ranking Change	City	Price	M/M%	Y/Y%	Price	M/M%	Y/Y%
1	0	New York, NY	$4,350	1.20%	9.30%	$4,920	3.60%	10.10%
2	0	Jersey City, NJ	$3,430	4.30%	1.20%	$3,740	5.90%	-6.50%
3	0	San Francisco, CA	$3,000	1.40%	0.00%	$4,110	3.00%	0.20%
4	0	Boston, MA	$2,800	0.00%	0.00%	$3,500	-1.10%	2.90%
5	-1	Miami, FL	$2,750	-1.80%	-1.80%	$3,750	-2.60%	-3.80%
6	0	San Jose, CA	$2,610	3.60%	0.00%	$3,350	0.60%	4.00%
7	0	Arlington, VA	$2,410	0.00%	0.80%	$3,200	-0.90%	2.20%
8	0	San Diego, CA	$2,400	2.10%	-0.40%	$3,210	0.00%	-2.70%
9	0	Los Angeles, CA	$2,360	0.90%	-1.70%	$3,300	-1.20%	-2.70%
10	1	Chicago, IL	$2,330	2.60%	16.50%	$2,800	3.70%	10.20%
11	-1	Washington, DC	$2,320	0.90%	-3.30%	$3,210	4.20%	-2.10%
12	0	Santa Ana, CA	$2,160	-0.90%	2.90%	$2,840	-3.40%	0.40%
13	1	Urban Honolulu, HI	$2,100	3.40%	14.80%	$2,900	3.60%	7.40%
14	3	Oakland, CA	$2,050	2.50%	-6.40%	$2,690	2.70%	-1.80%
15	-1	Anaheim, CA	$2,020	-0.50%	1.00%	$2,650	-0.40%	5.20%
15	-1	Charleston, SC	$2,020	-0.50%	0.50%	$2,500	-3.80%	-3.80%
17	-4	Fort Lauderdale, FL	$2,000	-2.00%	0.00%	$2,920	0.70%	4.30%
18	0	Seattle, WA	$1,980	2.10%	-1.50%	$2,780	3.00%	0.70%
19	2	New Haven, CT	$1,940	6.00%	21.30%	$2,200	5.80%	10.00%
20	-1	Long Beach, CA	$1,890	-0.50%	4.40%	$2,470	1.20%	1.60%
21	-1	Denver, CO	$1,850	0.50%	2.80%	$2,480	2.10%	5.50%
22	2	Nashville, TN	$1,710	0.60%	-5.50%	$1,940	-1.00%	-1.50%
23	-1	Providence, RI	$1,690	-5.10%	-7.10%	$2,030	-3.30%	2.50%
24	-1	Scottsdale, AZ	$1,680	-3.40%	-5.60%	$2,420	-3.60%	0.80%
25	0	Atlanta, GA	$1,640	-1.20%	-6.30%	$2,100	0.00%	-7.90%
26	0	Tampa, FL	$1,620	0.00%	-3.00%	$1,890	-2.60%	-5.00%
27	8	Gilbert, AZ	$1,610	4.50%	-1.20%	$2,000	5.80%	4.70%
28	1	Newark, NJ	$1,600	1.30%	11.90%	$2,110	-4.10%	15.30%
29	0	Orlando, FL	$1,590	0.60%	-4.20%	$1,890	0.50%	-0.50%
30	3	Madison, WI	$1,580	1.90%	8.20%	$1,980	5.90%	20.00%
30	-3	St. Petersburg, FL	$1,580	-1.30%	4.60%	$2,180	-0.90%	9.00%
32	-4	Philadelphia, PA	$1,550	-2.50%	-2.50%	$1,790	0.60%	-0.60%
33	8	Asheville, NC	$1,500	0.70%	4.20%	$1,800	0.00%	-3.20%
33	-1	Henderson, NV	$1,500	-3.80%	0.70%	$1,800	0.00%	1.70%
33	0	New Orleans, LA	$1,500	-3.20%	0.00%	$1,700	-0.60%	-5.60%
33	2	Virginia Beach, VA	$1,500	-2.60%	-0.70%	$1,700	-2.30%	0.00%
33	5	Sacramento, CA	$1,500	0.00%	-6.30%	$1,880	1.10%	-1.10%
38	0	Charlotte, NC	$1,490	-0.70%	-6.90%	$1,730	-2.30%	-3.90%
39	3	Portland, OR	$1,480	0.00%	-1.30%	$1,890	4.40%	-3.10%
39	-8	Austin, TX	$1,480	-5.70%	-5.10%	$1,890	-6.00%	-4.50%
41	-3	Aurora, CO	$1,470	-2.00%	2.10%	$1,890	-2.60%	0.00%
42	4	Fresno, CA	$1,440	4.30%	9.90%	$1,600	0.60%	5.30%
42	1	Durham, NC	$1,440	0.70%	-8.30%	$1,700	-0.60%	-7.10%
44	-7	Plano, TX	$1,430	-5.30%	-1.40%	$2,000	-6.10%	-2.40%
45	1	Norfolk, VA	$1,400	1.40%	12.90%	$1,500	0.70%	7.10%
45	7	Salt Lake City, UT	$1,400	3.70%	8.50%	$1,800	1.70%	9.80%
45	4	Knoxville, TN	$1,400	2.20%	2.20%	$1,680	1.20%	6.30%
48	-3	Boise, ID	$1,380	-1.40%	-2.80%	$1,450	-1.40%	-1.40%
49	-6	Dallas, TX	$1,370	-4.20%	-5.50%	$1,950	-3.50%	-3.90%
50	3	Richmond, VA	$1,360	1.50%	3.00%	$1,610	0.60%	3.90%
50	-1	Baltimore, MD	$1,360	-0.70%	0.70%	$1,650	-2.40%	3.10%
52	-3	Anchorage, AK	$1,340	-2.20%	4.70%	$1,630	0.00%	8.70%
52	4	Reno, NV	$1,340	3.10%	-0.70%	$1,750	2.90%	2.90%
52	-6	Minneapolis, MN	$1,340	-2.90%	-2.20%	$1,840	-5.60%	-5.20%
55	-1	Mesa, AZ	$1,320	0.00%	1.50%	$1,580	0.60%	-1.30%
56	1	Raleigh, NC	$1,310	1.60%	-7.10%	$1,600	0.00%	-3.00%
57	-3	Phoenix, AZ	$1,300	-1.50%	-5.10%	$1,600	-3.00%	-3.00%
58	7	Columbus, OH	$1,280	4.90%	12.30%	$1,430	2.90%	3.60%
58	-1	Irving, TX	$1,280	-0.80%	-8.60%	$1,650	0.00%	-6.80%
60	1	Pittsburgh, PA	$1,270	1.60%	1.60%	$1,550	0.00%	3.30%
61	1	Jacksonville, FL	$1,250	1.60%	-0.80%	$1,450	0.00%	-2.00%
61	4	Chattanooga, TN	$1,250	2.50%	-4.60%	$1,320	-5.70%	-12.00%
63	4	Cleveland, OH	$1,230	2.50%	-1.60%	$1,280	2.40%	-1.50%
63	-4	Fort Worth, TX	$1,230	-3.90%	-10.20%	$1,530	-6.10%	-6.10%
65	-3	Glendale, AZ	$1,220	-0.80%	-6.20%	$1,500	0.00%	-5.70%
66	3	Buffalo, NY	$1,200	0.80%	11.10%	$1,440	-0.70%	10.80%
66	-7	Houston, TX	$1,200	-6.30%	-7.00%	$1,520	-6.20%	-1.30%
66	-4	Las Vegas, NV	$1,200	-2.40%	-7.00%	$1,500	-1.30%	-0.70%
69	-2	Syracuse, NY	$1,180	-1.70%	31.10%	$1,450	-3.30%	20.80%
69	1	Colorado Springs, CO	$1,180	2.60%	-1.70%	$1,530	2.00%	-2.50%
71	-1	Rochester, NY	$1,150	0.00%	7.50%	$1,490	-0.70%	8.00%
72	5	Louisville, KY	$1,140	5.60%	4.60%	$1,290	-0.80%	3.20%
72	2	Kansas, City, MO	$1,140	3.60%	0.90%	$1,330	1.50%	-5.00%
74	0	Bakersfield, CA	$1,100	0.00%	0.90%	$1,400	-4.80%	3.70%
74	-1	Arlington, TX	$1,100	-0.90%	-0.90%	$1,460	-2.00%	0.00%
76	-2	Spokane, WA	$1,090	-0.90%	-0.90%	$1,400	0.70%	0.00%
77	2	Tallahassee, FL	$1,080	0.90%	8.00%	$1,300	0.80%	3.20%
77	-5	Indianapolis, IN	$1,080	-4.40%	-2.70%	$1,330	-0.70%	3.10%
79	7	Lexington, KY	$1,050	6.10%	19.30%	$1,380	6.20%	12.20%
79	1	Detroit, MI	$1,050	0.00%	2.90%	$1,200	4.30%	4.30%
79	4	Omaha, NE	$1,050	4.00%	0.00%	$1,470	5.00%	3.50%
79	-2	San Antonio, TX	$1,050	-2.80%	-2.80%	$1,320	-5.70%	-2.90%
83	-1	Milwaukee, WI	$1,010	-1.00%	-4.70%	$1,150	-3.40%	-5.00%
84	-1	Des Moines, IA	$1,000	-1.00%	17.60%	$1,200	0.00%	8.10%
84	1	Cincinnati, OH	$1,000	0.00%	-9.10%	$1,400	0.00%	-0.70%
86	6	Winston Salem, NC	$990	5.30%	5.30%	$1,180	2.60%	6.30%
87	2	St. Louis, MO	$980	2.10%	8.90%	$1,370	1.50%	5.40%
87	3	Augusta, GA	$980	3.20%	-1.00%	$1,150	2.70%	5.50%
89	-2	Greensboro, NC	$970	0.00%	0.00%	$1,200	0.80%	0.80%
89	-8	Baton Rouge, LA	$970	-5.80%	-2.00%	$1,090	-5.20%	0.90%
91	1	Lincoln, NE	$960	2.10%	15.70%	$1,200	0.00%	10.10%
91	4	El Paso, TX	$960	5.50%	14.30%	$1,250	4.20%	8.70%
91	4	Memphis, TN	$960	5.50%	-8.60%	$1,090	4.80%	-0.90%
94	-7	Albuquerque, NM	$950	-2.10%	-5.90%	$1,290	-0.80%	-3.70%
95	-5	Tucson, AZ	$940	-1.10%	-1.10%	$1,280	-0.80%	-1.50%
95	-1	Tulsa, OK	$940	1.10%	-1.10%	$1,150	2.70%	1.80%
97	-2	Oklahoma City, OK	$900	-1.10%	2.30%	$1,130	0.00%	6.60%
98	0	Shreveport, LA	$850	3.70%	13.30%	$900	3.40%	12.50%
99	0	Wichita, KS	$730	0.00%	5.80%	$900	-3.20%	4.70%
99	0	Akron, OH	$730	0.00%	2.80%	$920	2.20%	2.20%

About

The rental data for Zumper’s National Rent Report analyzes over one million active listings across the country every month. Listings are aggregated to calculate median asking rents for the top 100 most populous cities and therefore provides a comprehensive view of the current state of the market. Any data that is reported does not include short term listings. View our full methodology here.

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