One Line
Rent prices in the US have declined, with Arizona seeing an increase in Phoenix's one-bedroom median rent, while Boston and San Francisco have become tied for second most expensive city in the country.
Key Points
- Zumper is an online rental search platform that provides comprehensive insights into the rental market.
- Rental prices across the US vary significantly, with some cities like Tulsa, Fresno, Nashville, Boston, and New York City seeing significant decreases.
- Arizona is a perfect example of pandemic-era migration trends, with median one-bedroom rent rising 19% year-over-year.
- Recession fears and diminishing occupancy are driving rental prices down across much of the US.
- New York City remains the most expensive city for renters, despite a 1.8% month-over-month dip in one-bedroom median rent.
- Month-over-month rent increases in major cities like Chicago and Minneapolis are slowing, indicating that pandemic-fueled migration is reversing.
Summaries
336 word summary
Rent prices across the United States have declined significantly, with Boston and San Francisco now tied for second most expensive city in the country. Factors such as rising inflation and interest rates, uncertain labor markets, and household formation pausing or even reversing have contributed to this decline. Arizona is a perfect illustration of pandemic-era migration trends, with Phoenix's one-bedroom median rent up 19% year-over-year.
Boston's one-bedroom median rent fell by 2%, causing San Francisco to rise up a notch and tie with Boston for the second most expensive city for renters in the country. New York City remains the most expensive city for renters, despite a 1.8% month-over-month dip.
A variety of cities across the country have seen decreases or flat prices for one-bedroom apartments. Colorado Springs had 19.00% unemployment rate, 2.90% change, and a median rent of $1,440. Detroit, MI had 10.40% unemployment rate, 1.40% change, and $1,490 median rent. Arlington, TX had 15.70% unemployment rate, -1.40% change and $1,400 median rent. Bakersfield, CA had 5.10% unemployment rate,-0.70% change and $1,440 median rent.
Rochester, NY had 20.00% unemployment rate, 2.20% change, and $1,380 median rent. Kansas City, MO had 0.00% unemployment rate, -0.80% change, and $1,170 median rent. Louisville, KY had 18.20% unemployment rate, 0.00% change, and $1,300 median rent. Columbus, OH had 0.90% unemployment rate, -5.00% change, and $1,140 median rent. St. Louis, MO had 5.60% unemployment rate, 0.00% change, and $1,320 median rent. Memphis, TN had 9.20% unemployment rate, 0.00% change, and $1,010 median rent. Indianapolis, IN had 19.80% unemployment rate, 0.00% change, and $1,210 median rent. Winston Salem, NC had 15.60% unemployment rate, 1.80% change, and $1,110 median rent. Zumper is the go-to for finding apartments for rent in the US. We're looking for rental experts in San Francisco to join our team. Follow us on social media to stay updated on rent changes nationwide. Our Zumper National Rent Report provides insights into the rental market, based on over one million active listings. Advertise your property with us to get more exposure.
630 word summary
Zumper is the easiest way to search for apartments for rent across the US. Join our team of rental experts in San Francisco to help people find great apartments and homes. Follow us on Twitter, Facebook, and Instagram to keep up with rent changes across the country. Our Zumper National Rent Report analyzes rental data from over one million active listings across the US and provides comprehensive insights into the rental market. Advertise your property with Zumper to get more exposure. St. Louis, MO had an 81, 5.60% unemployment rate, 0.00% change, and $1,320 median rent. Memphis, TN had an 80, 9.20% unemployment rate, 0.00% change, and $1,010 median rent. Indianapolis, IN had a 79, 19.80% unemployment rate, 0.00% change, and $1,210 median rent. Winston Salem, NC had a 78, 15.60% unemployment rate, 1.80% change, and $1,110 median rent.
Rochester, NY had a 77, 20.00% unemployment rate, 2.20% change, and $1,380 median rent. Kansas City, MO had a 76, 0.00% unemployment rate, -0.80% change, and $1,170 median rent. Louisville, KY had a 74, 18.20% unemployment rate, 0.00% change, and $1,300 median rent. Columbus, OH had a 73, 0.90% unemployment rate, -5.00% change, and $1,140 median rent.
Buffalo, NY had a 71, 1.50% unemployment rate, 0.70% change, and $1,370 median rent. Spokane, WA had a 71, 19.50% unemployment rate, 0.00% change, and $1,350 median rent. Corpus Christi, TX had a 70, 26.30% unemployment rate, 0.00% change, and $1,200 median rent. Greensboro, NC had a 68, 4.50% unemployment rate, 1.80% change, and $1,150 median rent.
Detroit, MI had a 68, 10.40% unemployment rate, 1.40% change, and $1,490 median rent. Arlington, TX had a 67, 15.70% unemployment rate, -1.40% change and $1,400 median rent. Bakersfield, CA had a 66 with 5.10% unemployment rate,-0.70% change and $1,440 median rent. San Antonio had a 65 with 4.70% unemployment rate and 0.00% change with a median rent of $1,550.
Colorado Springs had a 63 with 19.00% unemployment rate and 2.90% change with a median rent of $1,440 The median rent for one-bedroom apartments in Boston fell by 2% this month, causing San Francisco to rise up a notch and tie with Boston for the second most expensive city for renters in the country. New York City remains the most expensive city for renters, despite a 1.8% month-over-month dip in one-bedroom median rent.
Arizona is a perfect illustration of pandemic-era migration trends, with median one-bedroom rent rising from $993 in April 2020 to $1,326 two years later. Phoenix's one-bedroom median rent is up 19% year-over-year, but the rate hikes are decelerating with 0.7% month-over-month increases. Cities like Chandler, Gilbert and Tucson have all seen their one-bedroom medians fall this month.
The large number of iBuyers flipping Arizona homes over the last few years has also driven up rent prices, but with interest rates continuing to rise, many people are holding off on buying a home, meaning demand for rentals won't crater altogether. Month-over-month rent increases in major cities like Chicago and Minneapolis are slowing, indicating that pandemic-fueled migration is reversing. This is due to a combination of factors, including rising inflation and interest rates, uncertain labor markets, and household formation pausing or even reversing.
Nationally, the median price for a one-bedroom is flat over last month; the two-bedroom median fell 0.4%. Nearly half the cities on Zumper's list posted decreased or flat one-bedroom prices compared to last month.
In areas such as Tulsa, OK, Fresno, CA, Nashville, TN, Boston, MA, and New York City, rent prices have declined significantly. Boston and San Francisco are now tied for second most expensive city in the country, with New York still in first place. Arizona has also seen a reversal of pandemic-era trends. Recession fears and diminishing occupancy are helping drive rental prices down across much of the United States.