As we approach the slow moving season, many of the 100 cities on our report have started to experience downward monthly rent trends. However, a lot of the mid to lower tiered markets are still continuing to play catch up with the most expensive cities with large year over year rental growth rates even into these cooler months. In the top markets, the most expensive 10 cities remained the same last month, though there was some shifting at the bottom with San Diego moving up to become tied with Santa Ana and Seattle dropping to 10th. Meanwhile, the city with the fastest growing rent last month was Spokane, up 5.6%, and the rental market that took the biggest rent dip was San Antonio, down 5.4%.
Overall, both the national one and two bedroom rents grew 0.7% last month, settling at $1,203 and $1,432, respectively. On a year over year level, one bedroom rent is up 2.3%, while two bedrooms have increased 2.9%.
The Zumper National Rent Report analyses 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.