The May edition of Zumper’s National Rent Report is now available and shows another month of mixed data (Zumper National Rent Report: April 2017). There has been little change in the top tier markets which have continued trend trend of plateauing prices. Mid and lower level markets showed more volatility. Overall, the Index showed that one bedroom units rented for $1,169 – a slight increase of half a percent, while the two-bedroom unit median rental increased 1% to $1,390.
Heading into peak moving season, according to Zumper CEO, Anthemos Georgiades, “renters will be up against higher apartment turnover rate.” Over the coming summer, renters can look to median price data and other tools “to make the whole renting experience easier and more transparent.”
Top rental markets
San Francisco, CA – the most expensive market – one bedroom prices rose 1.5% to $3,370; two bedroom units rose 1.6% to $4,500.
New York, NY – There was a 1% drop in both apartment types – one bedroom was $2,910, two bedroom – $3,450.
San Jose, CA – remained in third place with no change in one bedroom at $2,260; two bedroom median rent rose 1.1% to $2,850.
Boston, MA – no changes for either unit; one bedroom remained at $2,200; while two bedroom median rental was $2,600.
Los Angeles – climbed to fifth this month. One bedroom units rose 1% to 2,090; two bedroom units increased 1.5% to $2,980.
Miami – continues to rank ninth in median rentals, although one bedroom rentals were $1,800 – a 4.8% decrease.
Ft. Lauderdale – rose to 12th place with a 6% increase in one bedroom rentals rising to $1,590.
Other notable upward changes
Denver, CO – up two spots to 22nd with a 3.3% spike in one bedroom rentals to $1,250
Baltimore, MD – up 5.2% for both one and two bedroom units to $1,210 and $1,700 respectively
Newark, NJ – jumped five spots to 40th with one bedroom median rental units at $970.
Salt Lake City, UT – both one and two bedroom units rose 4.3% this month with one bedroom units at $920 and two bedroom units at $1,200.
Oakland, CA – dropped out of fifth place after a slight drop; one bedroom at $2,060; two bedroom units down 2% to $2,500.
Providence, RI – Down two places to 16th with one bedroom at $1,350 and two bedroom rentals at $1,410.
Minneapolis, MN – falling out of the top 20 after moving four places to wind up at 21st – ultimate reason – 5.2% drop in one bedroom rentals.
Houston, TX – prices for both units nose-dived 5%; one bedroom rentals down to $1,090, while two bedroom rentals dropped to $1,360.
Kansas City, MO – went to 53rd dropping eight spots; one bedroom fell 4.3% to $880; two bedroom units, however, up slightly to $940.