National Rent Prices Continue Downward Trend For Third Straight Month, Zumper Reports
October 31, 2016
The median rent for a one-bedroom apartment fell 0.9 percent in October to $1,126—the third straight month that rents declined--according to the Zumper National Rent Index, an analysis of rental data from over 1 million active listings across the United States. Zumper aggregates that data to calculate median asking rents for the top 100 metro areas by population.
Median rents for two-bedroom units fell in October as well, by 0.5 percent to $1,344.
Miami, previously the ninth most expensive apartment market in the country according to Zumper, fell by one spot to 10th. Rents for one-bedroom units in the Magic City fell 0.6 percent, to $1,800, from September, but were down even more—3.7 percent from October 2015. Prices for a two-bedroom unit, however, held steady both month-over-month and year-over-year, at a median of $2,500 per month.
Fort Lauderdale was ranked 13th in the nation, with median rents of $1,510 and $2,000 for one- and two-bedroom units, respectively. Rents for a one-bedroom in Fort Lauderdale were down 2.6 percent from September, but rose 0.7 percent from October 2015. Rents for a two-bedroom were steady between September 2016 and October 2016, but rose 7 percent from October 2015.
“At a national level, there is a high urban migration for young people, particularly to cities with good amenities, including weather and job opportunities,” said Crystal Chen, a Zumper spokeswoman. “In Fort Lauderdale, which has many, if not all, of these amenities, rents have increased 7 percent since this time last year due to a high demand for housing there but a current lack of supply, which is driving rental prices up.”
Chen added that new construction in the Fort Lauderdale area should combat rent spikes in the future.
Rents in the nation’s two most expensive markets—San Francisco and New York—fell both month-over-month and year-over-year, Zumper said. The median price for a one-bedroom apartment in San Francisco was $3,380 in October, while a two-bedroom rented for a median of $4,670.
In New York, the median rents were $3,000 for a one-bedroom and $3,450 for a two-bedroom.
For more details about Zumper’s National Rent Index, or to see a listing of the top 100 cities, visit www.zumper.com/blog/rental-price-data.