The cost of shelter in the United States has gone up again, according to Zumper’s national rent report.
The national median price for one-bedroom rents increased 1.5 percent to $1,526, while the national median price for two-bedroom rents increased 1.9 percent to $1,900 in June, according to the report.
“The national index continuing this trend of monthly growth coupled with the current persistent inflation suggests that housing will remain a challenge for the Federal Reserve’s efforts to lower interest rates this year,” the report read.
Annually, national one- and two-bedroom rent prices are up 1.5 percent and 2.1 percent, respectively.
While national rates are “currently fairly low,” they have not offset large rent spikes that have occurred across the country over the past few years, the report noted.
“The national one and two-bedroom prices are still $300-$400 more expensive than 4 years ago,” the report reads.
The New York rental market continues to show the fastest rent growth. Four cities in the Empire State have annual rent rate increases in the double digits.
Rent prices in Syracuse have risen by 29 percent over the past year, making it the fastest growing rent market in the country, while rents have risen by more than 10 percent in Buffalo, Rochester and New York City.
Rising rent prices in these cities are in part being driven by rising demand.
In New York City, for example, the housing vacancy rate is down to 1.4 percent — a major drop from the city’s rate two years ago, which was 4.5 percent, according to the report.
And the demand for housing in these four cities has spilled into the surrounding markets like Newark, N.J., and New Haven, Conn.
Both cities have seen rent prices increase by more than 7 percent since last June, according to the report.