Story at a glance
- For one-bedroom renters, Akron, Ohio is the most affordable city in the country, based on a new report from Zumper.
- Although some cities did see rent decreases this month, across the country rent has gone up year-over-year.
- Boston, Mass. is the second most expensive city for renters.
A new report from Zumper found New York City is the most expensive city for renters in the United States, followed by Boston, Mass., and San Francisco.
The ranking is based on one-bedroom median rent prices.
The report also found that, on a national scale, both one- and two-bedroom rent prices are down month-over-month, marking the first time in two years both markets have gone down together.
Boston ranked as the second most expensive city to live on the list. Its median one-bedroom rent grew by 5.9 percent this month, reaching $3,060.
Cities in California accounted for six of the top 10 most expensive cities for renters. San Francisco was third, followed by San Jose, Calif.; Miami, Fla.; San Diego, Calif.; Los Angeles, Calif.; Washington, D.C.; Oakland, Calif.; and Santa Ana, Calif., respectively.
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Authors estimate rent hikes seen throughout the COVID-19 pandemic will normalize in the coming months especially in areas that saw their populations grow during the crisis.
The data follow a recent Redfin report that found rents are rising the fastest in Oklahoma City and Pittsburgh, Pa.
The Zumper analysis is based on data from over a million listings throughout the United States. Compared with last month, the national one-bedroom median rent declined by 0.8 percent to $1,491. Median rent for a two-bedroom unit decreased by 0.7 percent to $1,832.
Akron, Ohio, was the most affordable city for one-bedroom renters. Wichita, Kan.; Lubbock, Texas; Shreveport, La.; and El Paso, Texas, rounded out the bottom of the list.
Over half of the cities included in the report posted month-over-month declines while rent stayed the same in 19 cities. Baton Rouge, La., saw the greatest decrease in median rent while rent in Anchorage, Alaska, increased the most.
Year-over-year, the national median rent rose by 9.2 percent, although that total is lower than double digit rises seen in the past.
Despite this finding, median rent for one- and two- bedroom apartments in New York City did decrease by more than two percent over last month. San Jose; Tulsa, Okla.; San Diego; and Seattle all saw month-over-month rent decreases.
“In many metro areas, declining prices are actually a correction to prices that’d become overly inflated,” said Zumper CEO Anthemos Georgiades.
“We saw historic levels of migration throughout the pandemic, as people switched to working from home and re-imagined their living situations. Now—with a turbulent, unpredictable economy causing fear of recession—migrations are slowing, occupancy rates are falling and rent prices are following suit.”
Published on Oct 26,2022