While rent in most states inched up in September, prices in the top housing markets saw a slight downturn, according to Zumper’s latest report.
On a monthly basis, the average one-bedroom apartment rent rose 1% to $1,250, while rent for a two-bedroom unit grew 0.5% to $1,493.
However, the top three priciest rental markets posted declines in rent last month. San Francisco, with the highest rent prices, experienced a 1.7% drop to $3,540 for a one-bedroom unit. New York City followed with a 0.7% dip ($3,030) and San Jose with a 0.8% downturn ($2,520). Boston, which remained flat at $2,500, and Oakland, with a 5.2% increase, rounded out the top five.
Rent prices for two-bedrooms in San Francisco stayed the same at $4,790, while prices fell 0.3% in the Big Apple ($3,440) and San Jose ($3,000). A two-bedroom apartment costs $2,900 in Boston and $2,860 in Oakland.
Monthly rental growth rates in the rest of the country, on the other hand, picked up speed with gains of 4%-5%. Several markets saw double-digit annual increases as well, according to the report.
Columbus, Ohio had the fastest-growing rent nationwide in August, up 5.7%. Meanwhile, Santa Ana, Calif., had the largest rent drop, down 5.1% to $1,690.