Rent in the top three priciest metros dwindles in September

by Candyd Mendoza06 Sep 2019

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.