July saw increased rental prices across the US, according to data from Zumper’s new National Rent Report.
The report found that the national one-bedroom rent rose 0.3% to $1,220 in June. Meanwhile, rental price for a two-bedroom unit slightly fell 0.1% to $1,469 nationwide. Both units’ prices came up 0.8% and 1.9% annually.
Demand for rental spaces in San Francisco drove prices up, with the price of a one-bedroom unit rising $20 to $3,720. San Jose followed, and Boston came down at third. Washington, D.C., ranked as the fifth priciest city, surpassing Los Angles, while Oakland slid to the seventh spot.
A one-bedroom rent in New York, on the other hand, dropped after reaching its three-year peak in Zumper’s last rent report. It now costs $2,940 to rent a one-bedroom apartment in NYC and $3,380 for a two-bedroom unit.
Year-over-year, rental prices in the mid- to lower-tier markets cooled off, experiencing larger amounts of double-digit declines.
By far, Raleigh’s annual rent growth was the fastest last month, up 5.1%. Chicago and Bakersfield had the biggest dips, both coming down 5.1% from 2018.