US rent prices shoot up in June

by Candyd Mendoza05 Jul 2019

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.