Top Cities for Rent Growth
In its latest analysis, Zumper reveals the latest trends for rent growth and multifamily demand in US cities. Regionally, the most expensive 1-bedroom apartment today is in – not surprisingly – New York City, at $3,260 per month as of March 2022. San Francisco, CA ($2,910), and Boston, MA ($2,660) trail America’s largest city in median rent prices, while Miami, FL rose to become the fourth most expensive rental market at $2,500. Miami saw the most rent growth of any city in the country in 2021, increasing 38.9 percent over March 2021. Miami’s suburban markets also saw drastic increases: Zumper notes that Aventura, Coral Gables, and Delray Beach are “among the markets where both the median one- and two-bedroom rents are up by more than 30 percent year-over-year.”
While some metropolitan areas saw stark rent hikes, Zumper reports that the national median price for a one-bedroom in March also rose to $1,400, a 2.5 percent increase for the year so far, which is outpacing the rent growth the market saw in 2021 (1.9 percent at this time last year).
Based on the above data, it’s hard to imagine there are any cities where rent is decreasing. But Zumper notes that Cincinnati, OH; Gilbert, AZ; Fresno, CA; Cleveland, OH; and Tucson, AZ were the Top 5 cities that saw rent decreases in March 2022.
To see the full Zumper data and analysis, click here.