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☆ 28 cities where rent is in free fall this spring — and why renters in New York City have reason for optimism despite paying $4,280 for a one-bedroom apartment
▼ + stars: | 2024-04-26 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Median rent for one-bedroom apartments in the US declined again in April, according to @Zumper. AdvertisementLandlords aren't able to charge tenants more because apartment supply is surging across the nation at the highest rate in decades, according to Zumper. A flood of supply should keep rent growth in check for the remainder of the year and even into 2025, in Zumper's view. Below are the 28 US cities where rent for a one-bedroom apartment is cheaper than it was in March, according to Zumper. Along with each are its month-over-month and year-over-year rent changes, average rent price, and national rent ranking among the top 100 markets in the nation.

Persons: —, iM2zdLRQMA — James Faris, @JamesFaris_, Ivy Zelman, Anthemos Georgiades, Zumper Organizations: Service, Business, Federal Reserve, Apple, Big Apple Locations: New York City, York City

☆ 15 cities where apartments are getting cheaper while rent reaccelerates nationwide
▼ + stars: | 2024-03-27 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

However, as the chart below shows, one-bedroom apartments were 0.5% cheaper than they were last year while two-bedroom places were 0.8% more expensive. 15 cities where rent is decliningApartments across the country generally got more expensive in March, Zumper's report found, though there are some notable exceptions. Two-thirds of the top-100 US real estate markets had higher rent compared to last month while 19 cities were flat, Zumper researchers noted. However, more than a dozen metropolitan areas — many of which were in the Southwest or South regions — actually became cheaper to rent in. Along with each are its month-over-month and year-over-year rent changes, average rent price, and national rent ranking among the largest 100 cities in the US.

Persons: shouldn't, PqameYEcoP — James Faris, @JamesFaris_, it's, Anthemos Georgiades, there's, Zumper, Zumper's Organizations: Business, Zumper, CPI Locations: Realtor.com, Southwest

☆ Rent is unaffordable for over half of US tenants, but the cost is cooling
▼ + stars: | 2024-01-30 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

The median asking rent was $1,713, which was down $4 from November and down $63 from the July 2022 peak. However, median rent is still $309 higher than the same time in 2019, before the pandemic. What’s more, 12 million of those renters are severely cost burdened, which means they are paying more than half of their income on housing. Following changes in housing needs during the pandemic and an already existing low supply of multifamily housing in some markets, rents surged in 2021 and 2022. Without continued new supply in addition to enhanced rental support, the Harvard report concludes affordability will remain a critical concern for many renters.

Persons: Chris Herbert, ”, Whitney Airgood, Douglas Elliman, Miller Samuel Real, “, Anthemos Georgiades, ” Georgiades Organizations: DC CNN, Harvard University’s, for Housing Studies, Harvard Joint Center for Housing Studies, Harvard, Census Bureau, Builders, National Association of Home Builders, Baby Boomers Locations: Washington, United States, Manhattan

☆ Renters on a budget should look in these 27 cities where apartment prices are plunging
▼ + stars: | 2024-01-28 | by ( James Faris | ) www.businessinsider.com time to read: +2 min

One-bedroom rent rose by less than 1% for the fifth-straight month after rising for 12 consecutive months starting in October 2021. Rent growth in the US is far from its pandemic peak, according to the January rent report from @Zumper. pic.twitter.com/3QhWPCyaUp — James Faris (@JamesFaris_) January 25, 2024Apartment prices have been driven down by surging supply, Zumper noted. Many renters are now enjoying perks that would've been unheard of during the pandemic, including waived security deposits and a free month of rent, Zumper found. Below are 27 metropolitan areas where the going rental rate for a one-bedroom apartment is at least 5% lower than it was last January, according to Zumper.

Persons: 3QhWPCyaUp — James Faris, @JamesFaris_, Zumper, Anthemos Georgiades Organizations: Business Locations: @Zumper

☆ It's never been a smarter time to rent instead of buying a home — especially in these 32 US cities where landlords' asking prices are plummeting back to earth
▼ + stars: | 2023-11-29 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Buying a home has never been more expensive relative to renting, according to new research from online rental platform Zumper . Rent was up at the slowest year-over-year pace this month since December 2020, according to Zumper. 32 cities where rent is down meaningfullyFortunately for renters, declines in apartment asking prices are both significant and widespread. Below are the 32 cities where the median rent for a one-bedroom setup is at least 3% lower now than it was in 2022, according to Zumper. Along with each metropolitan area are its year-over-year and month-over-month rent changes, average rent price, and national rent ranking among the largest 100 US cities.

Persons: Zumper, Anthemos Georgiades Organizations: Business Locations: Sun

☆ A record number of Americans are shelling out one-third of their income on rent right now — but apartments in these 47 cities are getting increasingly affordable
▼ + stars: | 2023-09-28 | by ( James Faris | ) www.businessinsider.com time to read: +2 min

The silver lining is that rent growth for a one-bedroom setup rose by just 0.5% year-over-year, which is by far the lowest rate in the last 12 months. 47 cities where rent is fallingFurther evidence that rent growth has cooled is found in Zumper's monthly list of the 100 largest US real estate markets. Only 43 of those cities saw rent rise from September 2022, while the remainder saw year-over-year growth either flatline or go negative. Below are 47 markets where the median rent for a one-bedroom apartment is more affordable now than it was in 2022, according to Zumper. Along with each location are its year-over-year and month-over-month rent changes, average rent price, and national rent ranking among the largest 100 US cities.

Persons: Zumper, would've, Georgiades, they're Organizations: Harvard

☆ Rent growth nosedived again in August as tenants gain leverage over landlords — and apartments in these 42 cities are actually cheaper now than they were last year
▼ + stars: | 2023-08-31 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Rent growth is rapidly decelerating across the US after taking off during the pandemic. Lower rent growth means that the cost of an apartment is still climbing, just at a slower pace. Renting may be expensive, but considering how many are feeling about the economy, it's easy to see why so many are sticking to apartments — especially as rent growth steadily slides. 42 cities that are getting more affordableBelow are 42 real estate markets where median rent for a one-bedroom apartment is lower than it was in 2022, according to Zumper. Along with each city are its year-over-year and month-over-month rent changes, average rent price, and national rent ranking among the largest 100 US cities.

Persons: Price, Anthemos Georgiades, Georgiades

☆ Rent growth has plummeted to a two-year low as inflation continues to cool — and apartments in these 38 cities are getting more affordable fastest
▼ + stars: | 2023-07-30 | by ( James Faris | ) www.businessinsider.com time to read: +2 min

Here are 38 cities where rent is cheaper than it was last year, according to Zumper. ZumperLower rent growth comes as inflation falls from multi-decade-highs. While rent growth is modest compared to the double-digit rates of 2022, renters are contending with an affordability crisis, Zumper's researchers noted. That's a recipe for lower rent growth, but not a dramatic dip. Along with each city are its year-over-year and month-over-month rent changes, average rent price, and national rent ranking among the largest 100 US cities.

Persons: Anthemos Georgiades, Lofty, Georgiades

☆ Rent growth is finally stagnating, and these 33 cities have lower prices than last year — including trendy spots like Austin, Texas
▼ + stars: | 2023-07-01 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Here are 33 cities where rents are less than they were in June 2022, according to Zumper. That's a stark difference from May, where rent prices set a new record after rising from the prior month for the first time since December. For example, a $100 rent increase would be 10% of $1,000, but about 7% of $1,500. 33 markets where rent growth is droppingBelow are the 33 metro areas where rents for a one-bedroom apartment are lower than they were in 2022, according to Zumper. Along with each city are its year-over-year and month-over-month rent changes, average rent price, and national rent ranking among the largest 100 US cities.

Persons: It's, Zumper, Anthemos Georgiades

☆ Stubbornly high inflation is leading to record rent growth — but these 25 cities are more affordable than they were last year
▼ + stars: | 2023-05-28 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Here are 25 cities where rent is either lower or the same as in 2022, according to a new report. Rent growth in the US hit a record high in May after accelerating for the first time in five months, according to a recent report from online rental platform Zumper. Renters' reluctance to ditch their apartments for homes can be traced to lofty mortgage rates that have risen in response to stubbornly high inflation. A Friday report revealed that core PCE, which is a common proxy for price growth, came in hotter than the market expected in April. Along with each city is its year-over-year and month-over-month rent growth, average rent price, and national rent ranking among the largest 100 US cities.

☆ Rent continues to climb across the nation — but apartments in these 20 cities are actually getting more affordable
▼ + stars: | 2023-04-28 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Rent growth has been steadily declining since late 2022, according to a new report. Today, median rent growth is three times higher than that at 6%. There's another startling sign that the US rental market isn't yet back to normal: the US currently has more cities with double-digit rent growth than those with negative rent growth. 20 cities where rent is falling right nowFor renters feeling the squeeze of continued rent growth, Insider compiled a list of the 20 US cities where median rent for one-bedroom apartments declined over the last 12 months ending in April. Below are the 20 cities that saw year-over-year median rent declines in April 2022, along with the year-over-year and month-over-month rent changes, average rent prices, and national rent ranking among the largest 100 US cities for each.

☆ The wild swings in US rental prices are finally easing as apartment rents stabilize around $1,500, listing service says
▼ + stars: | 2023-04-27 | by ( Carla Mozée | ) www.businessinsider.com time to read: +4 min

The national median price for a one-bedroom apartment is $1,495 in April, flat month over month. For a two-bedroom place, the national median price of $1,842 was up by 0.5%. One-bedroom median rent over the last month was down in 39 of the top cities tracked by Zumper. The report also found the one-bedroom median price was up 6% year over year, lower than the double-digit increases throughout much of 2021 and 2022. New York City ranked first in a list of median prices for one-bedroom apartments at $3,570, followed by Jersey City, NJ, at $3,000.

☆ Boston is now America's second most expensive city for renters
▼ + stars: | 2022-11-10 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

On top of that, new rentals that do become available skew toward the luxury market, pushing median rent prices even higher. One reason Boston is experiencing a spike in rental prices: there just aren't many homes available, Zumper reports. The median price for a one-bedroom rental in Boston jumped by nearly 6% in October to $3,060 per month. Move over San Francisco — Boston is now the second most expensive city for a one-bedroom rental, behind only New York City, according to Zumper's latest national rent report. And even though New York City still ranks as the most expensive city to rent a one-bedroom, median rent prices have fallen about 2% compared with September.

☆ Rents are starting to fall across the US — and they're set to drop even more in 2023
▼ + stars: | 2022-10-28 | by ( Alcynna Lloyd | Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

"Now — with a turbulent, unpredictable economy causing fear of recession, migrations are slowing, occupancy rates are falling and rent prices are following suit." Data from real estate database RealPage shows that in the third quarter of the year — a typically robust leasing period — rental demand turned "moderately negative" as leasing traffic plummeted. "The faster those things show up in consumer price inflation, the faster the inflation steps down, the sooner the Fed will back off." According to Zumper, more than half of the 100 US cities measured in its monthly national rent report posted month-over-month price declines in October. Lawler's analysis, as well as the recent rental market data, both suggest things are trending in the right direction.

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