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Rent prices for one- and two-bedroom apartments grew in March for the first time in six months. The monthly cost for a one-bedroom apartment across the U.S. bumped up to $1,487, a 0.3% increase from February. The price of a typical two-bedroom apartment also jumped 0.5% to $1,847, according to a new report by Zumper, a real estate data site. For example, the rent price for a one-bedroom apartment in Baltimore, Maryland, is $1,390, down 0.7% from a year ago, per Zumper. "As we get closer and closer to summer, we start to see rent prices increase in more places."
Persons: Zumper, Crystal Chen, Jacob Channel, Susan M Organizations: Zumper, Finance, The Wharton School, University of Pennsylvania Locations: U.S, Baltimore , Maryland, Zumper . Arizona
There are five cities where rent prices are predicted to cost the most next year, based on existing rent prices and projected demand, per an analysis provided by Zumper. Here's a look at the cities where rent is expected to be most expensive for a one-bedroom home, as well as price trends in each. New York CityMedian rent in December 2022 : $3,738: $3,738 Median rent in December 2020 : $2,399: $2,399 Percent change: 56% Prior to the pandemic, median rent for a one-bedroom home in the Big Apple was closer to $3,000. "We've seen record numbers of applications for apartments" in areas around New York City, Chen says. Luckily, rent prices have not climbed back up to the city's pre-pandemic peak of $3,700 in 2019.
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