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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

☆ 7 major cities where renting is significantly cheaper than buying following the worst year for home affordability in decades, according to leading analyst Ivy Zelman
▼ + stars: | 2024-04-25 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Home affordability has also been crippled by a combination of limited home supply and resilient demand due to solid wage growth, Zelman noted. Rent growth fell again on a year-over-year basis in April, according to a new report from real-estate site Zumper. And Zelman found that wage growth will outpace that of rent this year. AdvertisementOwning a home costs an average of 9% more on a square-foot basis than renting, according to Zelman & Associates. Along with each is the per-square-foot cost premium of owning compared to renting, according to Zelman & Associates.

Persons: —, Ivy Zelman, I've, Zelman, Zelman isn't Organizations: Service, Zelman, Associates, Business, Wall, Toll Locations: Houston, Tampa

☆ Rents across the U.S. grew for the first time in 6 months — only Arizona saw price drops in every metro
▼ + stars: | 2024-03-28 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

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

☆ 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

☆ People can't believe an NYC studio with an open shower in the kitchen costs this much
▼ + stars: | 2024-03-08 | by ( Maria Noyen | ) www.businessinsider.com time to read: +4 min

People are aghast at a video of an NYC studio apartment with an open shower in the kitchen. The small apartment in downtown Manhattan had been on the market for two months at $3,495 a month. AdvertisementNew York City rents are no joke, but people are finding the monthly fees of a small Manhattan apartment with an open shower in the kitchen laughable. The camera pans over the shower, located steps from the door and the refrigerator of the open kitchen. In 2023, BI's Hana R. Alberts reported on a bidding war by prospective renters over a studio apartment without a bathroom listed for $2,350 a month because of its location in Manhattan's Greenwich Village.

Persons: isn't, —, Elizabeth, it's, Alexander Spatari, wasn't, BI's Hana, Alberts, David Brand Organizations: Service Locations: NYC, Manhattan, York City, Soho, NYC's, Nolita, Midwest, Little Italy, NYC New York, York, Greenwich, it's

☆ Renters looking for incredible deals are in luck, especially in these 31 markets where apartment prices are in free fall
▼ + stars: | 2024-02-28 | by ( James Faris | ) www.businessinsider.com time to read: +1 min

Renters have more options as new apartment buildings come online faster. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The median cost of staying in a one-bedroom apartment in the US this month was 0.7% less than in 2023, the biggest drop since October 2020. This story is available exclusively to Business Insider subscribers.

Persons: —, that's Organizations: Service, Business

It would be nice to have a larger apartment, but a larger place would come at a much greater cost. I went from paying a couple hundred dollars a month in rent to around $1,500 to live in the living room of a one-bedroom apartment in Manhattan. We live in a small apartment that’s in our budgetMy husband and I have lived in the same one-bedroom apartment in Williamsburg, Brooklyn since 2019. The apartment is under 600 square feet, and the rent is around $3,400 a month. We’d only be able to afford that rent if we cut back in other areas.

Persons: —, Zumper, nannies, I’ve, We’ve, We’ll Organizations: Service, Day Care, New Locations: New York City, Florida, Manhattan, Williamsburg , Brooklyn, It’s, New York

☆ 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

The overall personal consumption expenditures price index rose 2% for the month, as did the core index that omits food and energy costs. On an annual basis, the overall index remained unchanged at 2.6% while the core fell to 2.9% from 3.2% in November. The rise in the core index was the slowest since the spring of 2021. The core index is often cited by Fed officials as their barometer for inflation. “The meeting statement is likely to drop the hawkish bias from its forward guidance, but stop short of signaling rate cuts.

Persons: ”, Robert Frick, “, Lydia Boussour, Jerome Powell, Jeremy Schwartz, Ruchir Sharma Organizations: Federal, Economic, Fed, Navy Federal Credit Union, Federal Reserve, Reserve, Nomura Securities, Nomura, Aichi Amemiya

Both are yet another indication that inflation has moderated from its pace of last year when consumer inflation was running at a 9.1% annual rate. “After fears of "sticky" and "persistent" inflation, the month to month slowing in the core pce readings is encouraging. Core pce has risen by 0.3% or less for 8 consecutive months. Political Cartoons on Inflation View All 19 Images"This report hit the trifecta,” said Navy Federal Credit Union corporate economist Robert Frick. “During October, mortgage rates were at their highest, and contract signings for existing homes were at their lowest in more than 20 years,” said Lawrence Yun, NAR chief economist.

Persons: ” Kathy Jones, ”, Robert Frick, “, Zumper, Lawrence Yun, Curt Long Organizations: Federal Reserve, pce, Schwab Center, Financial Research, Federal Credit Union, National Association of Realtors, NAR, Fed, Labor, National Association of Federal Credit Unions, Dow Jones Industrial Locations: “

☆ 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

☆ Moving to Tulsa: 4 transplants share how the small city has changed their cost of living
▼ + stars: | 2023-11-25 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +11 min

Through programs including Tulsa Remote, former Californians and New Yorkers are moving to Oklahoma. Some moved through Tulsa Remote, while others discovered the city on their own. For those moving through Tulsa Remote, the retention rate is around 76%. She moved to Tulsa in February 2020 independent of the Tulsa Remote program. He noticed some friends who also lived in an RV full-time eventually settled in Tulsa, and he decided to apply to Tulsa Remote.

Persons: —, Laura Landers, it's, Landers, She's, they've, " Landers, Corinne Gaston, Philadelphia Corinne Gaston, Gaston, she's, Faith MacNeil, Lansing , Michigan Faith MacNeil, MacNeil, didn't, Lansing —, Michael Boyink, Missouri Michael Boyink, Bob Dylan, he's, He's, Boyink Organizations: Tulsa, Oklahoma . Business, Service, Dallas, Housing Solutions, Rocket Homes, Business, Lansing, Michigan, Bob Dylan Center, Woody Guthrie Center Locations: Oklahoma, Los Angeles, California, Dallas, Tulsa, LA, Housing Solutions Tulsa, Tulsa County, California , Michigan , Missouri, Pennsylvania, Philadelphia, Lansing , Michigan, Michigan, Scotland, Glenpool, Lansing, Missouri, Boyink

☆ Atlanta is the No. 1 U.S. city for single people, new study says
▼ + stars: | 2023-11-10 | by ( Celia Fernandez | ) www.cnbc.com time to read: +2 min

1 U.S. city for singles: AtlantaAtlanta, Georgia, topped the list as the best city for singles. According to the report, over 57% of Atlanta's population is single and the city ranked in the top five in the entertainment and restaurant categories. Atlanta is the best U.S. city for singles, according to Zumper. Madison, Wis. Washington, D.C. Orlando, Fla. Salt Lake City, UT Richmond, VA Pittsburgh, PA St. Louis is the second-best city for singles. 3 best city for singles.

Persons: Zumper, Sean Pavone, Hartsfield –, Louis, Wager, Saint Organizations: Atlanta, Istock, . Census Bureau, Hartsfield, Hartsfield – Jackson Atlanta International Airport, GA St, MN, UT, Anheuser, Busch, Emerson Electric, Saint Louis Locations: United States, U.S, Atlanta Atlanta , Georgia, Atlanta, Louis , MO Minneapolis, MN Boston, Mass, Madison, Wis . Washington ,, Orlando, Fla, Salt Lake City, UT Richmond, VA Pittsburgh, PA, St, New York, Minneapolis , Minnesota, Minneapolis

☆ Atlanta is the best city in the US for single people to live, a study found. Here's the top 10.
▼ + stars: | 2023-11-09 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Singles in Atlanta will likely have a better time of it than in other US cities, a study has found. The company considered income, rent prices, unemployment, and the percentage of single people. People living alone have been facing a "singles tax" that can hike living costs by thousands of dollars per year. AdvertisementAdvertisementGeorgia city Atlanta topped the list as the best city for single people. Here are the best US cities for single people to live, ranked:

Persons: — Organizations: Service, Atlanta Locations: Atlanta, America, Georgia

"The majority of my friends who are single and living alone are stressed about the cost of living," Kaishon Holloway, a single man living in New York City, tells CNBC. On top of being solely responsible for living costs that couples can split, single people are excluded from several financial benefits reserved for married couples. Kaishon Holloway says he and his single friends are stressed about the cost of living. Single people often have to choose between getting a roommate or covering the entire cost of a house or apartment on their own. In some cases, married couples have advantages that simply don't exist for single individuals, such as with income taxes.

Persons: Kaishon Holloway, it's, Juhohn Lee, Mark Licea, Bella DePaulo, Monique Morrissey, that's, Holloway Organizations: Census, CNBC, U.S, Missouri Economic Research, Information, Massachusetts Institute of Technology, Economic Policy, Tax Locations: U.S, New York City, South Carolina, Missouri, New York

☆ People are fleeing California and New York. Here's where they're moving.
▼ + stars: | 2023-10-27 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

AdvertisementAdvertisementOver 8.2 million Americans moved to a different state between 2021 and 2022, 100,000 of whom moved from California to Texas. New US Census migration data reveals thousands of Americans are leaving California and New York in favor of Florida and Texas. The California to Texas move remained high for 2021-2022, but on the flip side, only 42,000 Texas residents moved to California. AdvertisementAdvertisementAs New York City become more expensive and elusive, Jersey City has attracted thousands of New Yorkers into new housing developments. Many moved to communities with easy access to New York City without paying city prices — and many have stayed remote.

Persons: —, Zillow Organizations: Service, Texas ., Sunshine State, New Locations: Texas, Arizona, Washington, New, Florida, California, Texas . New, New York, Nevada , Washington, Oregon, Arizona , Washington, Nevada, Yorkers, Georgia, Knoxville, Greenville, New Jersey, New York City, Jersey City, Connecticut, —, Tennessee , Utah, South Carolina

☆ Missy Elliott donates $50,000 to Virginia housing organization—it was enough to pay for 26 families' past-due rents
▼ + stars: | 2023-10-27 | by ( Celia Fernandez | ) www.cnbc.com time to read: 1 min

Missy Elliott is celebrating her lifetime of success by paying it forward in her home state of Virginia. Last year, October 17 was declared "Missy Elliott Day" in the state. To celebrate the first anniversary of the holiday, Elliott donated $50,000 to the Portsmouth Redevelopment and Housing Authority. During a ceremony earlier this month, PRHA executive director Alisa Winston said the money would be used to pay the past-due rents of 26 families, according to The Virginian Pilot. The average rent for a one-bedroom apartment in Portsmouth, VA is $1,199, according to Zumper.

Persons: Missy Elliott, Elliott, Alisa Winston Organizations: Housing Authority, Virginian Locations: Virginia, Portsmouth, Portsmouth , VA

☆ Apartments in these 24 cities are getting cheaper fastest, leaving landlords and real estate investors in shambles as rent growth heads toward negative territory
▼ + stars: | 2023-10-26 | by ( James Faris | ) www.businessinsider.com time to read: +1 min

Rent is rising at a slower pace in the US and is even declining outright in some markets. Here are two dozen US cities where rent was at least 5% lower this month compared to October 2022. Rent growth continues to decline across the country, and in dozens of cities, apartments are cheaper now than they were last year. The one-bedroom unit's month-over-month drop was the largest of 2023, Zumper researchers noted. Only a quarter of the nation's 100 largest markets saw one-bedroom prices rise from the prior month compared to 59 that fell and 16 that were flat.

Persons: they've Locations: Zumper

☆ Goldman Sachs shares 10 US metro areas where home prices are still rising — and 10 where houses have gotten cheaper over the last year
▼ + stars: | 2023-10-14 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Aspiring homebuyers won't like what Goldman Sachs has to say about the housing market. Home prices will likely end this year up 1.8% before accelerating by 3.5% in 2024, according to Goldman Sachs' latest projections. By contrast, some cities in the West and Southwest saw prices plunge after soaring significantly during the pandemic. Ten of these metropolitan areas saw outsized property price growth while the other half saw prices decline from 2022. Along with each city is its year-over-year growth, total and annualized price growth since 2000, and median price.

Persons: homebuyers, Goldman Sachs, Roger Ashworth, Goldman, Corelogic, Ashworth Locations: Goldman Sachs, West, Southwest, Denver , Colorado

☆ New York's median rent is over $4,000 — here's what you can get for that price in 10 U.S. cities
▼ + stars: | 2023-10-03 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: 1 min

Anyone who lives in New York — and plenty of people who don't — will tell you it is expensive and it is cramped. And an ongoing shortage of apartments and steady demand to rent them has led to record-high rental prices. The median rent for a 1-bedroom apartment in NYC eclipsed $4,000 in September according to rental platform Zumper. For example, you could live in Greenwich Village, on the street Taylor Swift made famous for $3,985 a month, according to a Zumper listing. Zumper compiled a list of homes for rent for $4,000 a month or less in 10 cities throughout the U.S.

Persons: Douglas Elliman, Taylor Swift, Zumper Locations: New York, Manhattan, Greenwich Village, U.S

☆ These are the 10 best cities for apartment dwellers as mortgage rates stay oppressively high — and the 3 housing markets where buying a home is actually cheaper than renting
▼ + stars: | 2023-09-30 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Lower rent prices and multi-decade-high mortgage rates mean that it's smarter to rent than buy in most large US cities right now, according to Realtor.com. Disparities between buying and renting stemmed from a split in how median costs changed in the last 12 months. "The advantage of renting became more pronounced in all rent-favoring markets," Xu and Hale wrote. But there were three cities where buying was actually cheaper than renting in August, according to Realtor.com: Memphis, Tennessee; Pittsburgh, Pennsylvania; and Birmingham, Alabama. Below are the 10 metro areas where renting makes more sense than buying right now, along with the median rent, the median monthly cost of buying and how it compares to renting, and the year-over-year changes for renting and buying.

Persons: Jiayi Xu, Danielle Hale, Xu, Hale, Realtor.com, Freddie Mac Locations: Realtor.com, Memphis , Tennessee, Pittsburgh , Pennsylvania, Birmingham , Alabama

☆ NYC and its suburbs won't build new housing, so New Yorkers are flooding into Jersey City and driving up prices
▼ + stars: | 2023-09-30 | by ( Eliza Relman | Noah Sheidlower | ) www.businessinsider.com time to read: +9 min

But prices are shooting up in Jersey City as its neighbors refuse to build. AdvertisementAdvertisementNew Yorkers have been taking notice of Jersey City real estate for years, and its popularity as an alternative to the ever-less-affordable housing market in the city is growing. Between 2010 and 2018, Hudson County, which includes Jersey City, built housing at more than twice the rate that New York City did. New housing in Jersey City is overwhelmingly market rate rather than being explicitly built as affordable housing for lower- and middle-income residents. "The issues facing Jersey City tenants are multifaceted, but the primary concern is to guarantee housing stability."

Persons: —, Steven Fulop, Alex Armlovich, Armlovich, Noah Sheidlower, Amy Klein, Klein, Isaac Jiménez, It's, Goldman Sachs, Abdul Rehman Khan, Jiménez, Fulop, That's, Rich Boggiano, Khan Organizations: Apple, Service, Jersey, Jersey City, New, Niskanen, realtors, Big Apple, Research, Jersey City . Financial, Seton Hall Law's Center for Social Justice Locations: Jersey City, The North Jersey, Jersey, Hudson County, York City, New York, North New Jersey, Newark, Elizabeth, Manhattan, Brooklyn, New York City, Hudson, New York City , Westchester, Long, New Jersey

☆ 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

☆ The 10 most affordable US cities for renters
▼ + stars: | 2023-09-25 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

Jefferson City, MO, ranks as the most affordable metro area in the US for renters. Jefferson City, MO, ranked as the most affordable metro area for US renters, according to data from the US Census Bureau. For the top cities, Insider analyzed the share of residents with affordable rent, meaning the percent of residents who pay less than 30% of their income on rent. Around two-thirds of renters in Sheboygan and Appleton had affordable rent, while 63% in Racine had affordable rent. The data supports recent findings that wealthier Americans are moving to Montana and Idaho for more affordable rent.

Persons: Lucie, Louis Organizations: Metro, Service, Census Locations: Jefferson City ,, Ohio , Wisconsin, Wyoming, Wall, Silicon, Missouri , Wisconsin, Jefferson City, Missouri, Lima, Ohio, Wisconsin, Sheboygan, Appleton, Racine, Wyoming , South Dakota , Montana , North Carolina, Washington, Montana and Idaho, Florida, Homosassa Springs, Naples, Port St, Miami, Fort Lauderdale, York, Newark, Jersey City, Midwest, Northeast, Lincoln , Fresno, St, Tampa

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