Tens of millions of Americans across the country rent and, according to recent data, those in certain cities face the highest rents for one-bedroom apartments.
The rental marketplace platform Zumper on Tuesday put out its latest national rent report showing New York City asked the highest median monthly rent for one-bedrooms in August out of 100 cities. It looked at over 1 million active listings nationwide.
The median rent for a one-bedroom in the Big Apple reached a whopping $4,500 this month, the report said.
The cities that placed among the top-five for the priciest median one-bedroom rents on Zumper’s list this month maintained their rankings from July. All but one of them — Boston — saw their median rents for that type change month-over-month, according to the data.
DOJ TARGETING AI RENTAL PRICING SOFTWARE IS MISGUIDED, CONSERVATIVES WARN
The city-specific one-bedroom rent data came as the national median for the unit-type hit $1,534 in August, climbing 0.2% month-over-month and 1.6% year-over-year, per the rental marketplace platform.
Zumper said the five cities with highest median rents for one-bedrooms this month included:
1. New York: $4,500
2. Jersey City, New Jersey: $3,400
3. San Francisco: $3,160
4. Boston: $2,800
5. Miami: $2,790
Speaking about New York City’s $4,500 median rent for one-bedrooms, Zumper CEO Anthemos Georgiades said in an X post that the company has “never seen that level in the 10 years we’ve published our rent trends.” San Francisco also notched a “4-year high,” according to the report.
Wichita, Kansas, and Akron, Ohio, had the lowest median rents for one-bedroom apartments in August out of the 100 cities that Zumper analyzed. Theirs both clocked in at $730.
Separately, in June, RentCafe said newly-built one-bedroom apartments in the U.S. averaged 733 square feet of space in 2023. Ten years ago, the average for the unit type was 740 square feet.
Roughly 48.3% of new apartments built last year were one-bedrooms, according to RentCafe.
RENT PRICES ARE STAGNATING, SUGGESTING HIGH INFLATION MAY STICK AROUND
Read the full article here
