ABODO: June Rent Prices are Flat
National apartment listing site ABODO recently reported that the median nationwide rent price for one-bedroom units in May was $ 1,097 with two-bedroom units coming in at $ 1,344. They remind readers that pandemic’s effect on nationwide rental prices is still a moving target:
“The long-term effects of COVID-19 are still to be seen. If the current recession clears quickly, we anticipate that both apartment construction and demand will resume their recent increases. If the economy enters a prolonged phase of malaise, we could see new construction financing evaporate, and that could eventually put upward pressure on rents because of basic supply and demand.”
ABODO uses over 1 million listings across the United States to calculate the median 1-bedroom rent price by city, state, and nation and then track the month-over-month percentage change. To avoid small sample sizes, they restrict their analysis to cities meeting minimum population and property count thresholds. Be sure to check out their extensive city list.