Zumper’s National Rent Report for April 2020
Rental information site Zumper recently released their National Rent Report for April, 2020 showing that the median national rent for 1-bedroom apartment was $ 1,221 (up 0.2%) and the median two-bedroom rent was $ 1,471 (down 0.6%). Year to date, one-bedroom prices are up 0.4% and two-bedroom prices are up 1.1%. Interestingly they have an optimistic view for the long-term, once our national crisis has receded. Indeed…
“Though renters have hit a pause on their moves right now, as no one is going to open houses, we have an optimistic view for the long-term as the rental market will not be impacted as deeply as industries like travel and hospitality. The rental market tends to be quite countercyclical so in the event of an economic slowdown, the rental market has historically performed well as landlords spend to maintain their rent rolls and as Americans choose to rent not buy.”
Zumper analyzes rental data from over 1 million active listings across the United States. Data is aggregated on a monthly basis to calculate median asking rents for the top 100 metro areas by population, providing a comprehensive view of the current state of the market. The report is based on all data available in the month prior to publication…..be sure to check out their entire list of 100 cities.