Zumper’s National Rent Report for October 2020
Rental information site Zumper recently released their National Rent Report for October, 2020 showing that their median national rent for 1-bedroom apartment was $ 1,231 (down 0.1%) and the median two-bedroom rent was $ 1,489 (down 0.1%). Year to date, one-bedrooms were up 0.6% and two-bedroom rent were up 0.7%. Zumper says expensive cities continued to decrease in rental prices, with yearly drops largely led by the nation’s seven most expensive cities: San Francisco, New York, Boston, San Jose, Oakland, Los Angeles and Washington D.C. Indeed…
“Decreases in these cities and other expensive markets contributed to the continued trend of historically expensive cities getting closer in price to historically cheaper cities. This “gap-closing” effect slowed slightly last month, however, as cheaper cities experienced muted growth compared to the month prior- the cheapest 10 cities on this list averaged 2.2% in median price growth last month compared to 4.8% the month prior.”
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.