Zumper Monthly Rent Report: September 2014

1 Bedroom Rent Gaps

New month, new rent report.

We thought we would start with a map highlighting the largest price gaps for 1 bedroom apartments within cities, comparing the rents of the most and least expensive neighborhoods.

Houston tops the list by far – renting a 1 bedroom apartment in the Museum District will cost you 4.7 times more than in Greater Greenspoint. With an index of 3.7 and 3.6x respectively, Miami and Los Angeles (the only other city besides Houston west of the Mississippi) complete the podium.

Interesting fact- Miami, Milwaukee and Baltimore are the only metros in this list with a land area smaller than 100 square miles.

 

Here are the other highlights from the September 2014 report:

SF widens the gap with NYC. The month of September saw the price for 1 bedroom apartments for rent in San Francisco jump 3.2% higher to $3,200. At the same time, New York City rentals witnessed a 1.5% drop in prices to $2,950. Short housing supply, rent control, slow new construction and tech boom continue to be the drivers of the SF price rise.

Chicago apartments – clinching the # 5 spot from MIA. With a 3.1% month over month rent increase for 1 bedroom apartments, Chicago climbed to #5 in our monthly rent tracker while Miami’s prices stayed unchanged in September.
Near West Side is the Chicago neighborhood which saw the steepest rent hike last month.

Texas on the rise. Apartments for rent in Dallas and Houston are the biggest movers of September. Both Texan cities saw the median rent for 1 bed home jump by c. 4.5% month over month.

Detroit – the cheapest major US metro and it’s not changing. Despite having some of the cheapest rents for 1 and 2 bedroom apartments in the nation, prices dropped further in September by -7%.

 

Below is the summary from the Zumper rent tracker for 25 major US cities for the month of September:

September-median-rents-across-major-US-cities

Want to read more? Download the full September report here: September 2014 US Rent Report.

 

 

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Introducing – Zumper Monthly Rent Report: August 2014

Screen Shot 2014-09-16 at 3.34.09 PM

Today we are excited to publish the first Zumper Monthly Rent Report. In this publication, we track the monthly median rents across major US cities and their constituent neighborhoods.

Whether you’re interested in tracking the 1 bedroom rent evolution across the US rental market, or you just want to check out what the most expensive neighborhood in your city is, this report is for you.

 Below is the high-level summary from the Zumper rent tracker for 25 major US cities for the month of August:

median-rents-across-major-US-cities

 Want to read more? Download the full August report here: August 2014 Rent Report.

 Highlights from August 2014:

 NYC vs. SF rent war – no clear winner yet. The median rent for 1 bedroom apartments in San Francisco now exceeds that in NYC. But the median price per bedroom in apartments in NYC (from studios to 4+ bedroom homes) is still higher. New York is also home to the most expensive neighborhoods in the US (Tribeca, DUMBO and Flatiron District make the top 3).

 Boston – 3rd most expensive US metro. Rental prices for Boston are some of the highest in the nation, ranking third only after New York and San Francisco. Boston places 13 of its neighborhoods in the Top 100 most expensive US ‘hoods for renting a 1-bedroom apartment (vs. 44 for NYC and 31 for the Bay Area).

 Detroit – the cheapest major US metro. Renting a 1 bedroom apartment in Detroit will only cost you $565 per month on average. Want to save more money? Get some roommates: the median price per bedroom is only $272 per month.

 

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