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