Zumper National Rent Report: March 2019

From Zumper, Feb 28, 2019

In this month’s rent report, San Francisco one bedroom rent has reached a new peak of $3,690. Previously, the September 2018 Rent Report held the title at $3,650. With the brimming excitement of all the tech IPO’s in the Bay Area, it seems the luxury end of the rental market is being hit first. Though there may be a ton of cash flowing through the city and surrounding areas soon, many of these workers will not immediately invest in a home and may, instead, take their money to both travel and upgrade their rental situation. Since we are still well into slow moving season, seeing San Francisco prices reach a peak now shows that there is strong upward pressure on rent prices here and the looming tech IPOs may be a big factor as to why.

While Syracuse had the largest monthly growth rate, up 5.3% to $990, Colorado Springs saw the biggest rent dip, falling 5.3% to $900. Besides a few cities, there weren’t many that experienced monthly growth rates of more than 3%. On a year over year basis, the most amount of cities with double digit growth rates were focused toward the mid to lower tiered markets.

Overall, the national one bedroom median dropped 0.4% to $1,208, while two bedrooms also fell 0.4%, though settling at a median of $1,437. On a year to date basis, one and two bedroom rents are down 6.7% and up 3.2%, respectively.

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Honolulu, HI -- 12th highest

• 1BR -- $1,700 up 1.80% m/m  up 3.00% y/y
• 2BR -- $2,200 up 4.80% m/m  up 0.00% y/y