July 11, 2022 |
Updated July 11, 2022
Newly released data shows rents increasing, but growth is slowing for one-bedrooms.
Rent growth continues throughout the U.S., but new data shows rents have the possibility of cooling in the coming months. The latest National Rent Report from Zumper shows median one-bedroom rent increased 0.5% during the last month, and median two-bedroom rent declined 2.9%.
“We’ll likely see a slow return to seasonal trends that were more typical in pre-pandemic years, as digital nomads either return to the office or settle into their new work-from-home locales,” according to the report.
This continues the year-over-year (YoY) declines that started in May. One-bedrooms are now ahead around 11% YoY, down from about 14% in April. Two-bedrooms are up under 9% YoY from nearly 15% in April.
New York, San Francisco and Boston remained one, two and four in the one-bedroom rent prices list, while San Jose, Calif., and Miami flipped in the three and five spot, respectively. New York has seen a more than 40% increase in median one-bedroom rent YoY but just a 0.3% climb month-to-month to $3,600.
Norfolk, Va., showed the largest month-to-month one-bedroom rent change with an increase of 6.4%. Meanwhile, Tallahassee, Fla., had the largest month-over-month decline at -6.5%.