Rents are higher than they were a year ago in all but 10 U.S. cities, but according to The New York Times, national median rents for both one- and two-bedroom units are falling together for the first time in two years. From September to October, one-bedroom rents dropped in 61 cities, rose in 20, and were unchanged in 19, while two-bedroom rents were down in 60 cities, unchanged in 15, and up in 25.
Metros like Lincoln, Neb., Baton Rouge, La., and Buffalo, N.Y., saw the largest rent drops in October with one-month declines of 6.3%, 6.3%, and 6.2%, respectively. On the opposite end of the spectrum, one-bedroom rents were up 40% in Chesapeake, Va., and two-bedroom rents were up 33% in Knoxville, Tenn., while New York boasted the most expensive rents for units of both sizes in October.
But in looking at recent month-over-month changes in median rent, a new trend has emerged: After peaking in April, the national median rent for both one- and two-bedroom units has been falling in the 100 largest U.S. cities, according to Zumper’s report. The changes are small — a decrease of just under 1 percent from September to October — but significant in that rents for both types of unit declined in tandem for the first time in two years.
Read more
