While San Francisco was again the most expensive market this April, the real story continues to be the rise of rents across the entire Bay Area. San Francisco proper saw the median rent for a one bedroom rise 1.8% in the month, tying the record from February at $3,460.
At the same time, San Jose apartments had a 10.3% rise in the trailing quarter, and is now tied with Washington DC as the fourth most expensive city to rent in the US at $2,040. Oakland remained flat in the prior month, but is up 6.4% in the past quarter to a median of $2,000.
– New York Rents Up, Narrowing Gap Between San Francisco
Second only to San Francisco on our list, New York City one bedroom rents increased 3.3% in the month, to a median of $3,100. Two bedrooms also were up slightly, with a median of $3,600.
At a neighborhood level, NoMad and Tribeca, the two most expensive neighborhoods, were up in the period. Off a fresh jump to number one on our list, NoMad increased a further 5.2% to $4,490, while Tribeca also increased 6% to $4,450. Downward movers last month included the West Village (-5.1%, $3,700), Murray Hill (-1.5%, $3,300), and Vinegar Hill (-5.5%, $3,100).
– Los Angeles Now 7th Most Expensive Market In US
LA is now the 7th most expensive rental market in the country. One bedroom rents were up 4% to $1,800, ahead of Miami, Chicago, and Seattle. The city is up two spots since last month’s report.
– Nashville Breaks Top 25 List, Up Over 10% In Quarter
For the first time since we’ve been tracking, Nashville rents ranked in the top 25 on our list, up four spots since last month. Median one bedroom rents have increased 10.5% in the trailing quarter to $950, ahead of Virginia Beach, Charlotte, and Sacramento.
– Chicago Rents Dip 2.3% This April, Now 9th On List
The market in Chicago dropped 2.3% in April, and is flat within the trailing quarter. Rents in the city are now cheaper than Oakland, Los Angeles, and Miami. The one bedroom median was $1,720, while two bedrooms came in at $2,300.
- Boston, MA maintained third position on the list, with rents increasing 3.1%, with a one-bedroom median of $2,350. Two bedrooms were similarly up 2.2% in April, to $2,750.
- San Diego, CA came eleventh on the list, with one bedrooms increasing 3.4% in the month and 5.5% in the quarter to $1,530. Two bedrooms were up 2.6% to $1,950.
- Long Beach, CA jumped three spots to sixteen, up 13.6% in the quarter to $1,250 for a one bedroom. Two bedrooms have increased 8.3% in the quarter to $1,700.
- Minneapolis, MN dipped 3% in the month, with a median one bedroom of $1,280. Two bedrooms were even at $1,540.
- Baltimore, MD fell one spot to eighteen, with one bedrooms down 2.6% to $1,120. Two bedrooms were even at $1,450.
- Houston, TX one bedrooms dipped 7.3% in April to $1,010. Two bedrooms also dipped 7.4% to $1,250.
Credit : Zumper National Rent Report