Median Rent Raises Nationwide (NYC at an all time high)

[Altoic]

Zumper released its National Rent Report for apartments across all major U.S. cities. The median one-bedroom rent rose 1.6% anually to 1,534 while two-bedroom rents climbed 2.7% to 1,915.

New York's one-bedroom rent hit an all-time high of 4,500 this august while San Francisco hit a 4-year high at 3,160.



The Rental market is over performing from high-interest rates, leading to less transitions from renting to home buying. Despite continuous supply increases, the market is still keeping up with demand.

NYC is a notable outlier. One-bedrooms were priced at a median of 4,500 (12.8% up annually) and two-bedrooms rose to 5,100.



San Francisco's rental market is recovery from a vacancy rate of 92.2% to 95.4% earlier this year. Likewise, although rents maintained at around 3,000 for a few years, it finally grew 5.3% to 3,160. The rising rents can be marking a resurgence of renters returning or normal seasonal moving.



Below are more graphs.



A full data sheet of 100 cities is in the link: https://www.zumper.com/blog/rental-price-data/

[AviationGuy]

I'm cautious about "medians" being used for rental or for sale statistics. Around here, the median gets you an old apartment in a sketchy area. A below median apartment gets you a really bad apartment in a dangerous area. You have to go way above median to get a decent apartment in a safe area around here.

[Klippenstein]

Are they saying the median 1 bedroom rent for Chicago is $2200? That's hard for me to believe. I would guess the data is pretty skewed based on the people who use zumper.

[veep]

The red arrow is when I signed my lease on a rent controlled apartment.

[craigs]

Originally Posted by veep

The red arrow is when I signed my lease on a rent controlled apartment.

Smart choice.

April 2020 is when I gave up a rent-controlled apartment in Mission Dolores. I got an amazing deal up front, and stayed for 16 years. We moved out in March but kept the place to make sure it got properly cleaned. I just checked--there are still, after all these years, three vacant units in an eight-unit building. The whole time we lived there no unit ever went vacant for more than two months. There have been at least three vacant units at any given time since I left, and at one point there were five. Only two tenants there now were there when I lived there.

[Steely Dan]

Originally Posted by Klippenstein

Are they saying the median 1 bedroom rent for Chicago is $2200? That's hard for me to believe. I would guess the data is pretty skewed based on the people who use zumper.

Agreed.

Lincoln Square is probably a decent enough proxy for "median" in Chicago (not super rich, not super poor), and all the one-bed apartment listings around me are in the $1500-$2000 range.

[dimondpark]

This is by wages earned by jobs within the counties these cities are located in

Average Weekly Wage by County, Q1 2024
$4105--New York, NY
$1318--Bronx, NY
$1154--Kings, NY
$1304--Queens, NY
$1272--Richmond, NY

$2126--Hudson, NJ

$3717--San Francisco, CA

$2881--Suffolk, MA

$1601--Miami-Dade, FL

$3803--Santa Clara, CA

$2503--Arlington, VA

$1630--Los Angeles, CA

$1657--San Diego, CA

$2434--Washington, DC

https://www.bls.gov/news.release/cewqtr.t01.htm

[mhays]

I'd suggest that median income is more useful than averages.

But really, income is tangential to rents.

First, big components are the market are owners, including home owners, whether new or from decades ago

Second, many households have multiple incomes, whether famiilies, roommate groups, whatever. Roommates have always been a fairly typical response for young urban dwellers (including me from 89-96 or so).

[UrbanRevival]

Originally Posted by AviationGuy

I'm cautious about "medians" being used for rental or for sale statistics. Around here, the median gets you an old apartment in a sketchy area. A below median apartment gets you a really bad apartment in a dangerous area. You have to go way above median to get a decent apartment in a safe area around here.

Median rent is the most accurate reflection of any market, so it's aptly the most critical metric. Yes, quality of inventory plays a role, but dated units or those in crappy areas still part of the apartment inventory that's available. Why should it be ignored?

[bilbao58]

LOL!

From Zumper:



https://www.zumper.com/blog/category...o-live/page/2/