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Zumper’s National Rent Report for October 2020

Rental information site Zumper recently released their National Rent Report for October, 2020 showing that their median national rent for 1-bedroom apartment was $1,231 (down 0.1%) and the median two-bedroom rent was $1,489 (down 0.1%). Year-to-date, one-bedrooms were up 0.6% and two-bedroom rent were up 0.7%. Zumper says expensive cities continued to decrease in rental prices, with yearly drops largely led by the nation’s seven most expensive cities: San Francisco, New York, Boston, San Jose, Oakland, Los Angeles and Washington D.C.

“Decreases in these cities and other expensive markets contributed to the continued trend of historically expensive cities getting closer in price to historically cheaper cities. This “gap-closing” effect slowed slightly last month, however, as cheaper cities experienced muted growth compared to the month prior- the cheapest 10 cities on this list averaged 2.2% in median price growth last month compared to 4.8% the month prior.”

 

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