National Rent Report Update
Hallie A • November 15, 2023
The October Report is In! frined
Our Zumper National Rent Report is in! Here's the big trends:
- The national medians for both one and two bedrooms are down month-over-month—a continuation of the price softening we’ve observed over the last year, and a trend we expect to continue throughout the winter.
- The national median for one-bedrooms is now $1,505 and the two-bedroom median is $1,862.
- Cities across the Sun Belt are seeing more significant price drops, as new supply comes online in markets like Phoenix and Austin while, simultaneously, migration to these areas is slowing.
- Red-hot New York City continues to defy national trends: The median one-bedroom rent in New York City is $4,240 and the two-bedroom median is $4,780.