U.S. Rents Hit New Record, With NYC Soaring Past $4,200 For August
More than half of U.S. cities have seen double-digit rent hikes — but some Sun Belt cities are showing signs of cooling off.
(Bloomberg) -- For cash-strapped renters, the situation is getting more dire in many US metro areas.
The Zumper National Rent Index shows the median national one-bedroom rent for a newly listed one-bedroom now at $1,486, up 11.8% over August 2021 — beating last month’s record high. More than half of US cities are showing double-digit rent hikes, with some over 30%.
New York City continues to be the priciest place to be a tenant, with median one-bedroom rent up 39.9% year-over-year; those with two-bedroom apartments are paying 46.7% more. Manhattan leads the boroughs, with monthly rent climbing to $4,212, up 27% over last year. In contrast, nearby Staten Island’s median one-bedroom rent is up only 5%, at $1,582.
The only cities showing a decline are Des Moines, Iowa, which is down 12% over last year, and Cleveland, Ohio, down 5.4%.
Some cities in the Sun Belt are showing signs of cooling off: Nashville and Memphis in Tennessee posted slight month-over-month losses, as did Fort Lauderdale and St. Petersburg in Florida. While rents in Miami continue to climb — up 0.8% over last month and 34% over last year — anything under 1% month-over-month growth is considered modest, according to Zumper.
There are 18 cities where average one-bedroom rents still come in under $1,000, with Akron, Ohio, topping the list.
“We've seen Zumper users sacrifice on space, location, amenities and roommates for years; more recently, we’ve noticed some are getting creative as they search for an affordable home. Many renters are turning to short-term rentals to fill a temporary gap in housing, especially if they can’t afford hefty deposits and move-in fees,” said Zumper Chief Executive Officer Anthemos Georgiades in the report.
Zumper recently secured an additional $30 million to start offering short term rentals on a monthly and nightly basis.
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