Real Estate

Cost of apartment rent falls in September

Cost of renting fell drastically compared to the last few months this year

Across the nation, rent in one and two-bedroom apartments stayed flat or lowered in September, reversing a longstanding trend of steadily rising, according to a new study from Zumper

Overall, the median one-bedroom rent fell 0.7%, down to $1,241. Two-bedroom rent dropped 0.6% and fell to $1,485. 

Out of the top five rental markets, one-bedroom rent in San Francisco remained flat at $3,550. No. 2, New York, kept falling and slumped to $2,970, a 2% decrease. Meanwhile, No. 3 Boston and No. 4 Oakland both moved up a spot, knocking San Jose to No. 5. 

The cities ranked in the top 10 remained the same. The lower 50 markets saw more drastic changes. 

The city with the highest one-bedroom rent growth is Lincoln, Nebraska, up 5.7% and reaching $740. Conversely, the price of two-bedroom apartments only went up 2.2%, to $950. Lincoln is ranked No. 87.

Both Colorado Springs, Colorado and Memphis, Tennessee jumped up six positions, with one bedroom rent growing 5.5% and 5.2%, respectively. Colorado Springs ranks No. 56, with one bedroom rent at $960 and two-bedroom rent up 0.8% to $1,200. Memphis ranks No. 78 with one bedroom rent at $810.

Laredo, Texas fell a whopping nine spots, sitting at No. 76 for one-bedroom rent, falling 4.6% to $830.

Falling down six spots, Durham, North Carolina one bedroom rent had the largest monthly decline, down 5.4% to $1,050. Two bedrooms also fell 4.7% to $1,230.

Average rent nationwide grew 0.2% from July to August this year, also 3.4% higher than it was the same time in 2018. It grew again 0.1% from August to September this year, 3.3% higher than it was this time in 2018, according to RentCafé

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