After holding up better than other property types, apartment rents began to deteriorate in the summer. However, a couple of new reports show those declines are starting to slow.
The December 2020 Zumper National Rent Report found that the national one-bedroom median rent remained flat last month at $1,224, while the two-bedroom median increased 0.3% to $1,487. For the year, the one-bedroom median was up 0.6%, and the one-bedroom median was up 1.8%.
Growth rates in the nation's seven most expensive markets for one-bedrooms—San Francisco, New York City, Boston; San Jose, Oakland, Los Angeles and Washington DC—remain negative, but not as low as they were throughout the summer months.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
