The national rent index saw both one and two-bedrooms increase 1.2% this May to medians of $1,504 and $1,865, respectively, marking the first time there has been monthly growth rates of over 1% in 20 months, according to Zumper.
Syracuse and Columbus rents were the fastest growing nationwide, both climbing over 20% since this time last year, while demand has shrunk in some of the biggest California cities as the majority of this state's markets experienced declining annual rent rates.
On an annual basis, the national one-bedroom rate was flat while two-bedrooms inched up 0.5%. Although the annual rates have cooled significantly from the price hikes experienced in the last few years, they have not offset those large increases. As a result, the national one-bedroom rent is still $287 more expensive than it was 4 years ago and the national two-bedroom rent is nearly $400 pricier.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
