Massive rental demand across the country is supporting stable national rent rates even amid historic levels of new supply. National one- and two-bedroom rents remain $300 to $400 more expensive than four years ago. The median one-bedroom rent inched up slightly in October to $1,534, an increase of 0.1% on a monthly basis. Meanwhile, median rent for a two-bedroom apartment decreased 0.1% to $1,910, according to the Zumper National Rent Index.

"As new supply levels across the country peak at historic highs, our national rent index reflecting stable rates highlights the resilience of rental demand across the US," said Zumper CEO Anthemos Georgiades. "This sustained high demand can be linked to several economic factors, including low unemployment, easing inflation, and continued wage growth."

New York continued to rank as the priciest market for renters, with a one-bedroom apartment renting for $4,500 in October. That represents a 6.1% growth rate year over year. Jersey City, New Jersey, ranked second with a median one-bedroom rent of $3,230, and San Francisco remained in the No. 3 spot with rent averaging $3,110, a decrease of 1.9% month to month but a 4.4% increase annually.