Median one-bedroom rents have increased 2.9% in the 12 months through February to reach $1,525 across the country. Among major markets, New York City has posted the highest prices for the category, at $4,330, according to the Zumper National Rent Index. San Francisco was the second-most expensive market for one-bedroom median rents at $3,140 and Jersey City, New Jersey, was third at $3,050.
New York City also was the most expensive market for two-bedroom rents at $5,500, representing an annual increase of 18.5%, according to Zumper’s data.
Nationwide, two-bedroom rents increased 3.7% to $1,905. The firm said despite acceleration in rents both monthly and annually, shelter inflation appears to be slowing, and the uptick in annual rent growth in the February national rent index suggests that the Federal Reserve may face greater inflationary challenges in implementing further rate cuts.
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