There’s another reason tenants dread the beginning of the month. New report from Zumperan apartment rental website.
Median one-bedroom rents in some of the most expensive U.S. cities have surged year-over-year as expected, reaching $3,930 in New York City and $3,040 in San Francisco this month. Tenants in smaller cities such as Fresno and Tulsa also face major problems. Zumper says it’s about a 40% increase.
(Zumper data also shows that rents in New York City, the nation’s most expensive city, vary by borough. Median two-bedroom rent in Brooklyn jumped to $4,506, up 61% year-on-year. A staggering increase, while 2-bedrooms in Manhattan rose 33% to reach $5,283 in August.)
In fact, only two cities on Zumper’s “Top 100” list endured year-over-year declines as the cost of living rose nationwide. In Cleveland, average one-bedroom rent is down his 5.4%.
“Only two cities on Zumper’s “Top 100” list dropped year-over-year: Des Moines and Cleveland.”
This means that tenants are now able to cope with rising utility and food costs, so they won’t see a drastic reduction in rent.
In a blog post about the company’s findings, Zumper CEO Anthemos Georgiades said, “Current asking rents are out of reach for many Americans, especially young people.
“We have seen Zumper users sacrifice space, location, amenities and roommates for years. “We’ve noticed,” he added. Even more so.”
For this reason, Zumper has announced its launch. Last week’s company’s short-term rental products.
Zumper’s new report has some good news. Prices in popular southeastern cities, where rental markets were hot during the pandemic, are starting to settle. And while rents in super-expensive Miami continue to rise (he averages $2,520 for a one-bedroom), they’re up just 0.8% in his month.
“In the new (abnormal) normal for 2022, month-over-month growth of less than 1 percentage point can be considered conservative, especially given that Miami is the third most expensive city in the United States. Compared to this spring when it was a city (since then dropped to #6),” Zumper said in a blog post.