Rental prices in top housing markets fall in March
Rental prices for one-bedroom and two-bedroom units fell in March, sliding by 0.4% and 0.3%, respectively, according to Zumper.
It now costs the average renter a median of $1,219 and $1,463 to rent the average one-bedroom and two-bedroom units. This equates to an annual increase of 0.2% and 0.6%, respectively.
Despite this growth, Zumper notes the nation’s top three rental markets including San Francisco, New York, and Boston, all experienced lackluster demand in March.
In San Francisco, renters saw their one-bedroom rental prices drop by 0.6% to $3,500, while two-bedroom rents grew 0.7% to $4,580.
New York renters also experienced some relief this month, as prices for one-bedrooms held steady at $3,320. Meanwhile, two bedrooms fell 1.5% to $3,320.
Rent for one-bedroom units in Boston remained stagnant at $3,000, although prices for two-bedroom units declined by 1.5% to $3,320…Click here to read more