Rental prices have hit nearly $2,000 in the United States, but the figure could be higher or lower depending on the location.
The median price for a one-bedroom apartment rose by 1.6% year-over-year nationally to $1,534. However, this price can go up in some places, according to a recent report from the rental marketplace platform Zumper. The report analyzed rental prices of over one million active listings across 100 cities in the US.
Where One-Bedroom Rents Are Most Expensive
Of all cities in the US, New York City had the most expensive rent for a one-bedroom unit. The median price for a one-bedroom unit was $4,500, marking a 12.8% year-over-year increase from last year's $3,989. That is the second month in a row that New York City's rental prices reached an all-time high.
One factor behind New York City's soaring rental price is its shortage of available housing. The portion of rentals that were vacant and available in 2023 dropped to 1.4%, the lowest ever recorded since 1968, per the New York Times. A healthy housing vacancy rate should be somewhere between 5% to 8%.
Property owners must compete with renters to fill their vacancies, lacking units to meet the increasing demand. These conditions mean rents would likely see a moderate increase.
Per Zumper, the recent increase in demand could result from an increasing number of employers implementing return-to-office policies and the peak summer season.
Cities Where One-Bedroom Rents Are Highest and Lowest
Here are the cities where one-bedroom rents are highest, according to the report.
1. New York, NY
Median Price for One-Bedroom Units: $4,500
Year-Over-Year Increase: 12.80%
2. Jersey City, NJ
Median Price for One-Bedroom Units: $3,400
Year-Over-Year Increase: 1.50%
3. San Francisco, CA
Median Price for One-Bedroom Units: $3,160
Year-Over-Year Increase: 3.90%
4. Boston, MA
Median Price for One-Bedroom Units: $2,800
Year-Over-Year Increase: -2.10%
5. Miami, FL
Median Price for One-Bedroom Units: $2,790
Year-Over-Year Increase: 2.20%
In contrast, these five cities have the lowest median rent for one-bedroom units.
1. Akron OH
Median Price for One-Bedroom Units: $730
Year-Over-Year Increase: 1.40%
2. Wichita, KS
30Median Price for One-Bedroom Units: $
Year-Over-Year Increase: 9.00%
3. Shreveport, LA
Median Price for One-Bedroom Units: $850
Year-Over-Year Increase: 13.30%
4. Oklahoma City, OK
Median Price for One-Bedroom Units: $900
Year-Over-Year Increase: 2.30%
5. Albuquerque, NM
Median Price for One-Bedroom Units: $920
Year-Over-Year Increase: -3.20%
