Zumper’s August Report: Rent-price increases continuing to soften nationwide

Notable Trends:

  1. The national median for a one-bedroom home is $1,510, representing a 0.3 percent month-over-month increase and a 1.6 percent year-over-year increase (the smallest year-over-year increase in more than two years).
  2. At $1,864, two bedrooms are up a tenth of a percent over last month and up 3.9 percent over last year.
  3. Pandemic-era trends continue to slowly unravel in markets including Miami, Nashville, Boise and Chicago.
  4. A closer look at San Francisco’s rental market reveals pockets of revitalization in neighborhoods like Dogpatch and Outer Sunset.

Slow and steady: 

The slowdown of price increases we’ve observed over the last year continues this month, with one-bedrooms up less than half a percentage point over last month and two bedrooms up just a tenth of a percentage point. At 1.6 percent, the year-over-year increase in one-bedroom median rent is the smallest year-over-year increase we’ve seen in more than two years. These numbers are proof positive that the wild price swings we saw during the pandemic will take even more time to normalize.