Apartment rents continue to rise across the country. The pace of that growth, though, has slowed, according to the August national rent report from Zumper.
Zumper’s national rent index showed that the median one-bedroom rent in the United States rose 1.6% in August on a year-over-year basis, climbing to $1,534.
The median two-bedroom rent rose 2.7% from August of last year to the same month this year, increasing to $1,915.
Zumper also reported that college towns are seeing the fastest annual rent growths, thanks in part to the start of back-to-school season.
“In an era where the amount of new supply is shattering records, it’s remarkable to see vacancy rates holding steady this year,” said Zumper Chief Executive Officer Anthemos Georgiades. “Strong renter retention alongside our growing national rent index underscores the robust demand present in the U.S. market.”
In the Minneapolis market, the median one-bedroom rent stood at $1,350 in August. That is down 4.30% on a year-over-year basis. The Median rent for a two-bedroom apartment was $1,920 in August, down 4% from the same month a year ago.
College town rental markets have proved especially resilient. A good example? Zumper points to Syracuse New York, which continues to have the largest annual rent price growth rate across the nation at 31.6%. The Syracuse region is also home to at least 11 colleges, universities and technical schools.
Lexington, Kentucky, which houses at least eight colleges, saw rent climb 17.2%. Madison, Wisconsin, and Lincoln, Nebraska, which have at least seven colleges each, both saw rents grow about 12%.
In a blog post on its site, Zumper said that college towns tend to demonstrate stronger apartment market performance when compared to the national average because they generally have higher occupancy rates and greater overall stability in their rental markets.
