Madison ranked as the 30th most expensive city in the United States in which to rent an apartment, according to the latest research from Zumper.
According to Zumper’s latest National Rent Index, the median price of a one-bedroom apartment unit in Madison stood at $1,550 in August. That’s down 3.1% from July.
Zumper reported that the median price for a two-bedroom unit in Madison came in at $1,800 in August. That’s down 5.8% from July.
These dips shouldn’t be surprising. Declining apartment rents were a trend across the United States last month.
According to Zumper, the median rent for U.S. one-bedroom apartments decreased 0.2% in August to $1,517. The median monthly rent for two-bedroom units also fell, dropping 0.4% from July to hit $1,897 in August.
On a year-over-year basis, median rents for U.S. one-bedroom apartments in August were down 1.1% while median two-bedroom rents fell 0.9%.
Renters feeling stressed by Madison’s monthly apartment rents can take some comfort from the fact that they’re not renting in New York City. Zumper reported that the median one-bedroom apartment rent in New York City stood at $4,400 in August, making this city the most expensive rental market in the country.
“This month’s report marks a key turning point. For the first time, our National Rent Index has dipped into negative territory across the board, both monthly and annually, with one- and two-bedroom rents now firmly on the decline,” said Anthemos Georgiades, chief executive officer of Zumper, in a written statement.
“Renters today have more choices than they’ve seen in years, which applies downward pressure on pricing,” Georgiades said. “Compounding the slowdown is weaker consumer confidence, which affects both sides of the market: renters hesitant to commit in an uncertain economy and property owners strategically prioritizing occupancy and cash flow over rent growth.”
