Madison’s multifamily market remains a strong one, with monthly rents here continuing to rise, according to the latest research from Zumper.
According to Zumper’s latest National Rent Report released on March 25, Madison ranked as the 31st most expensive apartment rental market in the United States in March.
Zumper reported that the median rental price for a one-bedroom apartment in the Madison market stood at $1,550 in March. That figure hit $1,980 a month for two-bedroom apartment units during the same month.
And in a notable development, the median rental price of two-bedroom apartment units in Madison increased 8.8% in March when compared to the same month a year ago.
How does Madison compare with the rest of the country? Zumper reported that the median one-bedroom apartment rent in the United States settled at $1,524 in March, slightly less than in Madison.
The median two-bedroom apartment rent in the United States stood at $1,905 in March, again a bit lower than what renters are paying on average for the same amount of space in Madison.
Rental rates in the United States, though, were largely flat in March. Zumper said that the median U.S. one-bedroom rental rate was down 0.1% from February while the median two-bedroom rental price remained flat in March when compared to February.
Of course, monthly apartment rents in Madison are much lower than what renters pay in the most expensive markets in the United States.
Zumper said that in March the median one-bedroom rental price in New York City hit $4,470, while that figure stood at $3,200 in San Francisco and $3,190 in Jersey City, New Jersey.
The median two-bedroom monthly rent was $5,600 in March in New York City, $4,300 in San Francisco and $3,450 in Jersey City.
