Apartment rents are still rising. But the pace at which they are increasing continues to slow across the country. Even with this cooling-off period, though, monthly apartment rents are still far higher than they were just four years ago.
That’s the key takeaway from Zumper’s May national apartment report.
The median monthly rent for one-bedroom and two-bedroom apartments in the United States both increased 1.2% in May. The median monthly rent for a one-bedroom apartment stood at $1,504, while that figure was $1,865 for a two-bedroom apartment.
On an annual basis, though, rent growth has been far slower. The median national one-bedroom rate in May was flat when compared to a year ago, while median two-bedroom rents inched up 0.5% from the same month in 2023, according to Zumper.
This doesn’t mean that renters have seen much financial relief. Although the annual rates have cooled significantly from the price hikes experienced during the last few years, the national one-bedroom monthly rent is still $287 more expensive than it was four years ago and the national two-bedroom rent is nearly $400 pricier.
The two cities with the largest annual rent price growth rates in the country were Syracuse, New York, and Columbus, Ohio, according to Zumper. Syracuse saw one-bedrooms rent jump 28.6% when compared to a year ago, while Columbus’ median one-bedroom rents climbed 22.5% when compared to May of 2023.
What’s behind Columbus’ strong performance? Zumper said that Columbus has been rapidly developing, drawing a growing population seeking a more affordable cost of living and plentiful employment opportunities.
Major tech companies like Intel and Google have announced plans to open new manufacturing plants and data centers in the Columbus area. Columbus saw the largest population growth among major U.S. metropolitan areas at the end of 2023.
