Also high on the list is Maui
Lower Manhattan Dominates List of Most Expensive Rental Zip Codes
Massive rental demand across the country is supporting stable national rent rates even amid historic levels of new supply. National one- and two-bedroom rents remain $300 to $400 more expensive than four years ago.
The median one-bedroom rent inched up slightly in October to $1,534, an increase of 0.1% on a monthly basis. Meanwhile, median rent for a two-bedroom apartment decreased by 0.1% to $1,910, according to the Zumper National Rent Index.
“As new supply levels across the country peak at historic highs, our national rent index reflecting stable rates highlights the resilience of rental demand across the US,” said Zumper CEO Anthemos Georgiades. “This sustained high demand can be linked to several economic factors, including low unemployment, easing inflation, and continued wage growth.”
New York continued to rank as the priciest market for renters, with a one-bedroom apartment renting for $4,500 in October. That represents a 6.1% growth rate year over year. Jersey City, New Jersey, ranked second with a median one-bedroom rent of $3,230, and San Francisco remained in the No. 3 spot with rent averaging $3,110, a decrease of 1.9% month-to-month but a 4.4% increase annually.
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Boston moved ahead of Miami on the list, with a median rent of $2,850. Miami’s median one-bedroom rent came in at $2,700, down 4%. New York City is home to four of the five most expensive US zip codes for one-bedroom rents, all of which are located in lower Manhattan. Also in the top five was a zip code in Maui. Each of these zip codes had median one-bedroom rents over $6,000.
Rent prices in Minneapolis have been on a downward trajectory this year, according to Zumper. One- and two-bedroom rents in the city have both fallen more than 9% over the past year as new inventory has opened in the region, said Zumper. With more than 11,000 units delivered so far this year, Minneapolis renters are seeing some relief in rent prices as new supply has offset strong demand.
Also showing decreases were Aurora, Colorado; Salt Lake City; Buffalo and San Jose.
Zumper also highlighted Memphis, which was the only Tennessee city to post increasing annual rent rates, up nearly 15%. This showcases that Memphis is an outlier in the Southeast due to significantly lower new inventory levels. The city has had less than 900 units delivered so far this year, and with minimal new construction starts, rents are likely to remain high. By comparison, Nashville had 13,000 new units hit the market, putting downward pressure on rents, which fell 7%.
Other markets where rents rose included Omaha, Nebraska; Cincinnati; Colorado Springs, Colorado; and Shreveport, Louisiana.
Source: GlobeSt.
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