National Rent Prices Hold Flat Again in July, Down 1.3% Year-Over-Year

CAMBRIDGE, MA / ACCESSWIRE / August 2, 2023 / ApartmentAdvisor, (www.apartmentadvisor.com), a leading apartment rental search and data platform, today released its July 2023 National Rent Report (https://www.apartmentadvisor.com/national-rent-report), providing data on rent price trends in the 50 most populated cities in the U.S.

Key findings:

• At $1,500, the national median rent price for a one-bedroom apartment was flat in July for a third month in a row, and was down 1.3% year-over-year, continuing an overall softening trend following the extreme rent price growth seen in 2022.
• However, at the city level, not all markets reflected the national trend. Prices were up in 17 cities in July compared to June, and prices were up year-over-year in 19 cities. Among them, six were cities in the Midwest, the most of any region. New York City saw the largest year-over-year price growth, with the median price to rent a one-bedroom apartment up 14.9% compared to July 2022.
• New York City also held its title as most expensive rental market in the U.S. with the median price of a one-bedroom apartment reaching $4,252, up 2.6% from June. Notably, the gap between New York compared to San Francisco, formerly the nation’s most expensive rental market, has widened substantially over the past year. It now costs roughly $1,300 more per month to rent a one-bedroom in New York ($4,252) than in San Francisco ($2,909).

The ApartmentAdvisor National Rent Report is published monthly and includes national rent price data as well as rent price data by state and for the 50 most populated cities in the U.S. ApartmentAdvisor also publishes city-specific reports that are updated daily and include historic price data, available here: https://www.apartmentadvisor.com/market-reports. For further inquiries on ApartmentAdvisor rent data, please contact [email protected].

About ApartmentAdvisor:

ApartmentAdvisor (www.apartmentadvisor.com) is the go-to destination for renters looking to find their perfect apartment. Combining rigorous rent price analytics and neighborhood insights, ApartmentAdvisor gives renters an easier way to compare prices, features, and locations of available apartments to find the right place.

ApartmentAdvisor was founded in 2020 by the same innovators that started TripAdvisor and CarGurus, including co-chairmen Langley Steinert (co-founder of TripAdvisor and founder and executive chairman at CarGurus) and Oliver Chrzan (former chief technology officer at CarGurus).

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SOURCE: ApartmentAdvisor