Rental information site Zumper recently released their latest monthly National Rent Report for July, 2023. According to their data, rent for 1-bedroom apartments was $1,506 (up 3.2% year over year) and the median two-bedroom rent was $1,882. Zumper says the 3.2% year-over-year increase for 1-bedroom was the smallest gain in over two years. Be sure to check out their list of the top 100 metro areas. Confidence in the economy is a concern:
“Though price increases have slowed dramatically, we don’t expect to see rents decrease anytime soon. In reality, prices are still correcting after astronomical pandemic-era rent hikes…Renters hate uncertainty, and many are putting off moves until they’re more confident in the economy.” Said Zumper CEO Anthemos Georgiades.