Rental information site Zumper recently released their latest monthly National Rent Report showing that their median national rent for 1-bedroom apartments in February, 2023 was $1,492 (unchanged from January) and the median two-bedroom rent was $1,824 (up 0.1% from January). Zumper says year-over-year rent-price increases continued to decelerate from post-pandemic-era increases in 2021 and 2022. Be sure to check out their list of the top 100 metro areas.
“Many markets continue to either normalize or correct following the steep increases in rent seen in 2021-22 in the zero interest rate & QE environment we went through…With interest rates expected to rise further in 2023, we anticipate continued deceleration in rent rises as new household formation freezes or is at least postponed.” Said Zumper CEO Anthemos Georgiades.
Click here to read the full report at Zumper.