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.
Click here to read the full report at Zumper.