Zumper National Rent Report: November 2020

Market Report provided by Zumper

The price gap in 1-bedroom median prices between the nation’s 2 most expensive cities increased last month for the first time since April. While both San Francisco and New York decreased in price from the prior month, San Francisco’s monthly decrease slowed to -1.1% from -6.9% the month prior, while New York’s was at -1.9% compared to -3.7%. The slowed monthly decreases in the two cities last month could be an indication that price drops in these places are reaching their floor, and prices could stabilize in the near future. If this is the case, San Francisco may maintain it’s crown as the nation’s most expensive rental market. Alternatively, this price decrease slowdown could be a blip in the overall trend, and decreases could pick up again next month. Compared to a year ago, both cities were down in price more last month than the month prior; median 1-bedroom price in San Francisco was down 20.7% last month from a year ago, and New York was down 15.0%.