Zumper National Rent Report: October 2020

Market Report provided by Zumper

Expensive cities continued to decrease in rental prices last month, with yearly drops largely led by the nation’s seven most expensive cities: San Francisco; New York; Boston; San Jose; Oakland; Los Angeles; and Washington D.C. The growth rate in median 1-bed prices averaged -12.7% in these seven cities compared to -10.4% last month. Decreases in these cities and other expensive markets contributed to the continued trend of historically expensive cities getting closer in price to historically cheaper cities. This “gap-closing” effect slowed slightly last month, however, as cheaper cities experienced muted growth compared to the month prior- the cheapest 10 cities on this list averaged 2.2% in median price growth last month compared to 4.8% the month prior.