Residential rental rates continue to cool—except for in New York and San Francisco, where rates remain among the highest in the nation.
Median rental rates dipped slightly in September, the third straight month of price declines, online real estate marketplace Zumper said in its monthly national rent index. Nationwide, rents for one-bedroom residences were $1,517, while rents on two-bedroom properties fell slightly, to $1,894. One-bedroom rents softened in 71 of 100 cities, Zumper said.
Anthemos Georgiades, Zumper’s CEO, said national rental prices have cooled as the rental market continues to recalibrate.
“A combination of cautious renter demand amid economic headwinds, ample inventory on the market, and a labor market that’s losing momentum have eased the pressure on rents we saw earlier this year,” Georgiades said….