Renters, Rejoice: Your City May Have Survived Peak Rent Prices
If you live in a big city, surely you're no stranger to staggering rent prices for even the most modest apartments. While the national cost of rent continues to increase, big-city dwellers can revel in the fact that their biggest rent checks might be behind them. Rental website Zumper recently released its September National Rent Report, which found that the cost of rent in some of the most expensive cities in America may be declining, Apartment Therapy reports.
New York City, San Francisco, and Chicago are among the pricey cities that may be catching a break. The study analyzed the asking prices of one- and two-bedroom apartments, and according to Zumper's research, the median asking cost for a two-bedroom New York City apartment has decreased 19.6% since reaching a peak of just under $4000 in March 2016. The median cost of a one-bedroom apartment in Chicago is down by 26.3%. And even though San Francisco still tops the list as the most expensive one-bedroom rent at a whopping $3390, this is down 7.6% from last year.
Other big cities like Los Angeles; Washington, D.C.; and San Diego continue to boast rising rent prices, but there is hope as San Jose, Boston, Miami, and Honolulu are all also seeing decreasing rent costs.