One-bedroom rents have high an all-time high in February, according to rental portal Zumper, marking the ninth time in the last ten months that this record has been broken.
The growth in rent prices has accelerated drastically the last year with year-over-year price rises going from approximately 3% in February 2021 to 14% February 2022 According to the portal the rise in rents is being driven by high-income tenants who have been priced out of the skyrocketing home sales market.
Regionally the West Coast rental market didn’t see the explosive growth of the rest of the country with San Francisco rents rising, for example, 11% year-over-year compared to 26% year-over-year growth in New York.
The most expensive cities to rent are San Francisco with a $3970 two-bedroom price, New York with a $3300 and Miami with a $3220 two-bedroom price.
