Rent growth may be returning to normal proportions after a 12% year-to-date hike in one-bedroom apartments and 13% hike in two bedroom apartments nationally, according to real estate portal Zumper’s November report.
After a year of month-over-month rent hikes between 1.6% and 2.2% November showed a one-bedroom rise of 0.5% and two bedroom rise of 0.4% more in line with Zumper’s historical findings.
The report notes that home-price growth also started to slow down in August, leading its authors to believe that rent prices may be catching up after several months lag.
Rents grew most quickly in Miami which saw 35.6% growth of the rent of a one bedroom apartment over the course of 2021.
The most expensive city to rent a one-bedroom apartment was New York at $3180 a month, followed by San Francisco at $2800 and Boston at $2470 a month. Five of the 10 most expensive cities to rent are in California.