Rental information site Zumper recently released their National Rent Report for July, 2020 showing that the median national rent for 1-bedroom apartment was $1,229 (up 1%) and the median two-bedroom rent was $1,485 (up 0.8%). Year to date, both one- and two-bedroom rents were up 0.4%. Interestingly, they point out that people are moving away from big expensive cities – a trend we have been seeing in from several sources:
“…As the pandemic persists on, the demand for rentals has continued to shift away from these pricey areas and a significant amount of that demand seems to be moving toward neighboring, less expensive areas…”
Zumper analyzes rental data from over 1 million active listings across the United States. Data is aggregated on a monthly basis to calculate median asking rents for the top 100 metro areas by population, providing a comprehensive view of the current state of the market. The report is based on all data available in the month prior to publication…..be sure to check out their entire list of 100 cities.