It’s been a good week for rental data. Earlier this week, Zumper released its monthly national rent report, which ranks cities in the U.S. by how expensive each respective rental market is. When matched up with a recent report published by TurboTenant, a software program that offers property management tools, agents can get an idea where the rental market is right now, both locally and nationally.
In March, the national rental average for a one-bedroom apartment landed at $1,219, marking a 0.1% month-over-month decrease and a 0.2% year-over-year increase. Similarly, the national rental average for two-bedroom apartments reached $1,463, representing a 0.1% month-over-month decrease and a 0.9% year-over-year increase.
Unsurprisingly San Francisco ranked as the No. 1 city for high rental costs for both one- and two-bedroom apartments ($3,500 and $4,580, respectively), with New York coming in second ($3,000 and $3,320, respectively). These two cities have been cemented as the top rental markets for a while, but both remained flat over the last month. In terms of the more dynamic markets, Oklahoma City had the fastest month-over-month growth for one-bedroom rentals, increasing by 5.3%.
Atlanta maintained its position as the 20th most expensive rental market in the nation. Zumper reported that the average price for a one-bedroom apartment in Atlanta is $1,410 and the average rent for a two-bedroom apartment is around $1,790.
Atlanta saw an overall downward trend in the rental market, with rents for one-bedroom apartments decreasing 1.4% month over month and 6% year over year. Similarly, the rent for two-bedroom apartments also declined, with a 1.6% loss month over month and a 5.8% loss year over year.
TurboTenant found that the average number of days that an apartment remained on the market in Atlanta was 20, putting it slightly above the national average of 15.