Zumper’s October rent report finds prices are continuing to soften throughout much of the country. At $1,505, the national median rent for a one-bedroom is down 0.4% over last month; that’s the most significant month-over-month decline so far this year. The average rent in Denver for a one-bedroom apartment decreased by -1% to $1,781.
Zumper expects this trend to continue and predicts we may even see year-over-year declines in one-bedroom rent prices before the end of this winter. Since Zumper started tracking rent prices in 2014, they’ve only seen that happen during the first year of the pandemic.
CEO Anthemos Georgiades explains: “If the current pattern continues, we’ll likely see negative year-over-year growth by the end of winter. Demand remains soft while a record amount of supply is hitting the market, creating a lot of uncertainty and distress throughout the real estate industry — especially for companies and individuals that invested heavily in multifamily developments over the last five years.”
Zumper also found:
- As of October 2023, the average rent for a 1-bedroom apartment in Denver is $1,781. This is a 4% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Denver increased by 2% to $1,580. The average rent for a 1-bedroom apartment decreased by -1% to $1,781, and the average rent for a 2-bedroom apartment decreased by -2% to $2,365.
- There are a total of 5517 apartments for rent available in Denver. 1-bedroom apartments are the most common, with a total of 2124 listings available. are the least common, with a total of 298 listings available.
- Cities across the Sun Belt are experiencing significant price drops, as new supply comes online while in-migration slows. Of the six Arizona cities on Zumper’s list, every city is down year-over-year except for Gilbert. Phoenix has seen month-over-month declines in one-bedroom rents for four out of the last six months, and year-over-year declines for three months in a row. Austin rents have declined significantly; its current one-bedroom median of $1,550 is a 10% decrease from its September 2022 peak of $1,720.
- New York City continues to defy national trends: At $4,240, the median price for a one-bedroom apartment in NYC is up 9.8% year-over-year; the two-bedroom median of $4,780 is up 11.2% year-over-year.
The Zumper National Rent Report analyzes rental data from over one million active listings across the country. Listings are then aggregated every month to calculate median asking rents for the top 100 cities by population and migration patterns, providing a comprehensive view of the current state of the market. The report is based on all data available in the month of publication. Any data that is reported does not include short-term listings.