During May 2019, the national median rent for a 2-bedroom apartment was $1,185, and the median rent for a 1-bedroom apartment was $955. Compared to the previous month, apartment rents remained unchanged; year-over-year, apartment rents increased by 1.6%, slightly higher than the 1.5% growth rate observed during the same period last year. In other words, compared to the rates we observed from 2014 to 2017, the current growth rate remains significantly cooled, ranging from 2.7% to 3.5%.
Next, let us take a look at the apartment rental situation in popular cities this month and the Top 10 rankings!
1. San Francisco Bay Area
Ranked 1st on the list of the most expensive apartment rents in the U.S.: The median rent for a 2-bedroom apartment was $3,102; the median rent for a 1-bedroom apartment was $2,469. In May, apartment rents in the city rose by 1.1% compared to the same period last year; they fell by 0.1% compared to the previous month.
2. Los Angeles
Ranked 10th on the list of the most expensive apartment rents in the U.S.: The median rent for a 2-bedroom apartment was $1,755; the median rent for a 1-bedroom apartment was $1,366. In May, apartment rents in the city rose by 0.7% compared to the same period last year; they rose by 0.1% compared to the previous month.
3. New York
Ranked 3rd on the list of the most expensive apartment rents in the U.S.: The median rent for a 2-bedroom apartment was $2,540; the median rent for a 1-bedroom apartment was $2,132. In May, apartment rents in the city rose by 2.0% compared to the same period last year; they rose by 0.9% month-over-month.
4. Seattle
The median rent for a 2-bedroom apartment was $1,668; the median rent for a 1-bedroom apartment was $1,339. In May, rents in the city rose by 1.3% compared to the same period last year; they rose by 0.3% month-over-month.
5. Dallas
The median rent for a 2-bedroom apartment was $1,124; the median rent for a 1-bedroom apartment was $904. In May, rents in the city rose by 1.7% compared to the same period last year; they rose by 0.5% month-over-month.