High priced cities are getting more expensive; in fact, the top four cities on our list all saw rent increases in the near term. San Francisco widened its gap between NYC, with rent prices increasing 2.5% last month and 3.4% in the trailing quarter. September again marked a new record high for the city, now with a median one bedroom of $3,620 and two bedroom of $5,000. Rents in the city are up 13.1% in the past year.
New York City rents similarly jumped 2.2% in the month and 4.2% in the quarter. One bedroom asking prices hit $3,230 for a one bedroom and $3,740 for a two bedroom. Prices across the 5 boroughs are up 9.5% in the year.
Though far in absolute numbers from the top two cities, rents in 3rd place Boston, and 4th place San Jose are also experiencing upward swings. Boston increased 1.3% in September to settle at a median of $2,300 for a one bedroom, while San Jose increased a further 2.3% in the same period, now $2,270 for a one bedroom. San Jose prices are up an incredible 19.5% in the past year.
Denver Making Moves
The Mile High City continues to be one of the hottest housing markets in the US. Denver jumped one spot to claim the 13th spot on our list, as one beds increased 3.1% to a median of $1,320, while two beds were also up 2.3% to $1,810. The city has now overtaken Philly, Atlanta, and Baltimore in terms of rent prices.
Cleveland Continues to Drop
Rents in Cleveland have slid considerably over the past year. Now the 42nd market on our list, one bedroom rents were down 4.6% in the past quarter and 17.3% in the past year, now asking $620. Two bedrooms were also down 20.4% in the year to $740.
Other Notable Changes This Month
Upward:
– Chicago, IL remained the 7th most expensive market in the country. One bedrooms increased 3.1% in the month and 5.3% in the quarter to $1,980. Two bedrooms were up 3.5% and 6% in the same periods to $2,650.
– San Diego, CA maintained 11th position, up 2% in September to a median one bedroom of $1,540. Two bedrooms increased 2.4% to $2,100.
– Nashville, TN cracked the top 25 cities for the first time last month, as one bedrooms were asking (continue reading)