SAN FRANCISCO, June 29, 2018 /PRNewswire/ -- Renters
searching for a new home this summer can expect higher prices than
last year, particularly among two and three-bedroom rentals,
according to the latest quarterly HotPads® Rent Reporti.
Rent among two and three-bedroom homes is appreciating slightly
faster than one-bedroom homes in U.S. metros with more new
apartment construction.
Rent prices rose 2.8 percent over the past year among both
two-bedroom and three-bedroom rentals. Renters can expect to pay
$1,310 per month for a two-bedroom
unit and $1,445 per month for a
three-bedroom unit.
Finding an affordable rental may be a bit easier for those
searching for a one-bedroom rental this year. Renters can expect to
spend about $1,275 per month for a
one-bedroom unit, up 2.2 percent over the past year.
Overall, median rent in the U.S. is $1,480, up 2.5 percent from a year ago. As rent
continues to rise, it's becoming more difficult for renters to keep
up with costs. With rent among two and three-bedroom rentals rising
the fastest, renters who need more space face an even tighter
affordability crunch.
"Rent growth has mellowed out to a steady rate recently, but
overall prices are still high compared to recent years," said
Joshua Clark, economist at HotPads.
"Two and three-bedroom rentals are seeing the fastest pace of price
growth this year, usurping one-bedrooms as the fastest-appreciating
segment of the rental market in April
2018. New apartment construction tends to focus on studios
and one-bedrooms, so the additional supply of smaller units has
eased price pressures in that market segment. Renters looking for a
larger apartment or home – including young families – should expect
faster rent growth this year."
In Baltimore, Washington, D.C.,
and Austin – all markets that have
seen substantial new apartment construction in recent years –
median rent for a two or three-bedroom home is appreciating about
twice as fast as a one-bedroom home. Median rent for two and
three-bedroom homes in Chicago and
San Antonio are also appreciating
quickly, more than 80 percent faster than one-bedroom rents.
Though two and three-bedroom rents are appreciating quickly, the
financial incentives for living with a roommate remain strong.
Sharing a two-bedroom rental with one person is still about half
the cost of renting a solo one-bedroom unit.
HotPads is a Zillow® Group-owned apartment and home search
platform for renters in urban areas across the United States. For more information on the
U.S. rental market, visit HotPads.com.
|
One-Bedroom
|
Two-Bedroom
|
Three-Bedroom
|
All
Rentals
|
Metropolitan
Area
|
Median
Rent
|
YoY
Change
|
Median
Rent
|
YoY
Change
|
Median
Rent
|
YoY
Change
|
Median
Rent
|
YoY
Change
|
United
States
|
$1,275
|
2.2%
|
$1,310
|
2.8%
|
$1,445
|
2.8%
|
$1,480
|
2.5%
|
New York,
NY
|
$2,020
|
0.9%
|
$2,100
|
1.0%
|
$2,505
|
1.3%
|
$2,350
|
1.1%
|
Los Angeles,
CA
|
$2,090
|
4.7%
|
$2,425
|
4.3%
|
$2,760
|
3.9%
|
$2,860
|
4.3%
|
Chicago,
IL
|
$1,535
|
1.2%
|
$1,535
|
2.2%
|
$1,685
|
2.2%
|
$1,765
|
1.9%
|
Dallas, TX
|
$1,040
|
2.5%
|
$1,160
|
3.1%
|
$1,550
|
3.6%
|
$1,650
|
3.3%
|
Philadelphia,
PA
|
$1,365
|
2.0%
|
$1,505
|
2.0%
|
$1,515
|
2.5%
|
$1,655
|
2.1%
|
Houston,
TX
|
$975
|
2.6%
|
$1,120
|
1.9%
|
$1,450
|
2.5%
|
$1,575
|
2.2%
|
Washington,
DC
|
$1,790
|
0.6%
|
$1,910
|
1.4%
|
$2,130
|
2.0%
|
$2,155
|
1.3%
|
Miami, FL
|
$1,410
|
1.5%
|
$1,665
|
2.2%
|
$2,110
|
2.7%
|
$2,000
|
2.2%
|
Atlanta,
GA
|
$1,330
|
4.7%
|
$1,225
|
5.8%
|
$1,325
|
5.5%
|
$1,435
|
5.1%
|
Boston, MA
|
$1,895
|
2.0%
|
$2,060
|
3.5%
|
$2,470
|
4.0%
|
$2,390
|
3.3%
|
San Francisco,
CA
|
$2,445
|
2.2%
|
$3,005
|
3.7%
|
$3,340
|
4.0%
|
$3,425
|
3.5%
|
Detroit,
MI
|
$1,090
|
4.5%
|
$1,260
|
3.1%
|
$1,435
|
3.8%
|
$1,275
|
3.6%
|
Riverside,
CA
|
$1,245
|
6.9%
|
$1,560
|
6.7%
|
$1,840
|
5.5%
|
$1,915
|
5.8%
|
Phoenix,
AZ
|
$1,130
|
6.4%
|
$1,350
|
5.8%
|
$1,410
|
5.7%
|
$1,450
|
5.4%
|
Seattle,
WA
|
$1,760
|
4.1%
|
$1,955
|
5.5%
|
$2,135
|
5.7%
|
$2,210
|
5.0%
|
Minneapolis,
MN
|
$1,255
|
3.6%
|
$1,505
|
3.8%
|
$1,650
|
3.9%
|
$1,650
|
3.9%
|
San Diego,
CA
|
$1,805
|
5.7%
|
$2,225
|
5.3%
|
$2,590
|
4.7%
|
$2,650
|
4.9%
|
St. Louis,
MO
|
$880
|
2.1%
|
$975
|
2.0%
|
$1,280
|
1.7%
|
$1,190
|
2.0%
|
Tampa, FL
|
$1,095
|
5.5%
|
$1,260
|
5.1%
|
$1,435
|
3.3%
|
$1,445
|
4.5%
|
Baltimore,
MD
|
$1,380
|
0.4%
|
$1,500
|
1.3%
|
$1,780
|
2.5%
|
$1,745
|
0.8%
|
Denver, CO
|
$1,355
|
3.2%
|
$1,825
|
4.4%
|
$2,080
|
3.9%
|
$2,085
|
3.9%
|
Pittsburgh,
PA
|
$905
|
1.9%
|
$975
|
1.7%
|
$1,140
|
1.7%
|
$1,090
|
1.7%
|
Portland,
OR
|
$1,550
|
2.1%
|
$1,750
|
3.1%
|
$1,895
|
3.7%
|
$1,920
|
3.0%
|
Charlotte,
NC
|
$1,110
|
3.6%
|
$1,015
|
4.5%
|
$1,315
|
4.2%
|
$1,360
|
3.9%
|
Sacramento,
CA
|
$1,400
|
8.7%
|
$1,695
|
8.2%
|
$1,785
|
6.2%
|
$1,925
|
7.4%
|
San Antonio,
TX
|
$865
|
1.3%
|
$975
|
2.3%
|
$1,270
|
2.7%
|
$1,370
|
2.3%
|
Orlando,
FL
|
$950
|
5.9%
|
$1,200
|
6.0%
|
$1,460
|
4.8%
|
$1,485
|
5.3%
|
Cincinnati,
OH
|
$885
|
3.2%
|
$985
|
3.5%
|
$1,200
|
2.9%
|
$1,210
|
3.0%
|
Cleveland,
OH
|
$925
|
2.8%
|
$1,045
|
2.5%
|
$1,165
|
2.0%
|
$1,190
|
2.0%
|
Kansas City,
MO
|
$890
|
3.9%
|
$905
|
3.6%
|
$1,175
|
3.2%
|
$1,245
|
3.3%
|
Las Vegas,
NV
|
$960
|
6.9%
|
$1,150
|
6.6%
|
$1,330
|
5.3%
|
$1,375
|
5.7%
|
Columbus,
OH
|
$975
|
4.0%
|
$1,105
|
3.9%
|
$1,350
|
3.6%
|
$1,400
|
3.4%
|
Indianapolis,
IN
|
$875
|
3.0%
|
$895
|
3.9%
|
$1,210
|
3.2%
|
$1,230
|
3.4%
|
San Jose,
CA
|
$2,565
|
3.0%
|
$3,130
|
2.7%
|
$3,530
|
2.9%
|
$3,635
|
3.1%
|
Austin, TX
|
$1,350
|
0.8%
|
$1,655
|
1.6%
|
$1,725
|
1.8%
|
$1,725
|
1.2%
|
HotPads
HotPads is an efficient rental search platform for urban areas
across the United States, with
features designed for competitive markets such as map-based search,
real-time notifications and detailed information on landlords and
property managers that help renters spend less time searching and
more time feeling excited about their next home.
Launched in 2005, HotPads is based in San Francisco and is owned and operated by
Zillow Group, Inc. (NASDAQ: Z and ZG).
HotPads is a registered trademark of Zillow, Inc.
i The HotPads Rent Report is a quarterly overview of
the median rent for houses, condos, apartments and other home types
in the United States and the top
35 most populous metro areas. Data are aggregated from rental
listings on HotPads dating back to January
2011. The reports are compiled by the HotPads Economic
Research team. HotPads tracks data for rental and housing markets
throughout the United States, with
select data available on the city and neighborhood level within the
top 35 metros.
View original
content:http://www.prnewswire.com/news-releases/rent-prices-for-two-and-three-bedroom-homes-rising-the-fastest-300674589.html
SOURCE Hotpads, Inc.