The cost of renting a two-bedroom apartment in the United States rose 2.3% year over year in August to a median monthly price of $1,300. That same two-bedroom apartment in New York City rented for $5,200 a month, exactly four times the national median.
In San Francisco, the median rent for a two-bedroom apartment weighs in at $4,750, a mere 3.65-times the national average. The data were reported earlier this week by Apartment List.
While coastal cities continue to dominate the top 10 based on dollar value, median rents are growing faster away from the big coastal cities. The cities with the fastest growing rents and their year-over-year increases are as follows:
- Colorado Springs, Colorado: up 10.7% (median two-bedroom rent is $1,000)
- Tacoma, Washington: up 9.2% (median two-bedroom rent is $1,230)
- Manchester, New Hampshire: up 8.6% (median two-bedroom rent is $1,310)
- Seattle, Washington: up 8% (median two-bedroom rent is $2,360)
- Reno, Nevada: up 7.2% (median two-bedroom rent is $930)
- Arlington, Texas: up 7.2% (median two-bedroom rent is $1,000)
- Stockton, California: up 6.5% (median two-bedroom rent is $970)
- Dallas, Texas: up 6.5% (median two-bedroom rent is $1,610)
- Anaheim, California: up 6.5% (median two-bedroom rent is $1,730)
- Mesa, Arizona: up 5.8% (median two-bedroom rent is $910)
Apartment List also noted that Denver ($1,890 for a two-bedroom unit), Chicago ($1,660) and Portland ($1,640) are edging closer to the top 10 highest median rents.
Apartment List Rent Report data is drawn monthly from the millions of listings on our site. 1-bedroom and 2-bedroom rents are calculated as the median for units available in the specified size and time period. Price changes are calculated using a “same unit” methodology similar to the Case-Shiller “repeat sales” home prices methodology, taking the average price change for units available across both time periods. For top city rankings, we calculated median 1-bedroom and 2-bedroom rents in 100 top cities and then ranked them by 2-bedroom rents.