The Zumper National Rent Index fell for the third straight month in October, the latest data from Zumper shows. Median rent for a one-bedroom apartment declined 0.9 percent to hit $1,126, while median two-bedroom rent sunk 0.5 percent to reach $1,344.
But while overall rent in the US may be dropping, the same can’t be said for Seattle. In that rainy city, rent is still on the rise. In fact, last month Seattle outpaced Miami to become the ninth most expensive rental market in the nation. Median rent for a one-bedroom apartment in the city increased 1.1 percent, coming in at $1,820, while median two-bedroom rent jumped 4.2 percent to stand at $2,510.
If you want to find an extremely expensive rental in Seattle, you don’t have to look far. As we recently reported, there’s an $18,000 per month listing waiting for a renter in the city’s Queen Anne neighborhood. Too expensive? Try this handy map to find a neighborhood that fits your rental budget.
To come up with its rankings, Zumper analyzes rental data from over 1 million listings across the US. Data is aggregated on a monthly basis to calculate median asking rents for the top 100 most populous metro areas.
Last month’s data shows that Providence and Denver are a couple of the cities where rent is falling rather than rising. Rent for a one bedroom in Providence fell a sharp 4.8 percent, to $1,380; two-bedroom rent also fell in Providence, but only slightly. Meanwhile, Denver, previously one of the 20 most expensive rental markets in the US, lost that distinction in October.