Rents on the Rise Again

After briefly leveling off last month, median rent prices resumed their upward movement, according to Apartment List’s June 2016 National Apartment List Rent Report.

On a national level, rents experienced a 2.7 percent year-over-year increase in May, with the median price for a two-bedroom apartment at $1,330 while one-bedroom apartments were at $1,180. Not surprisingly, San Francisco continued to be the most expensive rental market in the nation, where two-bedroom apartments carried a median price of $4,730 per month. However, San Francisco’s rent prices actually fell 0.3 percent on a year-over-year measurement in May.

Another California metro area, Long Beach, saw the greatest average year-over-year rent last month, with two-bedroom prices up 10.8 percent since May 2015. The median price for a two-bedroom unit in Long Beach was $2,000, while one-bedroom units carried a $1,500 median price.