The national trend of rent increases hit a tiny roadblock in the latest data report from ADOBO
, which found February’s rent average down by a scant 0.2 percent, the first decline in rents since last August. The national median rent for one-bedrooms dropped from $1,046 in January to $1,044 this month.
Despite the miniscule national decline, some markets saw more significant rent decreases. Syracuse, N.Y., had the largest rent drop in the country, with rents falling nearly 11 percent, while Santa Ana, Calif., saw a 9.1 percent slide. The one-bedroom rent increases throughout January were on the smallish side, with St. Paul, Minn., up 8.9 percent while St. Petersburg, Fla., and Houston, followed at around six percent.
Once again, San Francisco and New York City were the two most expensive cities for renters, with the Bay Area metro recording $3,293 for the median rent on a one-bedroom unit and the Big Apple following at $2,788.