Monthly rent for two and three-bedroom homes are appreciating 2.8 percent annually, which is faster than one-bedroom homes and the nation as a whole
- Rent growth among two and three-bedroom homes are appreciating faster than one-bedroom units and the nation as a whole
- Rent prices rose 2.8 percent over the past year among both two-bedroom and three-bedroom homes. Median rent for a two-bedroom apartment is $1,310, and $1,445 per month for a three-bedroom
- Renters looking for a one-bedroom can expect to pay $1,275 per month, up 2.2 percent over the past year
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 | Median | YoY | Median | YoY | Median | YoY | Median | YoY |
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% |
