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
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% |
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