According to a recent Zumper’s report, the city’s median rent for a one-bedroom apartment — $2,680 — is currently the second-highest in the nation, only $40 behind San Francisco’s $2,720, and New York City has seen much more growth than San Francisco in recent months.

The city posted a 4.3 percent month-over-month gain in median one-bedroom rent in July, making prices just 5.6 percent lower than they were this time last year; in comparison, San Francisco prices are currently down 15 percent compared to the previous year.

“With the COVID vaccine widely available, renters are adapting to a new normal and moving to accommodate that. Lower wage workers who lost their jobs in the pandemic are finding employment again as cities have opened up, allowing them to move out of friend’s and family’s homes.”

The hyper-competitive sales market keeps prospective buyers – particularly first-time buyers with growing families – in the rental market. That trend helps explain why two-bedroom rent growth is outpacing the rate of one-bedroom growth.

Zumper’s full report can be found here.

(source: patch.com, picture: zumper.com)