October National Rent Report
The rental market in the US remains scattered across markets, asset classes, and unit sizes. Urban core markets in California and New York experienced steep YoY double digit declines in both 1 and 2 bed median rents. Though, many tertiary markets remained unchanged some saw promising rent growth. On average, 2-Bedroom units in these markets saw greater median rent hikes (or lower losses) compared to 1-bedroom units in the same markets. The 14 tertiary markets shown below have experienced the greatest year over year median rent growth for 2-bedroom units as of September 2020.