Zumper, a rental marketplace website/app that helps renters find apartments, houses, condos, or rooms for rent, released their latest National Rent Report.
The report covers 100 cities nationwide, including Atlanta, with data aggregated from over one million active listings, and includes a National Rent Index for one- and two-bedroom units.
Zumper’s latest National Rent Index showed continued price stabilization across the U.S. rental market. The median national rent for one-bedroom units took a 0.5% monthly dip to $1,517, while two-bedrooms decreased 0.2% to $1,901. This April marks the third consecutive month of flat or declining prices.
Meanwhile, Atlanta has been ranked as the 25th most expensive city to rent. The price of one-bedroom units in Atlanta increased 0.6% to $1,610 this month, while two-bedroom units grew 1% to $2,100.
On a year-over-year basis, rents were still up, 2.1% for one-bedrooms and 3.1% for two-bedrooms, but those increases stand for a steady deceleration compared to previous months. The cooling trend comes as the market nears the end of a 50-year peak in new apartment construction, which has played a significant role in easing price pressure.
“With so much new supply coming online over the past 12 months, we’re seeing renters able to move up market,” said Anthemos Georgiades, CEO of Zumper. “That movement frees up inventory at lower price points, creating a ripple effect of affordability. However, if demand holds steady while new construction continues to taper off, we could see rents pick back up in the second half of the year.”
The most recent CPI data revealed that rent inflation is below 4% for the first time since January 2021.
For more information about how Zumper’s monthly rent data provides insights to where the CPI is heading, visit https://www.zumperrentals.com/blog/zumper-consumer-price-index/.