SAN DIEGO – No surprise here, San Diego’s rent prices kept rising in May — even as it fell out of the top five in the country for one-bedroom units, a new Zumper report shows.
The area’s median rental price was $2,470 for a one-bedroom unit, up 3.3% from April and more than 30% year-over-year. Also up in May was the price of a two-bedroom, which was recorded at $3,100, according to the report by an analyst of the online rental platform.
In the U.S., the median price of a one-bedroom hit an all-time high in May at $1,414 and two bedrooms at $1,758. While both are double-digit percentage increases from last year, they’re only slight increases from April, a sign the rental market may have reached “an inflection point,” analyst Jeff Andrews wrote.
“Those numbers represent not only a cooldown relative to recent months in percentage terms, but also in terms of raw dollar amounts,” Andrews said in the report.
The most expensive rental market for one-bedrooms in the U.S. was New York City, seeing a median rent of $3,590 in May, up nearly 40% year-over-year. San Francisco was the most expensive for two-bedroom units at a whopping $4,000 a month, per the report, with New York City behind it at $3,730.
For one-bed units, others in the top five include San Francisco, Miami, Boston and San Jose, California.
San Diego remains in the top five most expensive markets for two-bedroom units, slightly less than Los Angeles at $3,180 and more than San Jose’s $3,070.
Of the 50 most expensive rental cities listed in the report, nine are in California.
Click or tap here to read Andrews’ full report.