Overall, national multifamily annual rent changes remain relatively stable, according to Zumper's latest national rent report. But New York City has seen big gains.
In April, Zumper's rent index for one-bedroom apartments was down 0.6% to $1,486. The two-bedroom index was up 0.1% year over year to $1,843. New apartment inventory, expected to hit a 50-year high during the summer, will keep the averages calm.
"Changes to the national rent rates for the rest of the year, and likely into 2025 as well, should remain fairly modest due to the current imbalanced relationship between supply and demand," the report's authors wrote. "Although the demand for rentals in the U.S. is significant, as wage growth has outpaced rent growth for the past 15 months and the population in their prime renting years is large, it is still trailing behind the amount of supply that is becoming available this year."
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