Summer is an infamously hectic moving season– and high lease rates frequently show that.
But rates appear to be cooling a little compared to the last 12 months in general. Median lease rates for one-bedroom apartment or condos are just up 0.5% month over month, and rates for two-bedrooms are down 2.9% since June, according to the National Rent Report for June 2022 from Zumper, a center for individuals to discover homes, apartment or condos, spaces and condominiums for lease.
Although mean lease general increased somewhat for one-bedroom apartment or condos, numerous cities saw substantial reductions in between May andJune Tallahassee, Florida, had the greatest drop at around 6.5%, followed by Anchorage, Alaska, at 6%.
Here are the leading 5 cities with the greatest reductions in lease since June 2022, according to Zumper.
1. Tallahassee, Florida
Median lease rate for a 1-bedroom home: $860
Month- over-month modification in rate: -6.5%
Year- over-year modification in rate: 7.5%
2. Anchorage, Alaska
Median lease rate for a 1-bedroom home: $1,060
Month- over-month modification in rate: -6.2%
Year- over-year modification in rate: 8.2%
3. Urban Honolulu
Median lease rate for a 1-bedroom home: $ 1,530
Month- over-month modification in rate: -6.1%
Year- over-year modification in rate: 3.4%
4. San Diego
Median lease rate for a 1-bedroom home: $ 2,320
Month- over-month modification in rate: -6.1%
Year- over-year modification in rate: 208%
5. Syracuse, New York
Median lease rate for a 1-bedroom home: $930
Month- over-month modification in rate: -6.1%
Year- over-year modification in rate: 8.1%
While Tallahassee had the greatest portion rate drop, San Diego’s lease rates decreased by the biggest dollar quantity, with a practically $200 decline. However, the mean lease in San Diego is still high, at $2,320 for June and up over 20% year over year. But in a costly city like San Diego, any decline in rate might be useful for those seeking to move there.
Thought Miami wasn’t among the leading 5 cities, it likewise saw a large drop in mean lease rates. The mean rate for a one-bedroom home reduced 5.9% in June, to $2,400 a month. However, Miami stays the 5th most pricey city in the U.S., according to Zumper.
It’s worth keeping in mind that in spite of the current reductions, the general expense of lease is still up year over year, even in the 5 cities with the greatest drops in June.
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