Two-bedroom setups went for around $1,910 in the nation's 100 largest real-estate markets, only a few dollars lower than last month and 2.6% higher than in October 2023.
Zumper
Apartment supply has reached unprecedented heights thanks to a surge in new rental units, Zumper found. Although that's kept rent from getting even more expensive, it hasn't brought prices in tenants' direction, as a recent report from Rentometer about third-quarter rent attests.
The explanation for this dynamic is straight out of ECON 101: prices have barely budged because demand has risen alongside supply.
"Sustained high demand can be linked to several economic factors, including low unemployment, easing inflation, and continued wage growth," said Anthemos Georgiades, the CEO of Zumper, in a statement for the report.
16 cities where rent is reasonable
Even though rent is stubbornly high on the national level, there are several cities among the 100 biggest rental markets where apartments are increasingly affordable.
Below are the 16 markets where rent was at least $200 cheaper than the national median price of $1,534 in October and no less than 3% cheaper than it was a year ago. Along with each city are its year-over-year and month-over-month rent changes and its median rent, the savings compared to the national median, and its rank among the 100 top US real-estate markets.
1. Minneapolis, MinnesotaMinnesota received a top-five ranking for work environment.