Some areas of the country are seeing affordable listings virtually disappear as rents continue to rise. Trulia data scientist Mark Uh reports that rents are still extremely high in markets like Miami ($1,950 median monthly rent), New York ($2,354), and San Francisco ($3,500).
In Oakland, Calif., the proportion of affordable studio to two-bedroom listings dropped by 19.8 percentage points, the most of any metro between 2015 and 2016. The Orange County, Calif., metro saw a 10.8 percentage point drop, and Phoenix saw a 9.4 percentage point drop while the rents in Oakland, Orange County, and Phoenix metro areas increased 13.1%, 0.8%, and 8.5%, respectively.
In San Francisco, 61.3% of one-bedroom homes are going for $3,000 or more per month — 6.3 percentage points higher than what we previously reported last year. Meanwhile, 40.4% of one-bedroom homes in Washington are listed for $2,000-plus per month — 2 percentage points higher than our previous findings. Some places did see these price levels drop slightly. For instance, Manhattan saw a 1.5 percentage point decrease in $3,000-plus one-bedroom listings. Boston similarly saw a 2.1 percentage point decrease in $3,000-plus one-bedrooms.
The good news is that rents in the nation's top 25 rental markets have dropped slightly, declining 1.6% from 2015 to 2016.