ROCHESTER, N.Y. (WROC) — If you’ve been doing some apartment hunting locally, you might want to wait on signing a lease for a one-bedroom unit.
Monroe County, New York was the No. 1 market in the country for one-bedroom rent increases in the month of September, according to a new study published Tuesday by Realtor.com.
“Fast-growing cities (e.g. Rochester, NY; Colorado Springs, CO) and spillover markets (e.g. Tacoma, WA) are seeing the largest increases in rents compared to last year,” economic data analyst Nicolas Bedo wrote.
The rental data compiled found that rents across the nation’s largest 100 counties are losing momentum, with year-over-year trends easing. In several major cities, rents are down “substantially” compared to last year.
Rochester is the exception to the trend, for one-bedroom units.
“Places like Monroe County, NY (Rochester) and El Paso County, CO (Colorado Springs) have been hot on the homebuying front for a while, and it’s no different on the rental side,” Bedo wrote. “The demand in these fast-growing markets is reflected in the growing rental prices. Monroe County, NY topped the list of fastest-growing rents for One-bedroom units, with the median rent at $1,049 in September, up 12.8 year-over-year.
The study found that 36 of the 100 largest counties in the country are seeing rents decline compared to last year.
According to the study, rental data compiled through September 2020, and includes apartment communities as well as private rentals (condos, townhomes, single-family homes). National rents were calculated by averaging the medians of the 100 largest counties, except for Studios, which were based on 80 of those counties with at least 20 listings.
The top 10 markets for one bedroom rent decreases, in order, were:
- San Francisco, CA
- San Mateo, CA
- Santa Clara, CA
- Suffolk, MA
- New York City
- King, WA
- Honolulu, HI
- Washington D.C.
- Fairfax, VA
- Middlesex, MA