Posted Jul 23, 2014
Drumroll please, introducing the Lovely Rental Market Report – Q2 2014
Today, we’re excited to release the Lovely Rental Market Report featuring Q2 rental data in 5 major cities across the nation: New York City, Los Angeles, Chicago, Washington, D.C., and San Francisco. Here at Lovely, we do our best to arm renters with all of the actionable tools needed for a stress-free, streamlined renting experience. Now, by revealing these findings, we’re thrilled to share this data to help renters across the country make more informed decisions throughout the entire renting process.
The Lovely Rental Market report features market roundups, citywide median rent price, rent price by bed count, median rent price by neighborhood, and more! To download a copy of our Q2 report and explore our findings, please click here. Check out some of our key findings broken down by rental market below.
New York City
- Q2 2014 Citywide Median Rent: $3,175
- New York City experienced the largest growth in median rent price YoY, as compared to the other major markets featured in our report.
- One and two bedroom units have experienced 12 percent and 26 percent YoY growth, respectively, contributing to the 22 percent increase in median rent price compared to Q2 2013.
- Notable ‘hoods: some of the most expensive neighborhoods in New York City during Q2 2014 include Tribeca, Battery Park City, Union Square and the Meatpacking District.
- Q2 2014 Citywide Median Rent: $1,795
- Los Angeles experienced a slight decline in median rent price since the previous quarter, but still saw a nearly 6 percent median rent price increase YoY.
- Neighborhoods like Century City and Brentwood not only represent massive YoY price growth, but also boast exorbitant median rent prices that are 139 percent and 122 percent above the citywide median rent price, respectively.
- Q2 2014 Citywide Median Rent: $1,600
- Compared to all of the markets analyzed in the Lovely Rental Market Report, Chicago has the lowest current citywide median rent price.
- The most affordable city in this list, Chicago experienced a decrease in median rent compared to last year – except when it comes to studios. Since Q2 2013, the median rent price for a studio apartment increased 40 percent.
- Q2 2014 Citywide Median Rent: $2,100
- Washington, D.C. boasted the greatest decrease in median rent YoY compared to the other cities featured in Lovely’s report. Studio, one bedroom and two bedroom units all contributed to this decrease, as they each individually experienced decreases in rent price compared to Q2 2013.
- Georgetown and Foggy Bottom (GW), neighborhoods that are home to popular universities, were of the most expensive in Washington, D.C.
- Q2 2014 Citywide Median Rent: $3,285
- Rent prices have surged throughout the Bay Area. Specifically, Oakland and San Jose have increased 20 percent and 12 percent, respectively, but Oakland median rent still pales, coming in at $1,795 when compared to San Francisco’s sky-high $3,285.
- Notable ‘hoods: Some of the usual suspects remain the most expensive neighborhoods in San Francisco, including Presidio Heights, Sea Cliff and Pacific Heights.
Have questions or feedback? We’d love to hear from you @Lovely on Twitter or in the comments below!
**Methodology: With access to the most robust, comprehensive set of inventory across the web, Lovely provides a deep look into the U.S. rental market. Trends represented in the Lovely Rental Market Report reflect Q2 2014 rental data based on the aggregated rental inventory on Lovely between January 2013 and June 2014. In addition to Lovely’s posting platform, Lovely Pro, we obtain listings by partnering with over 70 external providers to populate our marketplace with rental listings.