Posted Oct 22, 2014

Lovely Q3 Rental Market Report

S C U L P T U R E  &  A R T (2)
See the latest Lovely data here.

It’s that time of the year again — time to release the latest, and greatly anticipated, Lovely Rental Market Report. We’re thrilled to share our newest findings, featuring Q3 rental data in 5 major cities across the nation: San Francisco Bay Area, Chicago, Los Angeles, New York City and Washington, D.C. Beyond the search experience, it’s our goal to provide renters with all of the necessary insights to create the most stress-free, and informed, renting experience. The Lovely Rental Market report presents key roundups including, citywide median rent price, rent price by bed count, median rent price by neighborhood and cross-city comparisons. In this report, we’ve also highlighted the 30 cities across the nation with the highest rent prices in Q3 2014 – let’s just say, you’ll be shocked by these findings! To download a copy of our Q3 report, and to explore our findings in more depth, click here.

Check out some of our key findings broken down by rental market below.

San Francisco

Renters are flocking to the San Francisco Bay Area, and the rental market can’t keep up – in the last quarter alone, rent prices in the city have increased by more than six percent prompting renters to seek rentals in the surrounding areas such as Oakland, which experienced a 20 percent increase in median rent in the past year. Q3 median rent in San Francisco was at a whopping $3,488, making it the second highest rent city in the nation, just behind neighboring city Palo Alto.

Chicago

Rent prices in Chicago have been on the rise for the past three years. In fact, Chicago experienced the highest citywide median rent in almost three years – $1,684. The Windy City saw a tremendous increase in median rent, more than 12 percent compared to the previous year. Neighborhoods with the largest year-over-year rent increases included Roseland (71 percent) and the Gage Park (54 percent).

Los Angeles

Like both San Francisco and Chicago, Los Angeles boasted the most expensive median rent prices in nearly three years, clocking in at $1,865. Despite a more than 10 percent rise in median rent since the third quarter of 2013, Los Angeles renters could still secure a two-bedroom apartment for $2,100 — which was equal to the median rental rate of a San Francisco studio during the third quarter of 2014.

New York City

For the first time in 2014, New York’s citywide median rent fell below $3,000. While these prices are still through the roof and unaffordable for many, these trends prove to be promising to NYC renters. Although Tribeca tops the charts as the most expensive neighborhood with a median rent of $5,000, Battery Park City is close on its heels, nearing $4,900 after seeing a 28 percent rent increase compared to last year. The ongoing New York City vs. San Francisco rent price battle seems to be settled (at least for now) with San Francisco as the clear winner in Q3, blowing New York City rents out of the water.

Washington, D.C.

The nation’s capital experienced an almost five percent increase in citywide median rent price compared to the previous quarter, coming in at $2,200. D.C. renters living with roommates experienced helpful cost savings. Renters in D.C. can save 29 percent by living with one roommate in a two bedroom unit, compared to a one-bedroom alone, or 18 percent by living with one roommate in a two-bedroom unit compared to living alone in a studio apartment. For more fascinating insights, make sure to check out the full report! Stay tuned for more city spotlights on the blog breaking down third quarter trends. What do you think about the third quarter trends across the nation? We’d love to hear from you in the comments below, on Facebook or Twitter! Pin this post:   MEDIAN RENT PRICE Q2 (3)

*Note: Brentwood, CA is mapped in Southern California on the “Top 30 Cities” map in the quarterly report, but the data is actually referring to the city of Brentwood in Contra Costa County in Northern California

Elizabeth Pullman

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Elizabeth oversees Marketing at Lovely. It is her goal to make sure every single person nationwide knows about Lovely and Lovely Pro!

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Comments

2 responses to “Lovely Q3 Rental Market Report”

  1. Cathy says:

    I’m skeptical of the data.

    NYC is a very large area that should be sub-divided into the five boroughs, at the very least. Within in that, downtown Brooklyn should probably be separated from the rest of Brooklyn. They are very different markets.

    What’s more, SF-proper is half the size of NYC (232 sq miles vs 469 sq miles), so you’re excluding low-income areas that are part of NYC’s average rent.

    This is also the median rent overall, not standardized by apartment size. It’s not fair to compare renting a whole house in Palo Alto to an 850 sq ft Manhattan apartment.

    • Elizabeth says:

      Cathy – Thanks so much for reaching out and for taking the time to read our report! These are all really great points and all great things for us to keep in mind as we iterate on future reports. For this report we wanted to look at each of these cities overall, which is why we looked at the citywide median rent price across all bed counts for each city. We do recognize that each New York City borough and neighborhood is very different, so we wanted to make sure to highlight a variety of neighborhoods in the neighborhood breakdown chart. In the future, we do hope to look at the median rent price across each borough broken down by bed count.

      Similarly, we understand that comparing Palo Alto and New York City are very different markets, but we chose to provide a representation of the median rent price overall. In the future, we do hope (and plan) to go more in depth and look at a wider array of cities and segment them out based on bed count and/or square footage.

      Thanks again for taking the time to thoroughly read our report and reach out to us with great feedback – we really appreciate it!

      – Elizabeth

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