In this month’s report, we explained a few key market trends:
🔑 Median rent prices are slightly up nationally — a deviation from typical trends, but not a cause for alarm.
🔑 San Francisco’s rent is reaching sky-high prices thanks to the AI boom.
🔑 Rent is climbing across Connecticut as the state is short over 300,000 homes.
While rent trends differ from region to region, here’s what you need to know about rent prices on a national level:
🔑 The national median rent price for a one-bedroom apartment (now $1,600) increased by 0.31% from July to August.
🔑 For the last three years, the national median price has peaked in June or July, and then consistently decreased from August through the end of the year. However, we still predict that rent prices will begin their seasonal downturn next month
In this month’s report, we dove deep into the following trend:
🔑 The AI industry is growing exponentially, and with leading companies like OpenAI choosing to headquarter in Silicon Valley, demand for tech workers to live in the Bay Area is higher than ever.
🔑 In August, median rent prices reached historic highs — with the median asking price for a one-bedroom apartment sitting at $3,350 (+17.7% YoY), while the asking price for a two-bedroom is hovering around $4,823 (+20.7% YoY). Prices have been climbing since January, with no indication of slowing down.
🔑 For about two years, between the end of 2022 and the beginning of 2025, prices were relatively stable. Population in the city was decreasing as a result of the pandemic (a common phenomenon as many tech jobs went remote) and it seemed that the prices had finally reached an unsustainable fever pitch. However, with the AI boom bringing thousands of workers back to the city, competition is once again high to live in America’s biggest tech bubble.
🔑 From cities to suburbs, rent in Connecticut is up. At the state level, the median price for a one-bedroom apartment increased by 5.6% MoM and 9.8% YoY.
🔑 Like in much of the country, rents are rising as a result of a lack of new housing construction and a sustained demand. And while bigger cities like Hartford and Stamford may be doing their part to add housing, there is still a statewide shortage of over 370,000 homes.