On Monday, August 4, we published our monthly National Rent Report, highlighting national rent trend data as well as rent price data by state and by city. To create this report, we analyze rent trends in 100 major U.S. cities.
In this month’s report, we explained a few key market trends:
🔑 Rent has peaked for the year in most of the country.
🔑 Short-term rent increases are predicted to increase in Boston as a result of the broker fee ban.
🔑 Rising rent in Wyoming is shedding light on rural housing crises.
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 $1,595) remained stable from June to July.
🔑 Our data indicates that renters can expect lower asking prices in August in most of the country (with the exception of the Northeast, where prices typically rise through August).
🔑 The national median rent price for a one-bedroom apartment will most likely continue to drop through the end of the year.
In this month’s report, we dove deep into the following trend:
🔑 For years, renters in Boston and New York City have complained of the upfront costs of renting an apartment due to tenant-paid broker fees. With the passing of the FARE Act in NYC last year, which banned tenant-paid broker fees for agents hired by the landlord, that started to change. This summer, Boston followed suit with a ban that went into effect on August 1.
🔑 This seismic shift to the market has renters, brokers, and property owners alike wondering: What will happen to rent prices? To begin to answer that question, we looked at NYC rental data before and after the FARE Act.
🔑 In the week immediately following the enactment of the law, rent prices in NYC jumped as much as 15% in the week following the enactment of FARE — reflecting the 15% broker fee that got shifted from tenants to landlords. However, when looking at the MoM changes, prices stabilized shortly after — with the median price across the city even lowering in accordance with seasonal shifts in 2024.
🔑 Boston is likely to see a similar trend emerge through the rest of 2025, though prices next summer will likely be higher — mirroring what happened in NYC.
🔑 Wyoming saw the biggest MoM rent increase (+5.5%) for a one-bedroom apartment out of any state in July.
🔑 Home ownership is still out of reach for many in the state, where incomes tend to be lower. Plus, Wyoming is experiencing a population increase, putting pressure on the rental market.