Syracuse apartment rent prices fall in June

SYRACUSE, N.Y. — The median rental price for most apartments in the Syracuse metro area fell more than 6 percent in June compared to May, as national median rent prices also backed off in a “long-awaited slowdown in the shocking price hikes over the last year.”

That’s according to the latest Zumper National Rent Report, issued on June 28.

The median rental price of one-bedroom apartments in the Syracuse region was $930 in June, down 6.1 percent from $990 in May, but was still 8.1 percent higher than the $860 median price posted in June 2021, according to Zumper, an apartment-rental listings website. 

However, our region’s rent prices continued to rise for larger apartments. The median rental rate for two-bedroom units in the Syracuse area was $1,230 in June, up 6 percent from $1,160 in May, and up 18.3 percent from $1,040 in the year-earlier month.

Syracuse now ranks as the 85th most expensive rental market (or tied for 16th least expensive) among the top 100 metro areas by population, according to the report. The local region posted the fifth biggest month-over-month decline nationally in one-bedroom prices.

The Zumper National Rent Report analyzes rental data from more than 1 million active listings across the U.S. The company aggregates the data monthly to calculate median asking rents for the top 100 metro areas.