Syracuse apartment rent prices for one-bedroom units jump in May

SYRACUSE — The median rental price for most apartments in the Syracuse metro area soared almost 29 percent in May from a year earlier and increased more than 6 percent from the prior month. The year-over-year rise in rent in Syracuse was the highest among all 100 largest metro areas in the U.S., according to the latest Zumper National Rent Report, issued on May 29 The median rental price of one-bedroom apartments in the Syracuse region was $1,170 in May, up 6.4 percent from $1,100 in April, but was up 28.6 percent from the $910 median rent seen in May 2023, according to Zumper, an apartment rental-listings website. The median rental rate for two-bedroom units in the Syracuse area was $1,450 this May, up 5.8 percent from $1,370 in April, but up 25 percent from $1,160 in the year-prior month. “Syracuse has recently seen historic population growth, the city houses a large national university, and many homes are owned, rather than for rentals, so the demand and competition in this market have swelled considerably,” Zumper said in its May National Rent Report. Syracuse now ranks as 70th most expensive rental market (or 31st least expensive) among the top 100 metro areas by population, according to the report. 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 100 largest regions.