Syracuse apartment rent prices jumped 14 percent in the last year, report finds

The median rental price for most apartments rose about 14 percent in the Syracuse metro area in the past year.

That’s according to the latest national rent report from Zumper, an apartment-rental listings website. 

The median rental price of one-bedroom apartments in the Syracuse area rose 14.1 percent to $810 per month in the last year, while rental rates for two-bedroom units increased 13.8 percent to $990.

Syracuse now ranks as the 58th most expensive rental market in the nation.

The Zumper National Rent Report (https://www.zumper.com/blog/rental-price-data) analyzes rental data from more than 1 million active listings across the U.S. The company aggregates the data on a monthly basis to calculate median asking rents for the top 100 metro areas by population.

In comparison, median rental prices decreased in Rochester in the last year — down 1.4 percent to $700 a month for one-bedroom apartments and off 5.8 percent to $810 for two-bedroom units, according to Zumper. The Rochester market ranks as the 71st most expensive in the nation.

In Buffalo, which tied for 41st most expensive rental market, the median price for a one-bedroom apartment rose 1.1 percent to $950 a month, while rental rates for two-bedroom units increased 14.1 percent to $1,130. 

Overall, national median prices for both one- and two-bedroom apartments stand at $1,139 and $1,348, respectively. The national median rent price has increased about 2.6 percent in the past year, per Zumper.

The nation’s five most expensive apartment rental markets are San Francisco, New York City, Boston, San Jose, and Oakland — all with median rental rates topping $2,000 per month for one-bedroom apartments and $2,500 for two-bedroom units. However, all of these markets have experienced slight to moderate price declines in the last 12 months.