The median rental price in July increased by 15.5% when compared to the same time last year, the highest in history according to the report. In June, the median rental price was $3,615, which was 2% higher than in June. In 2022, the median rental price for the month was $3,129 — a difference of $486.
The average rental price for a studio took a small decrease in July, but still fit the pattern of rising prices. Studios were at an average of $3,017 in July, a 1.2% decrease from June and a 8.8% increase from 2022.
A one-bedroom unit also increased on its average. In June, one-bedroom units experienced a 8.2% increase from the prior month at $3,337, and a 15.7% increase from 2022. Two-bedroom units also averaged high in rental price with a cost of $4,880 in July — a 8.5% increase from June and a 17.8% increase from 2022.
The average rental price for a three-bedroom was $5,038 in July, an 17.7% increase from June and a 5.3% increase from 2022. The luxury median rental price was $6,630 with a 6.4% increase from June and a 8% increase from 2022.
The number of new leases also experienced a downward trend in all rental price categories, with the greatest decrease shown in studios at 63.4% decrease year over year.