Irving Among Top Cities with Largest Decline in Rent Prices as National Index Hits 12-Month High

Zumper has released its latest National Rent Report, which includes data from over one million active listings across 100 cities. The report features a National Rent Index for one and two-bedroom units.

Key highlights include:

• The national rent index has shown the largest annual growth rates since July 2023. One-bedroom rents increased by 1.7% to $1,531, while two-bedroom rents rose by 2.6% to $1,911.
• The national rent prices have reached a 12-month high in growth rates. This coincides with a record 50-year high of new rental supply, indicating substantial demand in the market. Property owners are competing by offering generous concessions and reduced rents.
• In Texas, all but one of the nine cities listed in the report experienced declines in both monthly and annual rent rates. This trend is attributed to a significant increase in supply, with over 100,000 new apartment units added in the state this year.
• Fort Worth led with the largest decline, falling over 10% since last year. Other Texas cities including Irving, Houston, Dallas, and Austin saw annual rent rates drop by more than 5%.
• In Irving, the average rent for a one-bedroom apartment decreased by 8.6% to $1,280 per month, while two-bedroom rents fell by 6.8% to $1,650 year-over-year.

“The fact that Zumper shows national rent growth at a 12-month high at the same time as the U.S. delivers a record 50-year high of new supply shows you just how strong renter demand is today,” explains Zumper CEO Anthemos Georgiades. “Renters are feeling more confident about the economy and the labor market, and they also hold the power in today’s market, with generous concessions being offered to commit to a new lease.”

The rental data for Zumper’s National Rent Report analyzes over one million active listings across the country every month. Listings are aggregated to calculate median asking rents for the top 100 most populous cities and therefore provides a comprehensive view of the current state of the market. Any data that is reported does not include short term listings.