According to the newly released Zumper National Rent Report for February, Boston's rental prices remain among the highest in the country. However, the report also reveals that rent increases

are slowing down on a national level.

Zumper's data shows that Boston's median rent for a one-bedroom apartment has slightly decreased, making it the third most expensive city to rent in the United States, behind New York City and San Francisco. This comes after Boston surpassed San Francisco for the second spot four months ago.

Boston's median one-bedroom rent is now $2,990, which is only $10 less than San Francisco's $3,000. New York City is still the most expensive with a median one-bedroom rent of $3,550, but Zumper reports that the city's one- and two-bedroom rents have decreased by 3.8% and 3.6%, respectively.

Zumper's national index for one- and two-bedroom rentals has remained flat month-over-month, indicating a possible turning point in the supply and demand balance after several months of near-flat rent increases.

For Boston specifically, the shift back to third place "points to a possible inflection point for rents in Beantown," says Zumper, adding that the city's ongoing housing crisis is worsened by zoning laws that favor single-family homes.

The national figures for one-bedroom and two-bedroom rents remain at $1,492 and $1,824, respectively, with only a small increase in two-bedroom rentals. These figures represent year-over-year increases of 7.3% for one-bedroom rentals and 6.8% for two-bedroom rentals.

However, Zumper notes that the percentage increases year-over-year are significantly lower than they were last year. In 2022, rents had increased by 12.8% and 13.8% year-over-year for one- and two-bedroom rentals, respectively.

According to Zumper, Honolulu, Phoenix, and Indianapolis are among the cities seeing the greatest rent increases this month, while Syracuse, New York, and New Haven, Connecticut, are among the cities with the largest decreases in rent prices.