Boston’s rental prices are undeniably high, and a recent report ranked the city among the top five most expensive markets in the country last month. 

In August, Boston was the fourth most expensive city for renters nationwide.

Zumper’s new National Rent Report looked at 100 cities across the country, aggregating data from more than 1 million active listings, including a national rent index for both one- and two-bedroom units. 

The report found the national median rent for a one-bedroom unit increased by 1.6% from last year, reaching $1,534. Rents for two-bedroom units also rose, up 2.7% to $1,915.

Prices in Beantown are nearly double those levels. 

In Boston, the prices for  one- and two-bedroom units were flat month over mont at $2,800 and $3,500, respectively. But year over year, prices for one-bedroom units fell 2.10% while two-bedroom units rose 2.90%. 

New York took the No. 1 spot at $4,500 a month for a one-bedroom unit. Jersey City, New Jersey, came in at No. 2 at $3,400 and San Francisco, California, rounded out the top three at $3,160. 

Zumper attributes the increases to the country’s “enormous rental demand” even as supply soars. 

“Many multifamily operators have reported high resident retention this year, with notably few people leaving the rental market to buy homes,” according to the report. “The U.S. rental vacancy rate has consistently held at 6.6% in Q1 and Q2 2024.”

Zumber CEO Anthemos Georgiades said in an era where the amount of new supply is shattering records, it’s remarkable to see vacancy rates holding steady. 

“Strong renter retention alongside our growing national rent index underscores the robust demand present in the U.S. market,” Georgiades said.