Renters on a Budget Should Look in These 27 Cities Where Apartment Prices Are Plunging

Video Marketing

This article originally appeared on Business Insider.

The “year of the American renter” is off to a strong start — unless you’re a landlord.

A new report from online rental platform Zumper found that in January, the going rate for a one-bedroom apartment in the US was $1,496, and $1,847 for a two-bedroom setup. Those two figures changed little from last month.

Rent is slightly below the record levels set in September but remains higher than last January. Median year-over-year rent growth rates this month were 0.3% for one-bedroom apartments and 1.4% for apartments with two bedrooms, according to Zumper. One-bedroom rent rose by less than 1% for the fifth-straight month after rising for 12 consecutive months starting in October 2021.

Apartment prices have been driven down by surging supply, Zumper noted. New units are going up rapidly across regions following years in which demand for rental units far outpaced supply.

“2023 was a record year for new supply across the country, and the multifamily industry will add even more inventory in 2024,” Zumper’s researchers wrote in their January rent report. “This jump in supply is good news for renters looking for a deal.”

A more competitive rental market isn’t just driving down prices. Many renters are now enjoying perks that would’ve been unheard of during the pandemic, including waived security deposits and a free month of rent, Zumper found. That trend can continue as interest rates slide, which will likely bring homebuyers back from the sidelines.

“Renters have more leverage right now than anytime in recent memory,” said Anthemos Georgiades, the CEO of Zumper, in a statement for the report. “Now is the time to renegotiate existing leases or score a deal on a new apartment.”

27 cities where apartments are getting much more affordable

Exactly half of the top 100 rental markets in the US saw median apartment prices fall from 2023, according to Zumper. However, those declines varied widely by region and were more significant in the Sun Belt than in the Midwest.

Below are 27 metropolitan areas where the going rental rate for a one-bedroom apartment is at least 5% lower than it was last January, according to Zumper. Along with each city are its year-over-year and month-over-month rent changes, average rent price, and national rent ranking among the largest 100 US real estate markets.

1. Scottsdale, Arizona

scottsdale arizona

Scottsdale, Arizona. Tim Roberts Photography/Shutterstock via BI

Year-over-year rent change: -17.7%

Month-over-month rent change: -3.5%

Average rent: $1,670

National rent ranking: 24

Source: Zumper

2. Irving, Texas

Irving texas

Skyline of the Las Colinas area of Irving, Texas. iStock / Getty Images Plus via BI

Year-over-year rent change: -16.1%

Month-over-month rent change: -0.8%

Average rent: $1,250

National rent ranking: 61

Source: Zumper

3. Winston Salem, North Carolina

Above shot of downton Winston-Salem with red and orange trees.

Winston-Salem, North Carolina. halbergman/Getty Images via BI

Year-over-year rent change: -14.6%

Month-over-month rent change: -1.1%

Average rent: $880

National rent ranking: 92

Source: Zumper

4. Greensboro, North Carolina

greensboro north carolina

Sean Pavone/Shutterstock via BI

Year-over-year rent change: -13.9%

Month-over-month rent change: 5.3%

Average rent: $990

National rent ranking: 82

Source: Zumper

5. Boise, Idaho

Boise, Idaho.

Boise, Idaho. Charles Knowles/Shutterstock via BI

Year-over-year rent change: -12.8%

Month-over-month rent change: 3.2%

Average rent: $1,290

National rent ranking: 55

Source: Zumper

6. Augusta, Georgia

City view of Augusta, Georgia.

Augusta, Georgia. SeanPavonePhoto/Getty Images via BI

Year-over-year rent change: -12.5%

Month-over-month rent change: -1.2%

Average rent: $840

National rent ranking: 95

Source: Zumper

7. Buffalo, New York

Residental buildings in Buffalo, New York.

Buffalo, New York. Getty Images via BI

Year-over-year rent change: -10.7%

Month-over-month rent change: 5.9%

Average rent: $1,080

National rent ranking: 74

Source: Zumper

8. Austin, Texas

A street filled with cars in Austin, Texas.

Austin, Texas. Evan Semones via BI

Year-over-year rent change: -10.2%

Month-over-month rent change: 0%

Average rent: $1,490

National rent ranking: 35

Source: Zumper

9. Asheville, North Carolina

Downtown Asheville North Carolina

Asheville, North Carolina. Kevin Ruck/Shutterstock via BI

Year-over-year rent change: -8.4%

Month-over-month rent change: -2.1%

Average rent: $1,420

National rent ranking: 41

Source: Zumper

10. Arlington, Texas

Arlington, Texas

Shutterstock via BI

Year-over-year rent change: -8.3%

Month-over-month rent change: 1.9%

Average rent: $1,100

National rent ranking: 70

Source: Zumper

11. St. Louis, Missouri

The Gateway Arch, St Louis, Missouri.

The Gateway Arch, St Louis, Missouri. joe daniel price/Getty Images via BI

Year-over-year rent change: -8.3%

Month-over-month rent change: 3.5%

Average rent: $880

National rent ranking: 92

Source: Zumper

12. Memphis, Tennessee

Downtown Memphis Tennessee Skyline at Sunset

Memphis, Tennessee. Connor D. Ryan/Shutterstock via BI

Year-over-year rent change: -8.2%

Month-over-month rent change: 2.3%

Average rent: $900

National rent ranking: 90

Source: Zumper

13. Providence, Rhode Island

Aerial panorama of Providence skyline on a late afternoon.

Providence, Rhode Island. Mihai_Andritoiu/Shutterstock via BI

Year-over-year rent change: -8%

Month-over-month rent change: -5.9%

Average rent: $1,600

National rent ranking: 25

Source: Zumper

14. Glendale, Arizona

An aerial view of Glendale, Arizona.Saverino and his boyfriend rented in the Phoenix suburb of Glendale before buying a one-bedroom condo in Mesa for $204,000. halbergman/Getty Images via BI

Year-over-year rent change: -7.7%

Month-over-month rent change: -5.5%

Average rent: $1,200

National rent ranking: 65

Source: Zumper

15. Colorado Springs, Colorado

Colorado, Springs

Jacob Boomsma/Getty Images via BI

Year-over-year rent change: -7.6%

Month-over-month rent change: 0%

Average rent: $1,100

National rent ranking: 70

Source: Zumper

16. Wichita, Kansas

wichita kansas

Sean Pavone/Shutterstock via BI

Year-over-year rent change: -7.2%

Month-over-month rent change: -1.5%

Average rent: $640

National rent ranking: 100

Source: Zumper

17. Houston, Texas

Houston, Texas, downtown park and skyline at twilight.

Houston, Texas. Sean Pavone/Shutterstock via BI

Year-over-year rent change: -6.9%

Month-over-month rent change: -1.6%

Average rent: $1,220

National rent ranking: 63

Source: Zumper

18. Oakland, California

Oakland, California city skyline

Oakland, California city skyline. Jonathan Clark/Getty Images via BI

Year-over-year rent change: -6.8%

Month-over-month rent change: -1.4%

Average rent: $2,050

National rent ranking: 13

Source: Zumper

19. Dallas, Texas

Dallas, Texas cityscape with blue sky at sunset, Texas

Dallas, Texas. f11photo/Shutterstock via BI

Year-over-year rent change: -6.8%

Month-over-month rent change: -2.2%

Average rent: $1,360

National rent ranking: 46

Source: Zumper

20. San Antonio, Texas

san antonio texas

Sean Pavone/Shutterstock via BI

Year-over-year rent change: -6.1%

Month-over-month rent change: 0.9%

Average rent: $1,080

National rent ranking: 74

Source: Zumper

21. Orlando, Florida

Orlando, Florida.

Orlando, Florida. Songquan Deng/Shutterstock via BI

Year-over-year rent change: -6%

Month-over-month rent change: 0.60%

Average rent: $1,580

National rent ranking: 26

Source: Zumper

22. Lincoln, Nebraska

Aerial View of Lincoln, Nebraska, in Autumn.

Lincoln, Nebraska. Jacob Boomsma/Shutterstock via BI

Year-over-year rent change: -6%

Month-over-month rent change: 1.3%

Average rent: $790

National rent ranking: 97

Source: Zumper

23. El Paso, Texas

Northwest in El Paso, Texas

Northwest in El Paso, Texas John Coletti/Getty Images via BI

Year-over-year rent change: -5.8%

Month-over-month rent change: -5.8%

Average rent: $810

National rent ranking: 96

Source: Zumper

24. Bakersfield, California

Bakersfield, California

Bakersfield, California MattGush/Getty Images via BI

Year-over-year rent change: -5.4%

Month-over-month rent change: -0.9%

Average rent: $1,050

National rent ranking: 78

Source: Zumper

25. Jacksonville, Florida

Jacksonville, Florida.

Jacksonville, Florida. ESB Professional/Shutterstock via BI

Year-over-year rent change: -5.3%

Month-over-month rent change: 0.8%

Average rent: $1,260

National rent ranking: 59

Source: Zumper

26. New Orleans, Louisiana

New Orleans, Louisiana

John Coletti/Getty Images via BI

Year-over-year rent change: -5.1%

Month-over-month rent change: 0%

Average rent: $1,500

National rent ranking: 31

Source: Zumper

27. Albuquerque, New Mexico

Albuquerque, New Mexico, USA downtown cityscape at twilight.

Albuquerque, New Mexico. Sean Pavone/Shutterstock via BI

Year-over-year rent change: -5%

Month-over-month rent change: 3.3%

Average rent: $950

National rent ranking: 85

Source: Zumper

Products You May Like

Articles You May Like

Decoding the “Soft Landing” Financial Narrative
Save $35 on This Innovative Tool to Declutter Your Workspace
Here Are 3 Strategies Startup Founders Can Use to Approach High-Impact Disputes
Become a Year-Round Golfer with This $150 PhiGolf Deal
7 Calendar Features You May Not Be Using — But Should

Leave a Reply

Your email address will not be published. Required fields are marked *