47 US cities where renting an apartment is unexpectedly getting more affordable, including 2 where one-bedrooms are now below $1,000 on average
- Apartments are as unaffordable as ever, with millions spending a third of take-home pay on rent.
- However, rapidly receding rent growth is a bright spot for renters, including those waiting to buy.
- Here are 47 real estate markets where rent is lower now than it was in September 2022
Rent remains at exorbitant levels in most of the United States, despite the fact that monthly payments to landlords have slowed to a crawl in the last nine months.
According to a Harvard study published earlier this summer, the number of Americans spending at least a third of their income on rent has never been higher.
It’s easy to see why after reviewing new data from the firm. In their monthly rent report released earlier this week, Zumper discovered that the median cost for a one-bedroom apartment in the United States increased to $1,511 in September, just above the record high set last month.
The silver lining is that rent growth for a one-bedroom setup was only 0.5% year on year, by far the lowest rate in the previous 12 months. The same is true for two-bedroom units, where the going rate has dropped from double digits in September to nearly nothing.
“Rents are now nearly flat year on year — something unthinkable even a year ago,” wrote Anthemos Georgiades Zumper’s CEO in a statement for the report. “That’s partially thanks to new supply coming online in many markets, and it’s welcome news for cost-burdened renters.”
While lower rent increases should be encouraging to renters after a few years of out-of-control hikes tied to rampant inflation, the United States is still dealing with a living affordability crisis. High mortgage rates make it difficult or prohibitive for many would-be homebuyers to close on properties, forcing them to rent, where they play right into the hands of landlords.
47 cities with falling rents
Zumper’s monthly list of the 100 largest US real estate markets provides additional evidence that rent growth has slowed. Only 43 of those cities saw rents rise beginning in September 2022, while the rest saw year-over-year growth either flatten or fall.
According to Zumper, the median rent for a one-bedroom apartment is now more affordable than it was in 2022 in 47 markets. Each location includes its year-over-year and month-over-month rent changes, average rent price, and national rent ranking among the top 100 cities in the United States.
1. Lincoln, Nebraska
Year-over-year rent change: -15.6%
Month-over-month rent change: -5.8%
Average rent: $810
National rent ranking: 97
Source: Zumper
2. Augusta, Georgia
Year-over-year rent change: -12%
Month-over-month rent change: -5.4%
Average rent: $880
National rent ranking: 94
Source: Zumper
3. Irving, Texas
Year-over-year rent change: -11.6%
Month-over-month rent change: -4.4%
Average rent: $1,300
National rent ranking: 57
Source: Zumper
4. Fresno, California
Year-over-year rent change: -11.5%
Month-over-month rent change: 0%
Average rent: $1,310
National rent ranking: 53
Source: Zumper
5. Austin, Texas
Year-over-year rent change: -11%
Month-over-month rent change: -2.5%
Average rent: $1,530
National rent ranking: 32
Source: Zumper
6. St. Louis, Missouri
Year-over-year rent change: -9%
Month-over-month rent change: 1.1%
Average rent: $910
National rent ranking: 92
Source: Zumper
7. Scottsdale, Arizona
Year-over-year rent change: -8.3%
Month-over-month rent change: 1.1%
Average rent: $1,760
National rent ranking: 23
Source: Zumper
8. Boise, Idaho
Year-over-year rent change: -7.7%
Month-over-month rent change: -1.5%
Average rent: $1,310
National rent ranking: 53
Source: Zumper
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9. Phoenix, Arizona
Year-over-year rent change: -7.7%
Month-over-month rent change: -1.5%
Average rent: $1,310
National rent ranking: 53
Source: Zumper
10. Buffalo, New York
Year-over-year rent change: -7.1%
Month-over-month rent change: -3.7%
Average rent: $1,050
National rent ranking: 80
Source: Zumper
11. San Antonio, Texas
Year-over-year rent change: -7%
Month-over-month rent change: 1.9%
Average rent: $1,070
National rent ranking: 78
Source: Zumper
12. Greensboro, North Carolina
Year-over-year rent change: -6.9%
Month-over-month rent change: -1%
Average rent: $950
National rent ranking: 86
Source: Zumper
13. San Diego, California
Year-over-year rent change: -6.1%
Month-over-month rent change: 0%
Average rent: $2,460
National rent ranking: 7
Source: Zumper
14. Tulsa, Oklahoma
Year-over-year rent change: -5.9%
Month-over-month rent change: -2.1%
Average rent: $950
National rent ranking: 86
Source: Zumper
15. San Jose, California
Year-over-year rent change: -5.8%
Month-over-month rent change: -0.8%
Average rent: $2,610
National rent ranking: 6
Source: Zumper
16. New Orleans, Louisiana
Year-over-year rent change: -5.8%
Month-over-month rent change: 0.7%
Average rent: $1,450
National rent ranking: 40
Source: Zumper
17. Plano, Texas
Year-over-year rent change: -5.8%
Month-over-month rent change: 0.7%
Average rent: $1,450
National rent ranking: 40
Source: Zumper
18. Henderson, Nevada
Year-over-year rent change: -5.7%
Month-over-month rent change: 0%
Average rent: $1,480
National rent ranking: 37
Source: Zumper
19. Las Vegas, Nevada
Year-over-year rent change: -5.3%
Month-over-month rent change: 0%
Average rent: $1,250
National rent ranking: 65
Source: Zumper
20. Reno, Nevada
Year-over-year rent change: -5.1%
Month-over-month rent change: -2.3%
Average rent: $1,300
National rent ranking: 57
Source: Zumper
21. Sacramento, California
Year-over-year rent change: -4.9%
Month-over-month rent change: -1.9%
Average rent: $1,550
National rent ranking: 30
Source: Zumper
22. Santa Ana, California
Year-over-year rent change: -4.6%
Month-over-month rent change: -1.4%
Average rent: $2,060
National rent ranking: 14
Source: Zumper
23. Tampa, Florida
Year-over-year rent change: -4.6%
Month-over-month rent change: 3.1%
Average rent: $1,650
National rent ranking: 26
Source: Zumper
24. Orlando, Florida
Year-over-year rent change: -4.3%
Month-over-month rent change: -3.1%
Average rent: $1,570
National rent ranking: 28
Source: Zumper
25. Dallas, Texas
Year-over-year rent change: -4.1%
Month-over-month rent change: 0%
Average rent: $1,410
National rent ranking: 42
Source: Zumper
26. Glendale, Arizona
Year-over-year rent change: -3.8%
Month-over-month rent change: 2.4%
Average rent: $1,280
National rent ranking: 61
Source: Zumper
27. Richmond, Virginia
Year-over-year rent change: -3.6%
Month-over-month rent change: 0%
Average rent: $1,330
National rent ranking: 49
Source: Zumper
28. Pittsburgh, Pennsylvania
Year-over-year rent change: -3.6%
Month-over-month rent change: 3.1%
Average rent: $1,320
National rent ranking: 50
Source: Zumper
29. Atlanta, Georgia
Year-over-year rent change: -3.4%
Month-over-month rent change: -0.6%
Average rent: $1,700
National rent ranking: 24
Source: Zumper
30. Colorado Springs, Colorado
Year-over-year rent change: -3.3%
Month-over-month rent change: 0%
Average rent: $1,160
National rent ranking: 68
Source: Zumper
31. San Francisco, California
Year-over-year rent change: -3.2%
Month-over-month rent change: -1.3%
Average rent: $3,000
National rent ranking: 3
Source: Zumper
32. Baton Rouge, Louisiana
Year-over-year rent change: -3.2%
Month-over-month rent change: -1.1%
Average rent: $920
National rent ranking: 91
Source: Zumper
33. New Haven, Connecticut
Year-over-year rent change: -3.1%
Month-over-month rent change: 3.3%
Average rent: $1,550
National rent ranking: 30
Source: Zumper
34. Mesa, Arizona
Year-over-year rent change: -2.9%
Month-over-month rent change: 1.5%
Average rent: $1,320
National rent ranking: 50
Source: Zumper
35. Memphis, Tennessee
Year-over-year rent change: -2.9%
Month-over-month rent change: 0%
Average rent: $1,000
National rent ranking: 81
Source: Zumper
36. Providence, Rhode Island
Year-over-year rent change: -2.7%
Month-over-month rent change: 1.7%
Average rent: $1,830
National rent ranking: 19
Source: Zumper
37. St. Petersburg, Florida
Year-over-year rent change: -2.6%
Month-over-month rent change: -0.7%
Average rent: $1,500
National rent ranking: 33
Source: Zumper
38. Seattle, Washington
Year-over-year rent change: -2.5%
Month-over-month rent change: -0.5%
Average rent: $1,990
National rent ranking: 18
Source: Zumper
39. Houston, Texas
Year-over-year rent change: -2.3%
Month-over-month rent change: 0.8%
Average rent: $1,300
National rent ranking: 57
Source: Zumper
40. Tucson, Arizona
Year-over-year rent change: -2.1%
Month-over-month rent change: -3.1%
Average rent: $930
National rent ranking: 88
Source: Zumper
41. Los Angeles, California
Year-over-year rent change: -2%
Month-over-month rent change: 0.4%
Average rent: $2,420
National rent ranking: 8
Source: Zumper
42. Portland, Oregon
Year-over-year rent change: -2%
Month-over-month rent change: -1.3%
Average rent: $1,480
National rent ranking: 37
Source: Zumper
43. Salt Lake City, Utah
Year-over-year rent change: -1.5%
Month-over-month rent change: 2.4%
Average rent: $1,280
National rent ranking: 61
Source: Zumper
44. Madison, Wisconsin
Year-over-year rent change: -1.4%
Month-over-month rent change: 3%
Average rent: $690
National rent ranking: 100
Source: Zumper
45. Wichita, Kansas
Year-over-year rent change: -1.4%
Month-over-month rent change: 3%
Average rent: $690
National rent ranking: 100
Source: Zumper
46. Arlington, Virginia
Year-over-year rent change: -1.3%
Month-over-month rent change: -1.3%
Average rent: $2,310
National rent ranking: 10
Source: Zumper
47. Norfolk, Virginia
Year-over-year rent change: -0.8%
Month-over-month rent change: 4.1%
Average rent: $1,280
National rent ranking: 61
Source: Zumper
