Rental prices are falling in 20 cities in the United States as the spring moving season ramps up, according to a report.
The going rate for a one-bedroom apartment in the US fell by 0.6% year-over-year in April to $1,486, marking the third consecutive month rent prices for such units saw a decline, per data from rental site Zumper.
The recent decline means the monthly rate of one-bedroom apartments is now $9 cheaper than it was in April 2023. While the difference may not be a lot, renters in the US are now much better off financially, especially after wages grew by nearly 5% from 2023, according to Federal Reserve data. In addition, the increasing supply on the rental market would keep price growth in check until at least this year, the report noted.
"It seems we are firmly settled into the year of the renter as people have more options now than in recent memory," Zumper CEO Anthemos Georgiades said in the report. "With Class A buildings marketing concessions that include up to three months of free rent, free parking, and waived deposits and application fees, this, in turn, puts pressure on Class B and C buildings to price competitively as well in order to attract tenants."
Where Are Rent Prices Falling?
Below are the 28 cities where rent prices for one-bedroom apartment units are falling month-over-month, according to Zumper.
City, State | Month-over-Month Change | Average Rent |
Gilbert, AZ | -6.20% | $1,370 |
Houston, TX | -5.00% | $1,150 |
Milwaukee, WI | -3.80% | $1,010 |
Charleston, SC | -3.60% | $1,890 |
Boise, ID | -3.60% | $1,320 |
Minneapolis, MN | -3.00% | $1,300 |
Baton Rouge, LA | -3.00% | $960 |
Baltimore, MD | -2.90% | $1,350 |
Rochester, NY | -2.70% | $1,100 |
Kansas City, MO | -2.70% | $1,100 |
Buffalo, NY | -2.50% | $1,170 |
Scottsdale, AZ | -2.40% | $1,660 |
Nashville, TN | -2.40% | $1,640 |
Fort Worth, TX | -2.40% | $1,220 |
Salt Lake City, UT | -2.30% | $1,300 |
Tallahassee, FL | -2.00% | $980 |
Raleigh, NC | -1.60% | $1,270 |
Richmond, VA | -1.50% | $1,330 |
Cleveland, OH | -1.50% | $1,280 |
St. Petersburg, FL | -1.30% | $1,540 |
Austin, TX | -1.30% | $1,510 |
Memphis, TN | -1.10% | $900 |
El Paso, TX | -1.10% | $890 |
Seattle, WA | -1.00% | $1,890 |
Las Vegas, NV | -0.80% | $1,230 |
Sacramento, CA | -0.70% | $1,490 |
New Orleans, LA | -0.60% | $1,550 |
Jersey City, NJ | -0.30% | $3,250 |
