The Apartments.com Rent Growth Report for Q2 2023 delivered good news for renters in several cities, particularly those living in the Sun Belt. Cities where building outpaced demand are seeing the biggest drops in rent prices, mainly due to higher vacancy rates. And, according to the report, “vacancy rates will likely rise further … through the first half of 2024.”
Since the trend of lower rent prices will continue into at least the early part of next year, now is a great time to plan a move.
Here Are the 10 Cities Where Rents Are Falling:
- Oakland, CA
- Portland, OR
- Raleigh, NC
- Nashville, TN
- Salt Lake City, UT
- Orlando, FL
- Atlanta, GA
- Phoenix, AZ
- Las Vegas, NV
- Austin, TX
According to Apartments.com rent trends data, these 10 major cities are seeing the largest declines in rent prices, making it easier and more affordable for renters to find a home. Let’s take a closer look at each city.
Oakland, CA
If you want to live in the East Bay area, you’ll be glad to hear that Oakland rent prices have fallen more than two percent in the past year, saving renters an average of $43 per month. Currently, you can find a one-bedroom apartment in Oakland for around $2,052 per month. While this is still higher than the national average of $1,320 per month, it makes Oakland one of the more affordable places to live in the San Francisco Bay region.
Portland, OR
Famous for its coffee houses and music scene, Portland is a trendy, outdoorsy city with unique neighborhoods and an artistic vibe. If you want to live in the City of Roses, you’ll be glad to hear that rent prices in Portland are roughly one percentage point lower than last year, saving renters about $17 per month. Right now, you can find a one-bedroom apartment in Portland renting for around $1,482.
Raleigh, NC
Rent prices in Raleigh have remained relatively flat, meaning they haven’t changed much in the past year. Rent for a one-bedroom apartment in Raleigh is about $1,425 per month, which is slightly higher than the national average. However, you can find rent below the national average in several neighborhoods, including Brentwood, where a one-bedroom apartment rents for an average of $1,310 per month.
Nashville, TN
If the thought of living in Nashville is music to your ears, you can find some terrific apartments at reasonable prices in this fun-loving city. The average rent for a one-bedroom apartment in Nashville is $1,648 per month, which is about $9 less than last year. However, it’s possible to find a rental well below the national average, especially in neighborhoods like Southeast Nashville, where the average for a one-bedroom apartment is $1,264.
Salt Lake City, UT
Stunning mountain views are just the beginning. Famous for some of the best snow anywhere, you’ll have your pick of ski resorts, with 10 located within an hour’s drive from the city. Rent in Salt Lake City has fallen slightly, saving renters about $10 per month. But while a one-bedroom apartment in Salt Lake City averages $1,392 per month, neighborhoods like Fairpark, which has an average rent of $1,052 per month, provide even more affordable options for renters.
Orlando, FL
Mickey Mouse and Disney princesses — what’s not to love about Orlando? While rent prices are less than a percentage point higher than last year, like much of the Sun Belt, Orlando rent prices are expected to trend downward into 2024. Right now, you can find your place in Orlando for about $1,594 per month for a one-bedroom apartment. Affordable neighborhoods in Orlando include West Oaks, where a one-bedroom rents for $1,351 per month, and Fern Park, which has an average rent of $1,245.
Atlanta, GA
Fantastic job opportunities and exciting nightlife continue to draw new residents to Atlanta. With rent falling nearly two percent since last year, Atlanta apartments are renting for an average of $1,622 per month. While this is still above the national average, you can find a great place in Atlanta depending on where to look. For example, rent in South Atlanta is down 3.3% over last year, with a one-bedroom apartment averaging just $1,207.
Phoenix, AZ
Phoenix is hot right now, and I’m not referring to the city’s current record-breaking temperatures. Rent in Phoenix has been trending downward, with renters paying about $25 less per month over last year. Right now, you can find Phoenix apartments renting for about $1,325. North Mountain, considered one of the most affordable neighborhoods in Phoenix, has one-bedroom apartments for around $1,131 per month.
Las Vegas, NV
While Las Vegas is famous for its casinos, there’s much more to this sun-filled city. Las Vegas has cozy neighborhoods with bicycle-friendly streets, great golf courses, and outdoor destinations like Red Rock Canyon and Lake Mead. Currently, the average rent in Las Vegas is $1,246 per month — less than the national average and nearly two percent cheaper than last year’s rent prices. University District, one of the most affordable neighborhoods in Las Vegas, has one-bedroom apartments averaging $997 per month.
Austin, TX
According to the Market Report, Austin ended 2021 with a 17.7 percent increase in rent. Since then, rent prices have declined and are currently about two percent lower than last year. If you’ve considered moving to Austin but high rents were holding you back, here’s some good news: the average rent in Austin is $1,524 per month. While that’s still higher than the national average, rents are expected to continue trending downward as we head into 2024. Austin has several affordable neighborhoods to consider, including Wells Branch, where a one-bedroom apartment averages $1,318.
Where are rent prices going up?
Now that you know where rents are falling, where are they increasing? According to the report, rents are holding steady or increasing in the Midwest and along the East Coast. This is because there’s less inventory and a lower vacancy rate. Here are five cities where you can expect to pay a little more than last year:
1. Cincinnati, OH
Rent in Cincinnati is up more than three percent over last year, for an average of $999 per month.
2. Columbus, OH
Similar to Cincinnati, the average rent in Columbus has climbed nearly three percent to about $1,073 per month.
3. Indianapolis, IN
Renters in Indianapolis are paying 3.22% more than they were last year, an increase of about $34 per month. You can expect to pay about $1,029 per month for an apartment in Indy.
4. Chicago, IL
Continuing our tour of the Midwest, Chicago saw a 3.65% increase in rent over last year, with renters paying $1,795 per month, which is about $66 more.
5. Boston, MA
Hopping over to the East Coast, Boston is at the top of the list of cities seeing substantial rent increases. The average price for a Boston apartment is $3,407 per month, which is an increase of 3.21% or $110 per month.
