As 2023 draws to a close, we're reflecting on a rocky year for rent prices. The news, however, is good for renters: rent prices continued their downward trajectory last month. Based on the November 2023 Apartments.com Rent Growth Report, rents have consistently declined nationwide for the past four months. The pace of decrease has admittedly slowed, with a 0.4% drop in October followed by a 0.3% decrease in November. Nevertheless, it is important to acknowledge that rent prices remain 0.8% higher than they were last year.
Rents Tumble Further in the South and West
The South and West continue to be the big story when it comes to rent declines. While, on average, rents were down across the country in November, showing a shift away from the higher rent prices we saw in the Midwest a month ago, the biggest declines were in the southern and western US. Rent was down 0.3% in the West and 0.4% in the South, compared to last month. Despite an overall decline in rent prices, rent is still higher than last year in the Northeast and Midwest, with rents 2.5% higher in the Northeast and 2.6% higher in the Midwest.
Cities with the Biggest Rent Increases
These four areas saw rent increases in November: Orange County, Northern New Jersey, Cleveland, and Milwaukee. Rents were 0.8% higher in Orange County for November, while Northeast New Jersey saw a much more modest 0.2% increase.
Last month, Omaha, Nebraska topped our list of cities with the biggest annual rent increases at 4.1%. Clifton, New Jersey wasn’t far behind with a rent increase of 4.05%. This month, Clifton takes the top spot with a rent increase of 3.7%.
Here are the five cities with the biggest rent increases:
Clifton, NJ (+3.7%)
Anaheim, CA (+2.1%)
Cleveland, OH (+0.1%)
Milwaukee, WI (+0.0%)
Cities with the Biggest Rent Declines
The biggest rent decline in October was in Austin, Texas, dropping 4.7% year over year. While we didn’t see large rent drops in November, rent prices trended downward for most of the US. Salt Lake City, Nashville, and Denver saw the biggest drops in rent month over month, with Salt Lake City having the biggest decline at -1.0%. Here are the five cities with the biggest drop in rent prices for November:
Salt Lake City, UT (-1.0%)
Nashville, TN (-0.8%)
Denver, CO (-0.8%)
Austin, TX (-0.8%)
Raleigh, NC (-0.7%)
Even with Declines, Some Renters Are Paying More
Rents may have fallen across the country last month, but renters in many cities are still paying more than they were last year. Even with four months of declining rent prices, rents are still up year over year in 32 of the top 50 markets across the US. Renters in Orange County are paying 3.9% more than last year, with Northern New Jersey not far behind at 3.7%. So, where are renters feeling some relief? Renters in Orlando, Austin, Jacksonville, and Atlanta are paying less today than they did last year. Austin rents saw the sharpest decline year over year at -4.6%.
Current Rent Prices Across the US
Want to see what rents are doing where you live? Here’s a look at current rent prices in cities across the country:
|
City |
Current Average Rent |
Last Month’s Average Rent |
Year-Over-Year Difference |
|
$2,196 |
$2,221 |
+3.55% |
|
|
$1,545 |
$1,564 |
-4.79% |
|
|
$1,449 |
$1,454 |
-5.48% |
|
|
$3,318 |
$3,336 |
+2.51% |
|
|
$1,562 |
$1,556 |
+0.73% |
|
|
$2,639 |
$2,475 |
+1.4% |
|
|
$1,708 |
$1,856 |
+2.47% |
|
|
$1,410 |
$1,421 |
-2.7% |
|
|
$1,774 |
$1,752 |
+1.52% |
|
|
$1,016 |
$1,018 |
+2.56% |
|
|
$1,290 |
$1,291 |
-1.27% |
|
|
$1,052 |
$1,052 |
+0.58% |
|
|
$1,360 |
$1,363 |
-0.94% |
|
|
$1,652 |
$1,658 |
-0.09% |
|
|
$2,102 |
$2,104 |
-1.42% |
|
|
$1,212 |
$1,221 |
-2.78% |
|
|
$3,509 |
$3,541 |
+3.12% |
|
|
$1,635 |
$1,665 |
+0.42% |
|
|
$1,143 |
$1,144 |
+0.08% |
|
|
$1,029 |
$1,027 |
+2.65% |
|
|
$2,914 |
$2,891 |
+4.54% |
|
|
$1,276 |
$1,278 |
-3.38% |
|
|
$2,957 |
$2,994 |
+0.74% |
|
|
$1,108 |
$1,113 |
+1.55% |
|
|
$1,236 |
$1,242 |
-1.97% |
|
|
$1,708 |
$1,706 |
+0.2% |
|
|
$2,067 |
$2,088 |
-1.35% |
|
|
$1,352 |
$1,337 |
+4.21% |
|
|
$2,012 |
$2,006 |
+0.06% |
|
|
$1,064 |
$1,062 |
+1.74% |
|
|
$1,291 |
$1,289 |
-0.22% |
|
|
$1,568 |
$1,586 |
-4.73% |
|
|
$3,648 |
$3,664 |
+1.58% |
|
|
$1,533 |
$1,541 |
-3.88% |
|
|
$1,637 |
$1,623 |
+1.19% |
|
|
$1,299 |
$1,309 |
-3.11% |
|
|
$1,253 |
$1,247 |
+0.25% |
|
|
$1,449 |
$1,454 |
-2.73% |
|
|
$2,317 |
$2,315 |
+2.44% |
|
|
$1,350 |
$1,348 |
-3.24% |
|
|
$1,289 |
$1,285 |
+1.0% |
|
|
$1,468 |
$1,476 |
-2.04% |
|
|
$1,032 |
$1,042 |
+1.08% |
|
|
$1,067 |
$1,070 |
-2.67% |
|
|
$2,231 |
$2,246 |
-0.17% |
|
|
$2,783 |
$2,799 |
-0.75% |
|
|
$2,410 |
$2,412 |
-0.16% |
|
|
$1,968 |
$1,973 |
+0.89% |
|
|
$1,572 |
$1,579 |
-1.17% |
|
|
$2,219 |
$2,223 |
+1.67% |
How Current Rent Prices Impact Renters
Being aware of rent prices is crucial in determining the right time to move or stay. When planning a relocation, understanding the rental market in the area helps you budget wisely. While renters in cities like Atlanta, Georgia are enjoying a decrease of about $74 in rent compared to last year, those in Irvine might be experiencing the opposite, with an increase of about $133 from last year. Stay updated on current rental prices through Apartments.com and explore the September and October rent reports to analyze trends where you live. By identifying patterns in your city, you can ensure that you're getting the best value for your money.
