These 10 U.S. Cities Are Seeing the Fastest Decreases in Rent
A study of yearly rental prices has shown that rates seem to be decreasing across the country. The average price for one bedroom ($1,505) is down 0.4 percent from last month, while two bedroom rentals ($1,862) are down 0.2 percent. Though these prices are still above 2022 levels, experts say rents across the United States will significantly dip in the coming months.
The report, conducted by rental platform Zumper, found that some states are already seeing huge dips, with rents significantly lower than they were this time last year. Augusta, GA saw the biggest decrease by far, with a 15.2 percent drop. The average rent there for a one bedroom is just $840 per month. Lincoln, NE was a close second, with a decrease of 14.4 percent and a monthly rate of $770.
“In normal economic circumstances, rent prices typically increase each year when compared to the same month in the previous year,” Marissa Mastellone, a representative for Zumper, told Men’s Journal. The only time we’ve seen one-bedroom prices drop year-over-year was during the first year of the pandemic.”
These are the 10 states where rent has most significantly decreased since 2022.
- Augusta, GA: -15.2 percent
- Lincoln, NE: -14.4 percent
- St. Louis, MO: -13 percent
- Fresno, CA: -12 percent
- Greensboro, NC: -12 percent
- San Antonio, TX: -11.1 percent
- Winston-Salem, NC: -10.8 percent
- Henderson, NV: -8.9 percent
- Irving, TX: -8.6 percent
- Sacramento, CA: -8.2 percent
Anthemos Georgiades, Zumper’s CEO, says the fluctuation in price is due to the higher volume of options available to sellers, and the ease with which properties are now accessible via digital platforms. It’s made buyers choosier, and so landlords have lowered prices to bait them in.
The report also found that rents declined quickest in cities which attracted many new residents during the pandemic, such as Miami, Phoenix, and Austin. Those same people are now moving out, leaving the real estate market in flux.
“If the current pattern continues, we’ll likely see negative year-over-year growth by the end of winter,” Georgiades explained in a quote provided to Men’s Journal. “Demand remains soft while a record amount of supply is hitting the market, creating a lot of uncertainty and distress throughout the real estate industry—especially for companies and individuals that invested heavily in multifamily developments over the last five years.”
