Rent is expensive everywhere, but there are 17 big U.S. cities with rent prices decreasing.
From general inflation to rent prices, the rising cost of living is draining pocketbooks across the country. Rents are still growing, but there are 17 big cities in America that have seen rent price decreases in both one- and two-bedroom apartments.
If your wallet needs a break, check out these 17 cities where rent prices are decreasing.
Rent prices are high in most U.S. cities and states
Rent is a big portion of everyone’s monthly budget. Add on utilities, groceries, gas and other bills, you may feel the financial heat. At a national level, one-bedroom apartments saw a 27 percent increase year-over-year, and two-bedroom apartments saw a 23 percent increase in prices over the same period, according to Rent. data from August 2022. Of the top 100 largest cities by population, 37 saw decreases in one-bedroom prices, while 33 cities saw price decreases for two-bedrooms.
17 big cities where prices are actually decreasing
Because rental rates generally continue to increase, researchers at Rent. wanted to see which cities bucked the trend. They found 17 big cities with reduced rental prices year-over-year. The rental price for one-bedroom apartments in 17 cities has decreased by 11.76 percent on average, and the rental price for two-bedroom apartments in those same 17 cities has decreased by an average of 12.28 percent.
Here are the 17 big cities — in no particular order — where rent prices are actually decreasing for both one and two-bedroom apartments.
1. St. Louis, MO
- 1 BR rent price YoY change: -39.61%
- 2 BR rent price YoY change: -17.80%
St. Louis has seen a sharp decrease in rent prices for one-bedroom apartments. Renters here will pay an average of $1,133 for a one-bedroom apartment and $1,612 for a two-bedroom unit.
St. Louis is known for the Gateway Arch, its museums and art scene, in addition to the yummy food scene. Ever had an ice cream cone? Well, guess what — that was invented in this city. If you’re looking for a place with good food and beautiful scenery, this is a place to call home.
2. Cleveland, OH
- 1 BR rent price YoY change: -18.97%
- 2 BR rent price YoY change: -11.26%
Cleveland is a cultural hotspot. You’ve got parks, art, music and sports packed into this one city. It’s home to sports teams — the Browns, the Cavaliers, and the Guardians — for those who love to root on their home team. For music lovers, some call it the home of rock and roll. And in general, it’s a big city with great food, green parks and nice beaches.
During the pandemic, Cleveland saw an uptick in people moving to the city, especially in the millennial and Gen Z demographic. Despite the influx of people, rent prices are decreasing in this fun city. People like this diverse city because the cost of living is inexpensive yet residents enjoy all the pros of a bustling metro area.
Rent goes for $1,141 for a one-bedroom apartment and $1,754 for a two-bedroom apartment in Cleveland.
3. Miami, FL
- 1 BR rent price YoY change: -6.87%
- 2 BR rent price YoY change: -10.84%
Welcome to Miami. People love Florida for the warm weather, good food, fun attractions and lack of state income tax.
In Miami, rent for a one-bedroom has decreased by nearly 7 percent putting it at $2,641 a month. Likewise, two-bedroom rent has decreased in more at close to 11 percent. Renters are paying an average of $3,003 for a two-bedroom.
4. Aurora, CO
- 1 BR rent price YoY change: -10.95%
- 2 BR rent price YoY change: -4.27%
People living in the Centennial State of Colorado will love to know that one city, Aurora, is seeing decreases in rent prices. With rent at $1,756 for a one-bedroom and $2,187 for a two-bedroom, on average, Coloradans can get the benefits of this great state without the high price tag.
Aurora is a great city that’s less than 30 minutes away from Denver. Here, you can enjoy the beautiful nature that Colorado boasts of. There are great hiking trails and plenty of outdoor activities to do. If that’s not your thing, the great schools and affordable cost of living are nice perks, too.
5. Irvine, CA
- 1 BR rent price YoY change: -11.09%
- 2 BR rent price YoY change: -12.68%
Rent. data shows that Irvine rent prices are decreasing making rent more affordable at $2,962 for a one-bedroom and $3,736 for a two-bedroom.
Irvine is a city that seemingly has it all. It has a strong economy and is tech-focused. You’ll find lots of tech jobs, higher education opportunities and a lot of businesses running here. People rave about this safe, smart city. And now, it’s more affordable compared to its California city counterparts.
6. Des Moines, IA
- 1 BR rent price YoY change: -11.76%
- 2 BR rent price YoY change: -21.97%
The great city of Des Moines is another capital city with rent decreasing. In this city of approximately 214,237 people. Rent for a one-bedroom is averaging $1,113.
Des Moines is a great city to raise a family. You’ve got safe neighborhoods, good schools, friendly people and an affordable cost of living. Check out Des Moines if you want cheaper rent and a great vibe.
7. Los Angeles, CA
- 1 BR rent price YoY change: -15.66%
- 2 BR rent price YoY change: -6.86%
Los Angeles is home to more than three million people. While L.A. is notoriously known for its high cost of living, rent is actually decreasing for one- and two-bedroom apartments, with one-bedroom apartments seeing the steepest declines. Renters will pay an average of $2,763 and $4,489 for one- and two-bedroom apartments, respectively.
Los Angeles is a great city full of things to do. You’ve got the nearby ocean, great hiking trails, a booming city and entertainment for days. Check out L.A. apartments if you want the big city life with better prices.
8. Dallas, TX
- 1 BR rent price YoY change: -5.35%
- 2 BR rent price YoY change: -7.86%
Dallas is the third-largest city in Texas with over a million residents. For a big city, it’s a surprise to know that rent has decreased, but in fact, it has. In Dallas, you can find apartments ranging from $1,567 to $2,301, depending on the size of the apartment.
Here, you can enjoy a variety of cultural activities like theater, symphony, concerts and ballet. Or, catch a football game and cheer on the Dallas Cowboys.
9. Charlotte, NC
- 1 BR rent price YoY change: -1.35%
- 2 BR rent price YoY change: -27.30%
Charlotte is a city where renters will catch a break in prices, especially for two-bedroom apartments. You can rent a two-bedroom apartment for $1,428.
Residents love the big-city feel of Charlotte with access to good food, fun shopping and unique neighborhoods to peruse.
10. Denver, CO
- 1 BR rent price YoY change: -0.80%
- 2 BR rent price YoY change: -7.11%
In Denver, the capital of Colorado, rents have seen the biggest price drop in two-bedroom apartments. Rent averages $2,200 for a one-bedroom and $3,203 for a two-bedroom.
Denver is known for its amazing scenery and outdoor activities. You can hike, bike, walk or just enjoy the great outdoors in this beautiful city.
11. El Paso, TX
- 1 BR rent price YoY change: -5.53%
- 2 BR rent price YoY change: -25.23%
Another Texas city to see rent price decrease is El Paso. With rent at less than a thousand dollars for both one- and two-bedroom apartments, renters can spend between $911 and $939 on a spacious apartment
El Paso also has a great job market, nice neighborhoods, good schools and an overall great quality of life to go along with falling rents.
12. Las Vegas, NV
- 1 BR rent price YoY change: -11.58%
- 2 BR rent price YoY change: -2.66%
When you think of Las Vegas, your first thought might be the glitzy and glamorous Strip. While that’s definitely a part of the city culture, the suburbs in Las Vegas are a great place to settle down.
People obviously move to Las Vegas for the nightlife — you’ve got easy access to world-class entertainment, casinos and food. But, beyond that, Las Vegas is a great place for outdoor enthusiasts. You’ve got hiking in the Valley of Fire, cycling opportunities in Red Rock Canyon, golfing and boating on nearby Lake Mead. Las Vegas is more than the dazzling Strip.
Residents in Las Vegas also have a relatively inexpensive cost of living. For one thing, there’s no state income tax. Also, the cost of rent is decreasing for both one- and two-bedroom apartments. Renters can budget to pay roughly $1,630 and $1,894 for apartments.
13. Colorado Springs, CO
- 1 BR rent price YoY change: -14.14%
- 2 BR rent price YoY change: -6.82%
Colorado Springs, a city of close to a half million people, is experiencing declines in rent prices. Renters will pay an average of $1,323 for a one-bedroom and $1,817 for a two-bedroom.
The lower rent is just one perk of many about living in this city. People love Colorado Springs for the frequent local events, great weather, amazing scenery and small-town feel.
14. New Orleans, LA
- 1 BR rent price YoY change: -8.96%
- 2 BR rent price YoY change: -21.31%
New Orleans isn’t just known for Mardi Gras and Bourbon Street. Here, rent is decreasing, making it a more affordable city to call home. Rent averages $1,683 for a one-bedroom and $2,134 for a two-bedroom in New Orleans.
If you live in New Orleans, you’ll be surrounded by amazing food, rich culture and non-stop things to do.
15. Anaheim, CA
- 1 BR rent price YoY change: -22%
- 2 BR rent price YoY change: -3.96%
It’s not just home to the happiest place on earth. Anaheim is also home to 350,365 residents who pay lower rent prices compared to a year ago. Rent for a one-bedroom is $2,013 and rent for a two-bedroom is $2,482 on average.
Anaheim is a city that’s family-friendly. Yes, you’re close to Disneyland, but you’ve also got great parks, shops, restaurants and schools.
16. Reno, NV
- 1 BR rent price YoY change: -10.73%
- 2 BR rent price YoY change: -19.14%
Reno is another city in Nevada with rent prices decreasing. Residents living in Reno enjoy the natural beauty, access to outdoor activities and booming new business scene. You’ll have all the amenities of a big city but enjoy the small charm of a close and friendly community. It gets cold in Reno in the winter, but you’ll get mild seasons throughout the year.
Rent in Reno ranges from $1,658 to $1,902 for one- and two-bedroom apartments.
17. Yonkers, NY
- 1 BR rent price YoY change: -4.60%
- 2 BR rent price YoY change: -1.68%
Yonkers residents are seeing rent decrease compared to previous months and years. With rent at $2,623 for a one-bedroom apartment and $3,455 for a two-bedroom, renters are seeing more money in their wallets because rent decreased.
Yonkers is close to the Hudson River so you have great walking trails, beautiful gardens and rich history of the city nearby.
Methodology
For this report, we looked at the top 100 markets in America by the population that had a sufficient inventory of one- and two-bedroom apartments in both August 2022 and August 2021.
Rent prices are based on a rolling weighted average from Rent.’s multifamily rental property inventory. Our team uses a weighted average formula that more accurately represents the price available for each unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
