Nationwide, landlords are raising rent prices and renters are struggling to keep up. The cost of living is getting more expensive and wages aren’t keeping up. But Rent. found 11 big cities in America where rent prices are decreasing.
If you’re looking for a change of scenery — and lower rental prices — check out which cities have seen decreases in rent for both one- and two-bedroom apartments.
Rent prices are high in most U.S. cities and states
Regardless of your location, you’ve probably noticed that, in general, rent prices are increasing everywhere. To add context to the numbers, rent for a one-bedroom apartment rose by 4.1 percent compared to last month and rent for a two-bedroom apartment rose by 2.8 percent. Year-over-year, rent is up 30 percent.
11 big cities where prices are actually decreasing
On average, rent has decreased by 14.13 percent for a one-bedroom apartment in these cities with rent averaging $1,773. Two-bedroom apartments have seen a 14.39 percent average decrease in cost and the average rent is $2,111.
Here are the 11 big cities — in no particular order — where rent prices are actually decreasing for both one- and two-bedroom apartments.
St. Louis, MO
- 1 BR rent price YoY change: -39.40%
- 2 BR rent price YoY change: -28.17%
St. Louis has seen the sharpest decrease in rent prices for one-bedroom apartments. Renters here will pay an average of $1,150 for a one-bedroom and $1,447 for a two-bedroom, which is a great price to pay to live in this mesmerizing city.
St. Louis is known for the Gateway Arch. People love the museums and art scene here, in addition to the yummy food scene. Ever had an ice cream cone? Well, guess what — that came from this city. If you’re looking for a place with good food and beautiful scenery, this is a place to call home.
Cleveland, OH
- 1 BR rent price YoY change: -9.40%
- 2 BR rent price YoY change: -0.18%
Cleveland is a cultural hotspot. You’ve got parks, art, music and sports packed into this one city. It’s home to some large sports teams — the Browns, the Guardians, and the Cavaliers — for those who love to root on their home team. For music lovers, it’s 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 low yet residents enjoy all the pros of a bustling metro area.
Rent goes for $1,308 for a one-bedroom apartment and $1,946 for a two-bedroom apartment in Cleveland.
Henderson, NV
- 1 BR rent price YoY change: -6.14%
- 2 BR rent price YoY change: -0.07%
Henderson is one city in Nevada where rent is decreasing. With rent averaging $1,772 for a one-bedroom and $2,055 for a two-bedroom apartment, you can comfortably find a nice place to rent in this big city of 320,189 people.
Henderson is about 15 miles away from Las Vegas. Living here, you’ll be close to the main Strip but live in areas that have a more suburban feel. This is the best of both worlds for people wanting access to a busy downtown scene but enjoying the more family-friendly appeal of a suburb.
Baltimore, MD
- 1 BR rent price YoY change: -26.91%
- 2 BR rent price YoY change: -5.22%
Located near Washington D.C. — approximately an hour away — Baltimore has easy access to the nation’s capital. In the city itself, you’re surrounded by historical monuments and attractions.
Like other major cities, Baltimore is full of unique restaurants and bars, small businesses, attractions like a zoo and aquarium and several outdoor parks and trails. If you want a place that has it all, Baltimore is a good place to consider.
In addition to the city features, Baltimore’s rent is decreasing. You’ll see the sharpest decreases in one-bedroom rent prices with the average rent at $1,509. Two-bedroom apartments saw less of a rent decrease but still experienced a decline with rent at $1,584 per month.
Kansas City, MO
- 1 BR rent price YoY change: – 2.53%
- 2 BR rent price YoY change: -14.89%
Not to confuse it with its sister city Kansas City, KS (KCK), Kansas City, MO (KCMO), is one of the big cities in the U.S. where rent is decreasing. In KCMO, rent has decreased in the last year, making it a desirable city for people to live. Rent costs roughly $1,226 and $1,387 for a one- or two-bedroom apartment in this city.
There are plenty of job opportunities in this city, too. Whether you’re looking for a job at a start-up, in tech or finance, you’ll likely find a job waiting for you.
KCMO is a cultural hub with several museums, great colleges, live jazz and professional sports teams. Plus, you can check out KCK and venture into a different state quite easily.
Miami, FL
- 1 BR rent price YoY change: -12.26%
- 2 BR rent price YoY change: -17.97%
People love Florida for the warm weather, good food, fun attractions and lack of state income tax. You can save even more money in Florida on rent in two cities where rent is decreasing. In Miami, rent for a one-bedroom has decreased by 12 percent, putting it at $2,430 a month. Likewise, two-bedroom rent has decreased by close to 18 percent. Renters are paying an average of $2,576 for a two-bedroom.
In Miami, you’ll be at the heart of a cultural center. Influenced by the melting pot of Cuba and Haiti, there’s good food, art and entertainment year-round.
Fort Lauderdale, FL
- 1 BR rent price YoY change: -34.87%
- 2 BR rent price YoY change: -42.55%
The second city in Florida with decreased rent prices is Fort Lauderdale. With rent at $1,967 and $2,511 for a one- and two-bedroom apartment, respectively, renters are seeing steep declines in rent prices. If you’re looking for a great location with even better prices, check out this city.
Fort Lauderdale is known for beautiful beaches, great boating opportunities and warm weather. The economy is solid and the low cost of rent doesn’t hurt, either. Put both Miami and Fort Lauderdale on your list if you want to live in Florida at an affordable rate.
Aurora, CO
- 1 BR rent price YoY change: -8.52%
- 2 BR rent price YoY change: -13.98%
People living in the Centennial State — Colorado — will be happy to know that one city, Aurora, is seeing decreases in rent prices. With rent at $1,814 for a one-bedroom and $2,196 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 is a nice perk, too.
Irvine, CA
- 1 BR rent price YoY change: -9.57%
- 2 BR rent price YoY change: -7.40%
When you think of California, you may think of the high cost of living. While prices are still high in Irvine, data shows that rent prices are decreasing making rent slightly more affordable at $3,009 and $3,774 for 1- and 2-bedroom apartments.
Irvine is a city that seemingly has it all, including a strong, tech-focused economy. You’ll find lots of technology jobs, higher education opportunities and businesses here. People rave about this safe, smart city.
Scottsdale, AZ
- 1 BR rent price YoY change: -4.45%
- 2 BR rent price YoY change: -7.24%
Located near the capital of Phoenix, Scottsdale is known for its outdoor desert beauty. And recently, rent has decreased making it a bit more affordable. Here, you can find apartments for $2,185 for a one-bedroom to $2,754 for a two-bedroom.
Enjoy the array of hiking trails, red rock and Camelback Mountain in Scottsdale. Plus, you might save a bit in rent compared to other places.
Des Moines, IA
- 1 BR rent price YoY change: -1.14%
- 2 BR rent price YoY change: -20.61%
In Des Moines, IA, city of approximately 212,237 people, rent for a two-bedroom apartment is actually less expensive than a one-bedroom. Driven by steeper decreases in two-bedroom prices, rent for a one-bedroom averages $1,131 whereas rent for a two-bedroom is less than $1,000 at $992 on average.
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.
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 July 2022 and July 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.
