The cost of food, energy, shelter and transportation all rose in October 2022, according to the most recent Bureau of Labor Statistics report. The current U.S. inflation rate is 7.75 percent, down from the previous eight months but on track to be the highest year-over-year inflation rate since 1981. The high cost of living in many parts of the country makes balancing the household budget a challenge.
A hot pandemic housing market, the persistent lack of affordable housing and the lowest rental vacancy rate in 37 years pushed home prices to historic highs. These forces kept many would-be home buyers in the rental market and sent the average cost of rent soaring across the country.
But the October Rent. Report rental shows that the rental market may be stabilizing. That’s good news for renters across the country, but a household budget goes even further in the most affordable metros in the U.S.
The 10 most affordable metros in the U.S.
Rent. researchers analyzed the 50 most populous metros in the United States to find the most affordable options for renters in the last month. The median rent listed here includes all apartment types.
While the most expensive metros are disproportionally located in the West, the 10 most affordable metros showed more geographic variety. Five of these metropolitan areas are located in the South. Another five are in the Midwest, while the final community is located in the Northeast. (Since one metro contains a city in Indiana and another in Kentucky, it falls within two different U.S. Census Bureau geographic regions, the Midwest and the South.)
1. Oklahoma City, OK
Oklahoma City residents enjoyed the lowest rent prices in any major U.S. metropolitan area during this survey period. Renters here paid a median rent of $1,301 in October 2022. And that’s despite the fact that Oklahoma’s capital city recorded the largest year-over-year rent hike in the top 10 — 31.74 percent.
Thankfully for renters, the month-over-month increase from September was just 3.27 percent. But that’s still the biggest monthly rent increase on this list. The fact that Oklahoma City saw the biggest rent price hikes in both categories could mean that rents will continue to rise.
2. Louisville/Jefferson County, KY-IN
The metropolitan area that includes Louisville, Kentucky and Jefferson County across the Indiana state line is the second most affordable metro for renters. Rent prices here increased 15.81 percent from this time last year.
That’s the second-largest increase in the top 10. But the median monthly rent price of $1,371 is down 2.92 percent from last month, so renters saw some short-term relief.
3. San Antonio-New Braunfels, TX
Rents are low in the Texas community which includes San Antonio and New Braunfels, too. Renters paid a median rent bill of $1,393 in October 2022.
That price is 10.59 percent higher than in October 2021. But prices here also dropped in October, saving renters 1.76 percent.
4. Kansas City, MO-KS
Renters in the largest metropolitan area in Kansas and Missouri saved money on rent last month, too. The average cost of rent in Kansas City, MO and Kansas City, KS decreased by 3.91 percent in October. That’s the largest month-over-month decrease in the top 10.
The year-over-year increase of 4.11 percent was more moderate, lower than all but one metro on this list. The median rent price in Kansas City was $1,468 per month in October 2022.
5. Indianapolis-Carmel-Anderson, IN
Indiana makes its second appearance in the top 10, as the Indianapolis–Carmel–Anderson metro slides in at number 5. Median rents went for $1,476 in Indiana’s most populous metropolitan area last month.
That price held relatively steady from September, decreasing by less than 1 percent. That probably came as a relief to local renters, who weathered a 15.06 percent rent price hike from last year’s rates.
6. Cleveland-Elyria, OH
The cost of rent held steady in the Cleveland–Elyria metropolitan area too. Rent prices ticked up just 0.13 percent in October. That’s up 9.35 percent year-over-year, for a median rental price of $1,502.
7. Columbus, OH
Interestingly, the average monthly rent in Columbus was exactly the same as it was in Cleveland ($1,502). But while Cleveland rents increased by double digits year-over-year to hit that median rent price, Columbus rents actually fell during the same period. The median rent in Columbus decreased by 1.65 percent since last year.
Columbus renters also saved money on their rent bills last month, as prices dropped 3.62 percent in October. This was the only metro in the top 10 where rent prices fell in both categories during this survey period.
8. Birmingham-Hoover, AL
The Alabama community of Birmingham–Hoover is the eighth most affordable metropolitan area in the United States. The median rent price in October was $1,517, up 1.77 percent from the previous month and 9.2 percent from the previous year.
9. Buffalo-Cheektowaga, NY
The lone Northeastern community to appear on the Top 10 most affordable metros list is Buffalo–Cheektowaga. Located on the banks of Lake Erie, it logged a median rent of $1,550 a month in October. That’s an increase of 3.07 percent month-over-month and 7.55 percent year-over-year.
10. Memphis, TN
The southern city of Memphis rounds out the top 10 most affordable metros in the U.S. Renters here paid median rents of $1,565 last month. That price was up 1.02 over September. It’s also 10.45 percent more than they paid at this time last year.
The takeaway
The most affordable metros in the United States provide a respite from high rental costs in some of the country’s most populous urban centers. Single-digit rent price hikes and decreasing month-over-month rental rates in several markets give renters hope that prices may be stabilizing after a period of historic growth.
| Rank | Metro | Population | Median Rent | MoM % Change | YoY % Change |
|---|---|---|---|---|---|
| 1 | Oklahoma City, OK CBSA | 1,441,647 | $1,301 | 3.27% | 31.75% |
| 2 | Louisville/Jefferson County, KY-IN CBSA | 1,284,566 | $1,371 | -2.92% | 15.82% |
| 3 | San Antonio-New Braunfels, TX CBSA | 2,601,788 | $1,393 | -1.76% | 10.60% |
| 4 | Kansas City, MO-KS CBSA | 2,199,490 | $1,468 | -3.91% | 4.11% |
| 5 | Indianapolis-Carmel-Anderson, IN CBSA | 2,126,804 | $1,476 | -0.94% | 15.06% |
| 6 | Cleveland-Elyria, OH CBSA | 2,075,662 | $1,502 | 0.13% | 9.36% |
| 7 | Columbus, OH CBSA | 2,151,017 | $1,502 | -3.63% | -1.65% |
| 8 | Birmingham-Hoover, AL CBSA | 1,114,262 | $1,517 | 1.78% | 9.20% |
| 9 | Buffalo-Cheektowaga, NY CBSA | 1,162,336 | $1,550 | 3.08% | 7.55% |
| 10 | Memphis, TN-MS-AR CBSA | 1,336,103 | $1,565 | 1.02% | 10.45% |
| 11 | St. Louis, MO-IL CBSA | 2,809,299 | $1,584 | 0.84% | 9.45% |
| 12 | Detroit-Warren-Dearborn, MI CBSA | 4,365,205 | $1,613 | -0.36% | 5.60% |
| 13 | Cincinnati, OH-KY-IN CBSA | 2,259,935 | $1,625 | 3.57% | 17.01% |
| 14 | Milwaukee-Waukesha, WI CBSA | 1,566,487 | $1,625 | -0.44% | -17.58% |
| 15 | Jacksonville, FL CBSA | 1,637,666 | $1,628 | -1.23% | 1.70% |
| 16 | Virginia Beach-Norfolk-Newport News, VA-NC CBSA | 1,803,328 | $1,683 | -1.16% | 3.08% |
| 17 | New Orleans-Metairie, LA CBSA | 1,261,726 | $1,695 | -8.22% | 9.44% |
| 18 | Houston-The Woodlands-Sugar Land, TX CBSA | 7,206,841 | $1,732 | -1.08% | -0.79% |
| 19 | Richmond, VA CBSA | 1,324,062 | $1,735 | -3.49% | 3.32% |
| 20 | Minneapolis-St. Paul-Bloomington, MN-WI CBSA | 3,690,512 | $1,748 | 0.79% | -7.79% |
| 21 | Las Vegas-Henderson-Paradise, NV CBSA | 2,292,476 | $1,826 | -2.80% | 2.53% |
| 22 | Pittsburgh, PA CBSA | 2,353,538 | $1,877 | -2.40% | 12.82% |
| 23 | Charlotte-Concord-Gastonia, NC-SC CBSA | 2,701,046 | $1,920 | 0.55% | 4.91% |
| 24 | Salt Lake City, UT CBSA | 1,263,061 | $1,931 | 0.53% | 13.60% |
| 25 | Atlanta-Sandy Springs-Alpharetta, GA CBSA | 6,144,050 | $1,991 | -4.45% | -2.25% |
Methodology
We analyzed rental property prices in October 2022, the last full month of data, from Rent.’s available inventory to identify our median rent prices at the metro levels. Our analysis combines inventory and bedroom types into one simple median that covers all available rental units at the time.
The top 50 metropolitan areas in our analysis are determined by U.S. Census Bureau population estimates for 2021.
Regional designations are based on U.S. Census regional designations which divides the nation into four geographic regions: Northeast (Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont); Midwest (Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin); South (Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, District of Columbia and West Virginia) and West (Alaska, Arizona, California, Colorado, Idaho, Montana, Nevada, New Mexico, Hawaii, Utah, Washington and Wyoming).
Information included in this article is for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee.
More detailed information about our methodology can be found here.
