According to data from residential real estate website Trulia, rents went down in only 11 of the 100 largest metropolitan markets in 2017.
Fairfield County, Connecticut had the biggest drop in median rental price from 2016 to 2017, down 6.3 percent. Baton Rouge, Louisiana rents declined 6.0 percent, median rents in Newark went down 4.3 percent, and Honolulu saw median rental prices fall 4.0 percent. The remaining seven metros with median rental price drops went down two percent or less, per The New York Times. Tacoma, Washington, however, saw an annual median rental price increase of 8.8 percent, the highest in Trulia's report.
So where did rents rise the most? To determine the 10 metropolitan areas that saw the largest increases — and to rank the other 90 areas as well — Trulia used a proprietary statistical model that calculated estimated rents for unlisted properties using home characteristics, location and comparable properties with known rents. Estimated and actual rents were combined to come up with median rents.