flexiblefullpage - default
Currently Reading

Rent Prices Are Falling the Fastest in These 5 U.S. Cities

Advertisement
billboard - default
Housing Markets

Rent Prices Are Falling the Fastest in These 5 U.S. Cities

A red-hot rental market is easing in some parts of the U.S., and these metros are seeing the most significant improvement in affordability


September 19, 2022
Downtown Des Moines, Iowa at sunset
Image: Stock.adobe.com

Rental costs are historically high across the U.S., but as the housing market resets, prices for one-bedroom apartments are falling in a few cooling metros. While cities like Fresno, Tulsa, and New York City are still recording steep increases in one-bedroom rental prices, renters are finding slight relief in places like Des Moines, IA, where the median rent price fell 6.4% month-over-month in August, according to CNBC.

Prices for one-bedroom apartments in Anchorage, AK and Chicago, IL, are also down 6.3% and 6.2% on a month-over-month basis, respectively, and more declines are expected as a market downturn accelerates and cross-country migration slows post-pandemic.

Des Moines trumped Anchorage for the most significant price decrease by merely 0.1%. Plus, it’s the only city in the top five where median rent is less than $1,000 a month.

The region appearing to have cooled down the most overall is the Southeast. Migration skyrocketed during the pandemic because people wanted warmer weather, more space and less pricey places to live, Zumper reports.

But with this surge of interest came a surge in price. Now, however, prices appear to be plateauing as migration cools.

Read more

Related Stories

Housing Markets

A Housing Reset Can’t Slow These Popular Seller’s Markets

The housing market may be slowing, but sellers are still in the driver's seat in these affordable homebuying destinations

Housing Markets

In an Inflated Housing Market, Midwest and East Coast Metros Hold up the Best

While the rest of the country faces the aftershock of soaring interest rates and persistent inflation, regional markets in the East and Midwest are balancing affordable home prices with strong buyer demand

Market Data + Trends

Home Prices Dropped at a Record Pace in July—Here’s Where They Fell the Fastest

U.S. home prices fell at the fastest rate in the history of S&P Case-Shiller Index in July, but not all markets are decelerating at an equal pace

Advertisement
boombox1 -
Advertisement
native1 - default
halfpage2 -

More in Category




Advertisement
native2 - default
Advertisement
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.