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