The "year of the American renter" is off to a strong start — unless you're a landlord.
A new report from online rental platform Zumper found that in January, the going rate for a one-bedroom apartment in the US was $1,496, and $1,847 for a two-bedroom setup. Those two figures changed little from last month.
Rent is slightly below the record levels set in September but remains higher than last January. Median year-over-year rent growth rates this month were 0.3% for one-bedroom apartments and 1.4% for apartments with two bedrooms, according to Zumper. One-bedroom rent rose by less than 1% for the fifth-straight month after rising for 12 consecutive months starting in October 2021.
Apartment prices have been driven down by surging supply, Zumper noted. New units are going up rapidly across regions following years in which demand for rental units far outpaced supply.
"2023 was a record year for new supply across the country, and the multifamily industry will add even more inventory in 2024," Zumper's researchers wrote in their January rent report. "This jump in supply is good news for renters looking for a deal."
A more competitive rental market isn't just driving down prices. Many renters are now enjoying perks that would've been unheard of during the pandemic, including waived security deposits and a free month of rent, Zumper found. That trend can continue as interest rates slide, which will likely bring homebuyers back from the sidelines.
"Renters have more leverage right now than anytime in recent memory," said Anthemos Georgiades, the CEO of Zumper, in a statement for the report. "Now is the time to renegotiate existing leases or score a deal on a new apartment."
27 cities where apartments are getting much more affordable
Exactly half of the top 100 rental markets in the US saw median apartment prices fall from 2023, according to Zumper. However, those declines varied widely by region and were more significant in the Sun Belt than in the Midwest.
Below are 27 metropolitan areas where the going rental rate for a one-bedroom apartment is at least 5% lower than it was last January, according to Zumper. Along with each city are its year-over-year and month-over-month rent changes, average rent price, and national rent ranking among the largest 100 US real estate markets.
1. Scottsdale, Arizona
Year-over-year rent change: -17.7%
Month-over-month rent change: -3.5%
Average rent: $1,670
National rent ranking: 24
Source: Zumper
2. Irving, Texas
Year-over-year rent change: -16.1%
Month-over-month rent change: -0.8%
Average rent: $1,250
National rent ranking: 61
Source: Zumper
3. Winston Salem, North Carolina
Year-over-year rent change: -14.6%
Month-over-month rent change: -1.1%
Average rent: $880
National rent ranking: 92
Source: Zumper
4. Greensboro, North Carolina
Year-over-year rent change: -13.9%
Month-over-month rent change: 5.3%
Average rent: $990
National rent ranking: 82
Source: Zumper
5. Boise, Idaho
Year-over-year rent change: -12.8%
Month-over-month rent change: 3.2%
Average rent: $1,290
National rent ranking: 55
Source: Zumper
6. Augusta, Georgia
Year-over-year rent change: -12.5%
Month-over-month rent change: -1.2%
Average rent: $840
National rent ranking: 95
Source: Zumper
7. Buffalo, New York
Year-over-year rent change: -10.7%
Month-over-month rent change: 5.9%
Average rent: $1,080
National rent ranking: 74
Source: Zumper
8. Austin, Texas
Year-over-year rent change: -10.2%
Month-over-month rent change: 0%
Average rent: $1,490
National rent ranking: 35
Source: Zumper
9. Asheville, North Carolina
Year-over-year rent change: -8.4%
Month-over-month rent change: -2.1%
Average rent: $1,420
National rent ranking: 41
Source: Zumper
10. Arlington, Texas
Year-over-year rent change: -8.3%
Month-over-month rent change: 1.9%
Average rent: $1,100
National rent ranking: 70
Source: Zumper
11. St. Louis, Missouri
Year-over-year rent change: -8.3%
Month-over-month rent change: 3.5%
Average rent: $880
National rent ranking: 92
Source: Zumper
12. Memphis, Tennessee
Year-over-year rent change: -8.2%
Month-over-month rent change: 2.3%
Average rent: $900
National rent ranking: 90
Source: Zumper
13. Providence, Rhode Island
Year-over-year rent change: -8%
Month-over-month rent change: -5.9%
Average rent: $1,600
National rent ranking: 25
Source: Zumper
14. Glendale, Arizona
Year-over-year rent change: -7.7%
Month-over-month rent change: -5.5%
Average rent: $1,200
National rent ranking: 65
Source: Zumper
15. Colorado Springs, Colorado
Year-over-year rent change: -7.6%
Month-over-month rent change: 0%
Average rent: $1,100
National rent ranking: 70
Source: Zumper
16. Wichita, Kansas
Year-over-year rent change: -7.2%
Month-over-month rent change: -1.5%
Average rent: $640
National rent ranking: 100
Source: Zumper
17. Houston, Texas
Year-over-year rent change: -6.9%
Month-over-month rent change: -1.6%
Average rent: $1,220
National rent ranking: 63
Source: Zumper
18. Oakland, California
Year-over-year rent change: -6.8%
Month-over-month rent change: -1.4%
Average rent: $2,050
National rent ranking: 13
Source: Zumper
19. Dallas, Texas
Year-over-year rent change: -6.8%
Month-over-month rent change: -2.2%
Average rent: $1,360
National rent ranking: 46
Source: Zumper
20. San Antonio, Texas
Year-over-year rent change: -6.1%
Month-over-month rent change: 0.9%
Average rent: $1,080
National rent ranking: 74
Source: Zumper
21. Orlando, Florida
Year-over-year rent change: -6%
Month-over-month rent change: 0.60%
Average rent: $1,580
National rent ranking: 26
Source: Zumper
22. Lincoln, Nebraska
Year-over-year rent change: -6%
Month-over-month rent change: 1.3%
Average rent: $790
National rent ranking: 97
Source: Zumper
23. El Paso, Texas
Year-over-year rent change: -5.8%
Month-over-month rent change: -5.8%
Average rent: $810
National rent ranking: 96
Source: Zumper
24. Bakersfield, California
Year-over-year rent change: -5.4%
Month-over-month rent change: -0.9%
Average rent: $1,050
National rent ranking: 78
Source: Zumper
25. Jacksonville, Florida
Year-over-year rent change: -5.3%
Month-over-month rent change: 0.8%
Average rent: $1,260
National rent ranking: 59
Source: Zumper
26. New Orleans, Louisiana
Year-over-year rent change: -5.1%
Month-over-month rent change: 0%
Average rent: $1,500
National rent ranking: 31
Source: Zumper
27. Albuquerque, New Mexico
Year-over-year rent change: -5%
Month-over-month rent change: 3.3%
Average rent: $950
National rent ranking: 85
Source: Zumper
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