US Cities Where Rents are (Surprisingly) Going Down

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Rents in a number of major metropolitans from coast to coast fell during the past year, although rents are trending upward overall, according to a new report.

While rent prices nationwide are slowly converting back to pre-pandemic levels, there are some big cities in the U.S. where rents are decreasing, according to a report by Rent.com.  

Here are the top 10 metro areas (in no order) where rent is decreasing:

  • Toledo, Ohio
  • Huntsville, Alabama
  • Kansas City, Missouri
  • Lincoln, Nebraska
  • Indianapolis
  • Philadelphia
  • Atlanta
  • Durham, North Carolina
  • Saint Paul, Minnesota
  • Tacoma, Washington

Huntsville has seen a large population growth as companies expand and are actively seeking new employers. According to the report, rent went down there for one- and two-bedroom apartments to an average of $773 and $1,151 a month, respectively.

Lincoln saw the strongest decrease in rent for two-bedroom apartments over the last year. People can expect to pay around $1,080 for a two-bedroom apartment and $988 for a one-bedroom apartment based on recent data from Rent.com.

Despite the drops in some areas, the report shows that rent overall is increasing across the U.S. Rent for a one-bedroom apartment increased by 22% and for a two-bedroom apartment by 18%. 

Renters are now the majority of households in 103 suburbs that were dominated by homeowners 10 years ago, according to a survey by RENTCafé. Almost 60 other suburbs are expected to follow suit in the next five years including those around Miami, Washington, D.C and Los Angeles.

For its report, Rent.com looked at the top 100 markets in the U.S. by a population that had an adequate inventory of one- and two-bedroom apartments in December 2020 and December 2021.

For more information from the Rent.com report click here.

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