Cities where rents are rising the slowest—and even falling
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Cities where rents are rising the slowest—and even falling
Colorful two story homes in New Orleans, LA.
The last few years have shown costs rising due to inflation—from the price of groceries and utility bills to travel and entertainment. But one of the hardest pills to swallow has been the rising cost of rent across the U.S. As the largest expense in most Americans’ budgets, high housing costs drive up the overall cost of living and require careful planning.
Many cities saw rent skyrocket from 2021 to 2022. At the end of 2022, rent prices were up 4% compared to the year before. But it’s not all bad news. According to Apartment List, rents fell 0.8% nationally in December 2022 compared to the month before. A bit of this decline can be attributed to seasonal trends, but it was the fourth straight month of dropping rent nationwide. Some cities are seeing this trend more than others.
Rentlodex ranked large cities experiencing the slowest rent increases and even decreases from December 2021 to December 2022, using data from Apartment List.
The analysis includes U.S. cities with 250,000 or more residents. Apartment List bases rent estimates on the median price of new leases signed and paid per month. Actual percent change data is more precise than what’s listed, so there are no true ties.
Many of the cities on this list are in the Sun Belt region across the southern U.S. Those areas experienced massive rent growth during the COVID-19 pandemic. The slowing rate of rent increases in these cities is a good sign for renters, who might finally see power shift back to their hands in the upcoming year.
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#25. Los Angeles, California
Homes on a hill with the Los Angeles skyline in the background.
– Median rent, December 2022: $1,873
– Median rent, December 2021: $1,841
— Percent change: +1.7%
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#24. Fresno, California
Image of palm trees and top of Pacific Southwest Building in downtown Fresno.
– Median rent, December 2022: $1,299
– Median rent, December 2021: $1,278
— Percent change: +1.6%
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#23. Washington DC
A row of historic brick residences.
– Median rent, December 2022: $1,798
– Median rent, December 2021: $1,771
— Percent change: +1.5%
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#22. St. Paul, Minnesota
Homes on a hill in a residential neighborhood.
– Median rent, December 2022: $1,078
– Median rent, December 2021: $1,064
— Percent change: +1.3%
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#21. Denver, Colorado
An aerial view of Denver with apartments by the river.
– Median rent, December 2022: $1,543
– Median rent, December 2021: $1,524
— Percent change: +1.3%
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#20. Jacksonville, Florida
A blue bridge going over water into downtown Jacksonville.
– Median rent, December 2022: $1,463
– Median rent, December 2021: $1,449
— Percent change: +1.0%
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#19. Santa Ana, California
An aerial view of homes and palm trees in a small downtown.
– Median rent, December 2022: $2,111
– Median rent, December 2021: $2,100
— Percent change: +0.5%
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#18. Minneapolis, Minnesota
A snowy residential neighborhood.
– Median rent, December 2022: $1,070
– Median rent, December 2021: $1,065
— Percent change: +0.5%
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#17. Baltimore, Maryland
Historic row houses.
– Median rent, December 2022: $1,323
– Median rent, December 2021: $1,317
— Percent change: +0.5%
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#16. New Orleans, Louisiana
Large historic homes and trees.
– Median rent, December 2022: $1,159
– Median rent, December 2021: $1,158
— Percent change: +0.1%
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#15. Wichita, Kansas
Aerial view of downtown Wichita.
– Median rent, December 2022: $884
– Median rent, December 2021: $888
— Percent change: -0.5%
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#14. Phoenix, Arizona
Colorful apartments and homes with the Phoenix skyline in the distance.
– Median rent, December 2022: $1,481
– Median rent, December 2021: $1,489
— Percent change: -0.5%
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#13. Seattle, Washington
The Seattle skyline with mountains in the background.
– Median rent, December 2022: $1,668
– Median rent, December 2021: $1,684
— Percent change: -1.0%
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#12. Detroit, Michigan
A colorful city tram in downtown with fall trees and buildings in the background.
– Median rent, December 2022: $908
– Median rent, December 2021: $919
— Percent change: -1.2%
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#11. Virginia Beach, Virginia
Aerial view of condos and businesses alongside the beach.
– Median rent, December 2022: $1,743
– Median rent, December 2021: $1,766
— Percent change: -1.3%
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#10. Mesa, Arizona
A highway running through Mesa with homes and mountains in the background.
– Median rent, December 2022: $1,493
– Median rent, December 2021: $1,513
— Percent change: -1.3%
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#9. Atlanta, Georgia
The downtown Atlanta skyline with homes and apartments in the foreground.
– Median rent, December 2022: $1,529
– Median rent, December 2021: $1,551
— Percent change: -1.4%
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#8. Sacramento, California
The Sacramento skyline with homes in the foreground.
– Median rent, December 2022: $1,624
– Median rent, December 2021: $1,653
— Percent change: -1.8%
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#7. Irvine, California
A winding road and trees next to a residential neighborhood.
– Median rent, December 2022: $3,068
– Median rent, December 2021: $3,129
— Percent change: -2.0%
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#6. Chandler, Arizona
An aerial view of colorful buildings and palm trees in Chandler.
– Median rent, December 2022: $1,782
– Median rent, December 2021: $1,824
— Percent change: -2.3%
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#5. Cleveland, Ohio
An aerial view of downtown Cleveland with homes in the foreground.
– Median rent, December 2022: $782
– Median rent, December 2021: $803
— Percent change: -2.6%
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#4. Oakland, California
Colorful apartments in front of tall buildings in downtown.
– Median rent, December 2022: $1,628
– Median rent, December 2021: $1,675
— Percent change: -2.8%
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#3. Henderson, Nevada
A large neighborhood of homes in Henderson.
– Median rent, December 2022: $1,650
– Median rent, December 2021: $1,724
— Percent change: -4.3%
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#2. Las Vegas, Nevada
An aerial view of homes in Las Vegas with mountains in the background.
– Median rent, December 2022: $1,434
– Median rent, December 2021: $1,503
— Percent change: -4.6%
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#1. Scottsdale, Arizona
Homes in Scottsdale and a mountain in the background at sunset.
– Median rent, December 2022: $1,847
– Median rent, December 2021: $1,984
— Percent change: -6.9%
This story originally appeared on Rentlodex and was produced and
distributed in partnership with Stacker Studio.
