Cities where rents are rising the slowest—and even falling
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.
