Rents continue to rise across the United States. However, in some selected locations it is declining.
That’s according to a recent release by real estate site Zumper. National Rent Report for August 2022which indicates record-high prices for studio apartments continue.
Zumper analyzed national rental data from over 1 million active listings in the US to find the median asking rent for the 100 most populous cities.
Not surprisingly, in New York City, one-bedroom rental prices increased 46.7% year-over-year. Some smaller cities, such as Fresno, California and Tulsa, Oklahoma, also saw particularly rapid growth, with 40% and 38.9% year-over-year growth, respectively.
However, median rents have fallen in some locations. Here are his five cities with the biggest declines in August 2022.
Average rent for a one-bedroom apartment: $880
Change in price from month to month: -6.4%
Year-over-year change in price: -12%
Median rent for a one-bedroom apartment: $1,050
Monthly price change: -6.3%
Year-on-year change in price: 1%
Median rent for a one-bedroom apartment: $1,830
Monthly price change: -6.2%
Year-on-year change in price: 26.20%
Median rent for a one-bedroom apartment: $1,390
Monthly price change: -6.1%
Year-on-year change in price: 12.1%
Median rent for a one-bedroom apartment: $1,450
Monthly price change: -5.8%
Year-on-year change in price: 11.5%
Des Moines beats Anchorage with a hefty price cut of just 0.1%. Plus, it’s the only city in the top five with a median rent of less than $1,000 per month.
The area that looks the coldest overall is the Southeast. Zamper reports that migration surged during the pandemic as people wanted to live in warmer climates, more space and cheaper places to live.
But with this growing interest, prices skyrocketed. But now, as immigration declines, prices appear to be leveling off.
Still, in some places like Miami, rents are higher than ever. However, in the United States he fell from being the third highest city to sixth.
https://www.cnbc.com/2022/09/18/us-cities-where-rent-prices-decreased-the-most-in-august.html U.S. cities where rents fell the most in August