U.S. cities where rent prices decreased the most in August
Across the U.S., rent prices continue to soar. But in a few select places, it’s decreasing.
That’s according to real estate site Zumper’s recently released national rent report for August 2022, which shows a continuation of record-high prices for one-bedroom apartments.
Zumper analyzed national rental data from over 1 million active listings in the U.S. to find the median asking rent in the 100 most populous cities.
New York City, unsurprisingly, saw a 46.7% year-over-year increase in one-bedroom rental prices. There were especially steep increases in a few smaller cities as well, such as Fresno, California, and Tulsa, Oklahoma, which saw year-over-year growth of 40% and 38.9%, respectively.
However, median rent prices did decrease in a few places. Here the five cities where it fell the most in August 2022.
1. Des Moines, Iowa
Median rent price for a 1-bedroom apartment: $880
Month-over-month change in price: -6.4%
Year-over-year change in price: -12%
2. Anchorage, Alaska
Median rent price for a 1-bedroom apartment: $1,050
Month-over-month change in price: -6.3%
Year-over-year change in price: 1%
3. Chicago
Median rent price for a 1-bedroom apartment: $1,830
Month-over-month change in price: -6.2%
Year-over-year change in price: 26.20%
4. Irving, Texas
Median rent price for a 1-bedroom apartment: $1,390
Month-over-month change in price: -6.1%
Year-over-year change in price: 12.1%
5. Plano, Texas
Median rent price for a 1-bedroom apartment: $1,450
Month-over-month change in price: -5.8%
Year-over-year change in price: 11.5%
Des Moines trumped Anchorage for the most significant price decrease by merely 0.1%. Plus, it’s the only city in the top five where median rent is less than $1,000 a month.
The region appearing to have cooled down the most overall is the Southeast. Migration skyrocketed during the pandemic because people wanted warmer weather, more space and less pricey places to live, Zumper reports.
But with this surge of interest came a surge in price. Now, however, prices appear to be plateauing as migration cools.
Still, in some places, rent is as high as ever, such as Miami. Although, it has fallen from the third most expensive city in the U.S. to the sixth.
Sign up now: Get smarter about your money and career with our weekly newsletter
Don’t miss: Turning down a $300K job, deferring dreams of Austin: How Roe’s end is changing millennials’ career plans—and lives
