10 Cities The place Hire Costs Are Falling

The Residences.com Hire Progress Report for Q2 2023 delivered excellent news for renters in a number of cities, notably these dwelling within the Solar Belt. Cities the place constructing outpaced demand are seeing the largest drops in lease costs, primarily as a consequence of greater emptiness charges. And, based on the report, “emptiness charges will doubtless rise additional … by way of the primary half of 2024.”  

For the reason that development of decrease lease costs will proceed into at the very least the early a part of subsequent yr, now is a superb time to plan a transfer.

Listed below are the ten cities the place rents are falling:

1. Oakland, CA
2. Portland, OR
3. Raleigh, NC
4. Nashville, TN
5. Salt Lake Metropolis, UT
6. Orlando, FL
7. Atlanta, GA
8. Phoenix, AZ
9. Las Vegas, NV
10. Austin, TX

In keeping with Residences.com lease traits knowledge, these 10 main cities are seeing the most important declines in lease costs, making it simpler and extra inexpensive for renters to discover a dwelling. Let’s take a better take a look at every metropolis.

Oakland, CA

If you wish to reside within the East Bay space, you’ll be glad to listen to that Oakland lease costs have fallen greater than two % up to now yr, saving renters a median of $43 monthly. At the moment, you possibly can discover a one-bedroom house in Oakland for round $2,052 monthly. Whereas that is nonetheless greater than the nationwide common of $1,320 monthly, it makes Oakland one of many extra inexpensive locations to reside within the San Francisco Bay area.

Portland, OR

Well-known for its espresso homes and music scene, Portland is a classy, outdoorsy metropolis with distinctive neighborhoods and an inventive vibe. If you wish to reside within the Metropolis of Roses, you’ll be glad to listen to that lease costs in Portland are roughly one share level decrease than final yr, saving renters about $17 monthly. Proper now, you possibly can discover a one-bedroom house in Portland renting for round $1,482.

Raleigh, NC

Hire costs in Raleigh have remained comparatively flat, that means they haven’t modified a lot up to now yr. Hire for a one-bedroom house in Raleigh is about $1,425 monthly, which is barely greater than the nationwide common. Nonetheless, you will discover lease beneath the nationwide common in a number of neighborhoods, together with Brentwood, the place a one-bedroom house rents for a median of $1,310 monthly.

Nashville, TN

If the considered dwelling in Nashville is music to your ears, you will discover some terrific residences at cheap costs on this fun-loving metropolis. The common lease for a one-bedroom house in Nashville is $1,648 monthly, which is about $9 lower than final yr. Nonetheless, it’s attainable to discover a rental nicely beneath the nationwide common, particularly in neighborhoods like Southeast Nashville, the place the typical for a one-bedroom house is $1,264.

Salt Lake Metropolis, UT

Gorgeous mountain views are only the start. Well-known for a few of the finest snow wherever, you’ll have your choose of ski resorts, with 10 situated inside an hour’s drive from the town. Hire in Salt Lake Metropolis has fallen barely, saving renters about $10 monthly. However whereas a one-bedroom house in Salt Lake Metropolis averages $1,392 monthly, neighborhoods like Fairpark, which has a median lease of $1,052 monthly, present much more inexpensive choices for renters.

Orlando, FL

Mickey Mouse and Disney princesses — what’s to not love about Orlando? Whereas lease costs are lower than a share level greater than final yr, like a lot of the Solar Belt, Orlando lease costs are anticipated to development downward into 2024. Proper now, you possibly can discover your home in Orlando for about $1,594 monthly for a one-bedroom house. Reasonably priced neighborhoods in Orlando embody West Oaks, the place a one-bedroom rents for $1,351 monthly, and Fern Park, which has a median lease of $1,245.

Atlanta, GA

Implausible job alternatives and thrilling nightlife proceed to attract new residents to Atlanta. With lease falling practically two % since final yr, Atlanta residences are renting for a median of $1,622 monthly. Whereas that is nonetheless above the nationwide common, you possibly can discover a fantastic place in Atlanta relying on the place to look. For instance, lease in South Atlanta is down 3.3% over final yr, with a one-bedroom house averaging simply $1,207.

Phoenix, AZ

Phoenix is sizzling proper now, and I’m not referring to the town’s present record-breaking temperatures. Hire in Phoenix has been trending downward, with renters paying about $25 much less monthly over final yr. Proper now, you possibly can discover Phoenix residences renting for about $1,325. North Mountain, thought of one of the crucial inexpensive neighborhoods in Phoenix, has one-bedroom residences for round $1,131 monthly.

Las Vegas, NV

Whereas Las Vegas is legendary for its casinos, there’s way more to this sun-filled metropolis. Las Vegas has cozy neighborhoods with bicycle-friendly streets, nice golf programs, and out of doors locations like Pink Rock Canyon and Lake Mead. At the moment, the typical lease in Las Vegas is $1,246 monthly — lower than the nationwide common and practically two % cheaper than final yr’s lease costs. College District, one of the crucial inexpensive neighborhoods in Las Vegas, has one-bedroom residences averaging $997 monthly.

Austin, TX

In keeping with the Market Report, Austin ended 2021 with a 17.7 % enhance in lease. Since then, lease costs have declined and are presently about two % decrease than final yr. If you happen to’ve thought of shifting to Austin however excessive rents had been holding you again, right here’s some excellent news: the typical lease in Austin is $1,524 monthly. Whereas that’s nonetheless greater than the nationwide common, rents are anticipated to proceed trending downward as we head into 2024. Austin has a number of inexpensive neighborhoods to contemplate, together with Wells Department, the place a one-bedroom house averages $1,318.

The place are lease costs going up?

Now that you understand the place rents are falling, the place are they growing? In keeping with the report, rents are holding regular or growing within the Midwest and alongside the East Coast. It is because there’s much less stock and a decrease emptiness fee. Listed below are 5 cities the place you possibly can count on to pay somewhat greater than final yr:

1. Cincinnati, OH

Hire in Cincinnati is up greater than three % over final yr, for a median of $999 monthly.

2. Columbus, OH

Just like Cincinnati, the typical lease in Columbus has climbed practically three % to about $1,073 monthly.

3. Indianapolis, IN

Renters in Indianapolis are paying 3.22% greater than they had been final yr, a rise of about $34 monthly. You’ll be able to count on to pay about $1,029 monthly for an house in Indy.

4. Chicago, IL

Persevering with our tour of the Midwest, Chicago noticed a 3.65% enhance in lease over final yr, with renters paying $1,795 monthly, which is about $66 extra.

5. Boston, MA

Hopping over to the East Coast, Boston is on the prime of the checklist of cities seeing substantial lease will increase. The common value for a Boston house is $3,407 monthly, which is a rise of three.21% or $110 monthly.