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Rent growth seems to be leveling out after years rising quickly. Peter Tsai/Getty Images This story is available exclusively to Insider subscribers. Become an Insider and start reading now. Rent growth slowed again in June after prices reached a record high last month. A much-needed increase in apartment inventory kept rents from rising even further. Here are 33 cities where rents are less than they were in June 2022, according to Zumper. It’s been a red-hot summer for much of the US, but the same can’t be said for rent growth.
Surprisingly, renters seem to have been spared by their landlords in June, according to a recent report from the online rental platform Zumper. That’s a stark difference from May, where rent prices set a new record after rising from the prior month for the first time since December.
Zumper “Prices are softening across much of the country — an unexpected development given the seasonal trends we outlined in last month’s report,” the June 27 report read. “June is typically one of the busiest months of the year for moves, and we usually see prices rise in tandem with this increased demand.”
Nearly half of the 100 largest real-estate markets in the US saw rents fall outright from 2022 in June, and another nine cities had no year-over-year change in rent growth.
And although rents still rose on a year-over-year basis in June, the 5.8% jump was the smallest gain in close to two years, Zumper found. Last December, rents soared 9.6% from the prior year.
The median monthly cost of a one-bedroom apartment was unchanged in June at $1,504, while the typical two-bedroom setup was roughly level at $1,891, which was an increase of just 0.3%. However, it’s worth noting that those prices are still at all-time highs.
“This deceleration is, generally, good news for renters, but it does come with caveats,” said Anthemos Georgiades, the CEO of Zumper, in the report. “Many cities are still stabilizing after long periods of sharp increases during the pandemic’s Great Migration, and though rents are softening they’re still at record highs in many markets.”
There are a few explanations for slower rent growth. One is simply that after large increases in the last two years, a so-called base effect means it’s more difficult for rents to rise at the same rate. For example, a $100 rent increase would be 10% of $1,000, but about 7% of $1,500.
Another key reason for softer rent is the improvement in supply. Zumper noted that record numbers of new units are coming online in several markets, and since apartments are relatively less scarce, landlords don’t have as much bargaining power as they did last year.
33 markets where rent growth is droppingBelow are the 33 metro areas where rents for a one-bedroom apartment are lower than they were in 2022, according to Zumper. Along with each city are its year-over-year and month-over-month rent changes, average rent price, and national rent ranking among the largest 100 US cities.
1. Lincoln, Nebraska
John Coletti/Getty Images Year-over-year rent change: -25%
Month-over-month rent change: -1.3%
Average rent: $780
National rent ranking: 97
Source: Zumper
2. New Haven, Connecticut
Shutterstock Year-over-year rent change: -23.4%
Month-over-month rent change: 6.3%
Average rent: $1,700
National rent ranking: 24
Source: Zumper
3. Fresno, California
YouTube/World Cities Year-over-year rent change: -11.2%
Month-over-month rent change: 6.3%
Average rent: $1,350
National rent ranking: 49
Source: Zumper
4. Tulsa, Oklahoma
Davel5957/Getty Images Year-over-year rent change: -9.1%
Month-over-month rent change: -6.3%
Average rent: $900
National rent ranking: 92
Source: Zumper
5. Irving, Texas
iStock / Getty Images Plus Year-over-year rent change: -6.8%
Month-over-month rent change: -0.7%
Average rent: $1,370
National rent ranking: 48
Source: Zumper
6. Austin, Texas
Evan Semones – cosmophotography/Getty Images Year-over-year rent change: -5.7%
Month-over-month rent change: -6.3%
Average rent: $1,500
National rent ranking: 36
Source: Zumper
7. Detroit, Michigan
Getty Images Year-over-year rent change: -5.6%
Month-over-month rent change: -1.0%
Average rent: $1,020
National rent ranking: 81
Source: Zumper
8. St. Louis, Missouri
Owaki-Kulla/Getty Images Year-over-year rent change: -5.3%
Month-over-month rent change: -1.1%
Average rent: $900
National rent ranking: 92
Source: Zumper
9. Henderson, Nevada
Shutterstock Year-over-year rent change: -5.1%
Month-over-month rent change: -0.7%
Average rent: $1,480
National rent ranking: 39
Source: Zumper
10. Gilbert, Arizona
Tim Roberts Photography/Shutterstock Year-over-year rent change: -4.2%
Month-over-month rent change: -0.6%
Average rent: $1,610
National rent ranking: 28
Source: Zumper
11. Winston Salem, North Carolina
Sean Pavone/Shutterstock Year-over-year rent change: -4.2%
Month-over-month rent change: -6.2%
Average rent: $910
National rent ranking: 91
Source: Zumper
12. Wichita, Kansas
Sean Pavone/Shutterstock Year-over-year rent change: -4.2%
Month-over-month rent change: -1.4%
Average rent: $680
National rent ranking: 100
Source: Zumper
13. Mesa, Arizona
Shutterstock Year-over-year rent change: -3.7%
Month-over-month rent change: 0.0%
Average rent: $1,300
National rent ranking: 56
Source: Zumper
14. Orlando, Florida
Shutterstock/Sean Pavone Year-over-year rent change: -3.6%
Month-over-month rent change: -1.2%
Average rent: $1,630
National rent ranking: 27
Source: Zumper
15. Tampa, Florida
Busà Photography/Getty Images Year-over-year rent change: -3.5%
Month-over-month rent change: -1.2%
Average rent: $1,650
National rent ranking: 26
Source: Zumper
16. Dallas, Texas
Danny Lehman/Getty Images Year-over-year rent change: -3.4%
Month-over-month rent change: -3.4%
Average rent: $1,400
National rent ranking: 45
Source: Zumper
17. Portland, Oregon
Shutterstock/Sean Pavone Year-over-year rent change: -3.3%
Month-over-month rent change: -3.3%
Average rent: $1,450
National rent ranking: 42
Source: Zumper
18. Sacramento, California
Getty Images. Year-over-year rent change: -3.1%
Month-over-month rent change: -3.1%
Average rent: $1,550
National rent ranking: 31
Source: Zumper
19. St. Petersburg, Florida
ESB Professional/Shutterstock Year-over-year rent change: -3.1%
Month-over-month rent change: -1.9%
Average rent: $1,550
National rent ranking: 31
Source: Zumper
20. Reno, Nevada
Getty Images Year-over-year rent change: -3.0%
Month-over-month rent change: -1.5%
Average rent: $1,310
National rent ranking: 54
Source: Zumper
21. Boise, Idaho
Getty Images. Year-over-year rent change: -2.7%
Month-over-month rent change: 2.8%
Average rent: $1,460
National rent ranking: 41
Source: Zumper
22. Spokane, Washington
Nicholas K. Geranios/AP Photo Year-over-year rent change: -2.7%
Month-over-month rent change: 5.9%
Average rent: $1,070
National rent ranking: 75
Source: Zumper
23. Des Moines, Iowa
Getty Images Year-over-year rent change: -2.2%
Month-over-month rent change: -6.5%
Average rent: $870
National rent ranking: 96
Source: Zumper
24. Tucson, Arizona
Danny Lehman/Getty Images Year-over-year rent change: -2.1%
Month-over-month rent change: 0.0%
Average rent: $930
National rent ranking: 88
Source: Zumper
25. Plano, Texas
Shutterstock Year-over-year rent change: -1.9%
Month-over-month rent change: 3.4%
Average rent: $1,520
National rent ranking: 34
Source: Zumper
26. San Antonio, Texas
Allan Baxter/Getty Images Year-over-year rent change: -1.8%
Month-over-month rent change: -2.6%
Average rent: $1,110
National rent ranking: 68
Source: Zumper
27. Atlanta, Georgia
Steve Kelley / Getty Images Year-over-year rent change: -1.7%
Month-over-month rent change: -2.9%
Average rent: $1,700
National rent ranking: 24
Source: Zumper
28. Scottsdale, Arizona
Tim Roberts Photography/Shutterstock Year-over-year rent change: -1.6%
Month-over-month rent change: -2.2%
Average rent: $1,810
National rent ranking: 20
Source: Zumper
29. Las Vegas, Nevada
Getty Images Year-over-year rent change: -1.6%
Month-over-month rent change: -1.6%
Average rent: $1,250
National rent ranking: 63
Source: Zumper
30. Santa Ana, California
Shutterstock Year-over-year rent change: -1.4%
Month-over-month rent change: -2.8%
Average rent: $2,080
National rent ranking: 12
Source: Zumper
31. Shreveport, Louisiana
Sean Pavone/Shutterstock Year-over-year rent change: -1.4%
Month-over-month rent change: 0.0%
Average rent: $730
National rent ranking: 98
Source: Zumper
32. Arlington, Texas
Shutterstock Year-over-year rent change: -0.9%
Month-over-month rent change: -3.5%
Average rent: $1,090
National rent ranking: 70
Source: Zumper
33. Bakersfield, California
Shutterstock Year-over-year rent change: -0.9%
Month-over-month rent change: 5.0%
Average rent: $1,050
National rent ranking: 77
Source: Zumper
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