In the United States, rental prices continue to climb. But in a few selected places it is decreasing.
That’s according to property site Zumper’s recently released National Rent Report for August 2022, which shows the continuation of record high prices for one-bedroom apartments.
Zumper analyzed national rental data from more than one million active listings in the United States 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 prices for one-bedroom rentals. There were also particularly strong increases in a few smaller cities, such as Fresno, California, and Tulsa, Oklahoma, which saw annual growth of 40% and 38.9%, respectively.
However, median rental prices fell in a few places. Here are the five cities where it fell the most in August 2022.
1. Des Moines, Iowa
Median rent price of a 1-bedroom apartment: $880
Price change from month to month: -6.4%
Price change from year to year: -12%
2. Anchorage, Alaska
Median rent price for a 1-bedroom apartment: $1,050
Price change from month to month: -6.3%
Price change from year to year: 1%
Median rent price for a 1-bedroom apartment: $1,830
Price change from month to month: -6.2%
Price change from year to year: 26.20%
Median rent price for a 1-bedroom apartment: $1,390
Price change from month to month: -6.1%
Price change from year to year: 12.1%
5. Plano, TX
Median rent price for a 1-bedroom apartment: $1,450
Price change from month to month: -5.8%
Price change from year to year: 11.5%
Des Moines edged out Anchorage for the biggest price drop of just 0.1%. Additionally, it is the only city in the top five where the median rent is below $1,000 per month.
The region that seems to have cooled the most overall is the Southeast. Migration skyrocketed during the pandemic because people wanted warmer weather, more space and cheaper places to live, Zumper reports.
But with this renewed interest came a spike in prices. Now, however, prices appear to be stabilizing as the migration cools.
Yet in some places rent is higher than ever, like in Miami. However, it has fallen from the third most expensive city in the United States to the sixth.
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. US cities where prices rents fell August