24 major cities where renters can save at least 10% compared to the national median
- Rent edged lower in September, continuing a long streak of year-over-year declines.
- Southern cities saw some of the largest dips in rent.
Apartment dwellers scored a small but much-needed win on the affordability front in September.
Median rent in the 50 largest US metropolitan areas dipped to $1,743 last month, according to an October 16 report from Realtor.com. That was $10 less than in August and $17 under the record peak from the August before, when inflation was coming off of multi-decade highs.
Asking prices were lower year-over-year for the 14th straight month, though they were only a few dollars cheaper than in September 2023. Apartments cost less across unit sizes, as studios slid by $34 to $1,442 per month, while one- and two-bedroom setups were both $8 more affordable at $1,623 and $1,930, respectively.
Renting is much more expensive now than it was before the pandemic, as the typical unit's price has risen by $286, or nearly 20%, since 2019. However, Realtor.com economic researchers Jiayi Xu and Danielle Hale pointed out that the same is true of most other goods and services.
"This increase is roughly on par with what has occurred in overall consumer prices (up 22.7% in the 5 years ending September 2024) and pales in comparison to the 50.8% increase in median price-per-square-foot of for-sale home listings in the 5 years ending September 2024," Xu and Hale wrote in their note.
The two continued: "Further, the relative steadiness in rents should translate into slower shelter inflation in the months ahead, alleviating one of the biggest recent drivers of rising prices."
Although rent is down across major US cities, improvements in affordability are far from uniform.
Eight of the 10 real-estate markets with the largest year-over-year drops in rent last month were in the South, led by Nashville's 4.8% drop. Dallas and Denver also each tumbled 4% from 2023.
"While the labor market in the South in areas such as Austin (3.7%) and Birmingham (3.1%) continues to outperform the top-50 average, with much lower unemployment, the rapid growth in new multi-family homes is putting downward pressure on rental prices and cooling the market," Xu and Hale wrote.
Conversely, eight of the 10 metro areas in the Midwest that made Realtor.com's list had higher rent than last September. Chicago and Detroit were the only cities in that region where rent fell. Xu and Hale estimate that a combination of lower starting prices and healthy labor markets likely underpinned that move.
24 cities with cheap rentRenters hunting for a deal are in luck. Business Insider reviewed Realtor.com's list of the 50 biggest US cities and narrowed it down to the two dozen cities where rent was at least 10% less than the national median of $1,743 last month.
Below are those 24 major US cities, along with each location's median rent in September, the year-over-year and month-over-month changes, and the savings versus the national median rate.
1. Oklahoma City
Median rent: $1,037
Year-over-year change: 1.9%
Month-over-month change: -0.3%
Discount vs national median: 40.5%
2. Columbus, Ohio
Median rent: $1,217
Year-over-year change: 1.2%
Month-over-month change: -1.1%
Discount vs national median: 30.2%
3. Memphis, Tennessee
Median rent: $1,227
Year-over-year change: -3.5%
Month-over-month change: -0.2%
Discount vs national median: 29.6%
4. Cleveland
Median rent: $1,237
Year-over-year change: 0.6%
Month-over-month change: -1%
Discount vs national median: 29%
5. Birmingham, Alabama
Median rent: $1,251
Year-over-year change: -3.5%
Month-over-month change: 0.8%
Discount vs national median: 28.2%
6. San Antonio
Median rent: $1,268
Year-over-year change: -3.1%
Month-over-month change: -0.9%
Discount vs national median: 27.3%
7. Louisville, Kentucky
Median rent: $1,287
Year-over-year change: 2.5%
Month-over-month change: -0.4%
Discount vs national median: 26.2%
8. Indianapolis
Median rent: $1,318
Year-over-year change: 0.5%
Month-over-month change: -0.5%
Discount vs national median: 24.4%
9. Detroit
Median rent: $1,328
Year-over-year change: -0.3%
Month-over-month change: 0.2%
Discount vs national median: 23.8%
10. Kansas City, Missouri/Kansas
Median rent: $1,357
Year-over-year change: 0.7%
Month-over-month change: 0%
Discount vs national median: 22.1%
11. St. Louis
Median rent: $1,361
Year-over-year change: 2.6%
Month-over-month change: -0.1%
Discount vs national median: 21.9%
12. Houston
Median rent: $1,375
Year-over-year change: -3%
Month-over-month change: -1.2%
Discount vs national median: 21.1%
13. Cincinnati
Median rent: $1,393
Year-over-year change: 3.4%
Month-over-month change: 0.9%
Discount vs national median: 20.1%
14. Dallas
Median rent: $1,475
Year-over-year change: -4%
Month-over-month change: -0.9%
Discount vs national median: 15.4%
15. Pittsburgh
Median rent: $1,480
Year-over-year change: 1.1%
Month-over-month change: 1.4%
Discount vs national median: 15.1%
16. Las Vegas
Median rent: $1,493
Year-over-year change: -1.1%
Month-over-month change: -1.2%
Discount vs national median: 14.3%
17. Richmond, Virginia
Median rent: $1,512
Year-over-year change: -0.6%
Month-over-month change: -1.4%
Discount vs national median: 13.3%
18. Austin
Median rent: $1,522
Year-over-year change: -3.7%
Month-over-month change: -0.8%
Discount vs national median: 12.7%
19. Charlotte, North Carolina
Median rent: $1,536
Year-over-year change: -2.9%
Month-over-month change: -0.1%
Discount vs national median: 11.9%
20. Phoenix
Median rent: $1,544
Year-over-year change: -3%
Month-over-month change: -1.3%
Discount vs national median: 11.4%
21. Virginia Beach, Virginia
Median rent: $1,544
Year-over-year change: 0.1%
Month-over-month change: -0.3%
Discount vs national median: 11.4%
22. Jacksonville, Florida
Median rent: $1,552
Year-over-year change: -2.4%
Month-over-month change: -0.4%
Discount vs national median: 11%
23. Minneapolis
Median rent: $1,555
Year-over-year change: 1.9%
Month-over-month change: -0.1%
Discount vs national median: 10.8%
24. Raleigh, North Carolina
Median rent: $1,557
Year-over-year change: -0.3%
Month-over-month change: -0.4%
Discount vs national median: 10.7%
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