By Arlenys Tabare
25 Oct 2023, 1:47 PM EDT
A recent report from Realtor.com revealed that rental prices in major U.S. cities are falling this month compared to the previous two months.
According to the analysis in the month of September Rental costs in the 50 largest US metropolitan areas stood at $1,747this price is $5 less than in August and $29 less compared to 2022.
In this sense, Realtor.com highlighted in its report that “September marked the fifth month with year-over-year declines in average asking rents. A major factor contributing to the weakness of the rental market is the increase in multifamily construction, that continues to make its way to boost supply,” he said.
The real estate market is taking a turn in favor of tenants who see opportunity amid a high mortgage rate and an increase in home prices making rental prices more affordable.
The cities with the lowest rents
Therefore, we show you which are the cities where rental prices for apartments with 0 to 2 bedrooms have fallen by up to 7% since a year ago.
- Austin-Round Rock, Texas, US $1,638 -7.3%
- Dallas-Fort Worth-Arlington, TX $1,530 -6.2%
- Orlando-Kissimmee-Sanford, Florida, United States $1,710 -5.4%
- Portland-Vancouver-Hillsboro, OR-WA $1,681 -5.4%
- Phoenix-Mesa-Scottsdale, Arizona, US $1,563 -5.2%
- Atlanta-Sandy Springs-Roswell, GA $1,659 -4.9%
- Raleigh, North Carolina $1,562 -4.3%
- Tampa-St. St. Petersburg-Clearwater, Florida, United States $1,720 dollars -3.9%
- Las Vegas-Henderson-Paradise, NV $1,509 -3.3%
- Memphis, TN-MS-AR $1,293 dollars -3.3%
- Sacramento–Roseville–Arden-Arcade, California $1,864 -3.3%
- San Antonio-New Braunfels, TX $1,279 -2.4%
- Charlotte-Concord-Gastonia, North Carolina-SC $1,604 -2.2%
- Denver-Aurora-Lakewood, CO $1,957 -1.0%
- Chicago-Naperville-Elgin, IL-IN-WI $1,801 -0.6%
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD $1,790 -0.4%
- Nashville-Davidson–Murfreesboro–Franklin, Tennessee $1,649 -0.2%
On the other hand, an analysis presented by Rental.com showed that recently completed housing units are being quickly utilized by the market making demand for the most affordable rentals high, It is estimated that 61% of the newly completed apartments already had tenants.
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