20 Cities Where Apartment Rents Recently Fell the Most
Rent prices have been soaring across the U.S. The spike in costs for shelter have been largely driven by the pandemic, which drove the popularity of remote work, and inspired renters with means to seek larger dwellings in areas that had previously been more affordable. Rents have also been on the incline because purchasing a home has become prohibitively expensive, so more folks are turning to rentals instead.
See: 22 Side Gigs That Can Make You Richer Than a Full-Time Job
Read: How To Build Your Savings From Scratch
Though in general rents are up across the board, there are a number of cities that are seeing rent prices fall -- some more substantially than others. Let's look at 20 cities where apartment rents recently fell the most.
Logan, Utah
Rent in February 2023: $1,373.27
Rent in March 2023: $1,294.92
Rent decrease: -5.71%
According to Best Places, Logan touts an overall below average cost of living, although not by much. Logan's cost of living is 94.9 out of 100, meaning it's just under 6 points below the U.S. average.
What does make the city slightly more affordable than the national average is its comparatively low housing prices, low tax rate and fairly inexpensive utility costs. In terms of housing, it is 157.3 out of 100, meaning in that respect it is still high above the national average.
Learn: The 15 Biggest Bank Failures in US History
Stimulus Update: New Proposal Could Give Americans Monthly $1,200 Checks
Sun City West, AZ
Rent in February 2023: $2,110.82
Rent in March 2023: $1,990.00
Rent decrease: -5.72%
According to Payscale, Sun City West's housing expenses are 18% higher than the national average and the utility prices are 3% higher than the national average. This means that even the 5.72% dip in rent won't make rent prices equal to the national average, and that the city will still remain more expensive.
Take Our Poll: Who Has Given You the Best Money Advice You Have Ever Received?
Riverton, Utah
Rent in February 2023: $1,819.79
Rent in March 2023: $1,715.56
Rent decrease: -5.73%
According to Best Places, Riverton has a slightly above average cost of living. This is linked to heightened prices of goods and services. That said, real estate values are comparatively low and taxes are competitive with other cities.
Disclaimer: Some images are for representational purposes only, and do not reflect the city mentioned.
Newark, Ohio
Rent in February 2023: $1,145.90
Rent in March 2023: $1,079.00
Rent decrease: -5.84%
Newark has a cost of living index of 81.8 based on the U.S. average of 100. It's relatively cheaper because it has low taxes and low utility costs. But in terms of housing, it scores 61.6, Best Places found. So it's much more affordable than other areas.
Meriden, Connecticut
Rent in February 2023: $1,378.82
Rent in March 2023: $1,297.58
Rent decrease: -5.89%
According to Best Places, the cost of living index is 98.9 in Meriden based on the U.S. average of 100. Housing costs are 109.2. According to Realtor.com, there are 39 apartments and houses for rent in the area.
Iselin, New Jersey
Rent in February 2023: $2,552.24
Rent in March 2023: $2,400.00
Rent decrease: -5.97%
The cost of living in Iselin is actually above the national average at 119.8, according to Best Places. Housing is 136.4, so this modest decline will be quite welcome.
The Villages, Florida
Rent in February 2023: $2,248.69
Rent in March 2023: $2,112.43
Rent decrease: -6.06%
The overall cost of living in The Villages is 98.7, according to Best Places, and the cost of housing there is 101.1, so just above the national average.
Related: 15 Cities Where Houses Are Best Bargains Right Now
Jennings, Missouri
Rent in February 2023: $1,123.93
Rent in March 2023: $1,053.75
Rent decrease: -6.24%
Out of 100, the cost of living in Jennings is 78.8, according to Best Places, so it's more affordable in general than other areas. Housing there is even more affordable, with an index of 66.5.
Palm Beach Gardens, Florida
Rent in February 2023: $2,991.17
Rent in March 2023: $2,794.59
Rent decrease: -6.57%
Palm Beach Gardens is hardly an affordable city. According to Best Places, it has a cost of living score of 122.2 and housing is 151.9! Residents will surely rejoice in this 6.57% decrease, though it's probably not enough to attract people on a budget.
Morehead, Kentucky
Rent in February 2023: $1,000.84
Rent in March 2023: $923.33
Rent decrease: -7.74%
The overall cost of living in Morehead is 72.2, according to Best Places, so it's far more affordable than other locations. Housing costs are 42.4, so even more of a drop in prices could be felt dramatically.
Madison, New Jersey
Rent in February 2023: $3,553.49
Rent in March 2023: $3,274.83
Rent decrease: -7.84%
Out of 100, the cost of living in Madison is an astounding 161.3, according to Best Places -- making it a truly expensive location. The cost of housing is even more breathtaking: 254.8! Residents and newcomers could greatly use this 7.84% decrease in rent.
I'm a Self-Made Millionaire: These Are the 6 Investments Everyone Should Make During an Economic Downturn
Columbia Heights, Minnesota
Rent in February 2023: $1,636.78
Rent in March 2023: $1,505.28
Rent decrease: -8.03%
The overall cost of living in Columbia Heights is 98.6, according to Best Places, and housing is 93.7. That's still a bit on the steep side, so an 8.03% decrease should make a bit of a dent.
Springdale, Arkansas
Rent in February 2023: $1,698.96
Rent in March 2023: $1,559.58
Rent decrease: -8.20%
According to Best Places, the cost of living in Springdale is 87.1. Housing costs are 75.5, so this location is already refreshingly more affordable than others.
Mansfield, Ohio
Rent in February 2023: $1,746.77
Rent in March 2023: $1,598.44
Rent decrease: -8.49%
The cost of living in Mansfield is 68.6, according to Best Places, and the cost of housing is just 25.4. That 8.49% decrease in rent could bring it down even more.
Tequesta, Florida
Rent in February 2023: $4,719.06
Rent in March 2023: $4,291.67
Rent decrease: -9.06%
Tequesta is hardly an affordable location. According to Best Places, cost of living overall here is 124.7, and housing ranks at 159.6. Hopefully a 9.06% decrease in rents will make an impact.
How To Buy ChatGPT Stock: Your 2023 Guide to AI Investing
Siesta Key, Florida
Rent in February 2023: $5,436.11
Rent in March 2023: $4,933.33
Rent decrease: -9.25%
The cost of living in Siesta Key scores 150.2 out of 100, and housing costs stand at a jaw-dropping 261.6, according to Best Places. Is a 9.25% decrease in rents enough to make this city affordable? Probably not for most.
Roseville, Michigan
Rent in February 2023: $1,490.77
Rent in March 2023: $1,329.12
Rent decrease: -10.84%
Best Places calculates that the cost of living in Rosevill is 88.9, but housing costs are just 48.3. It will be interesting to see how a decline of 10.84% in rent prices will make housing even more affordable.
Pinecrest, Florida
Rent in February 2023: $5,843.33
Rent in March 2023: $5,026.27
Rent decrease: -13.98%
The cost of living in Pinecrest is off the charts at 209.2. But if you think that's bad, consider that the cost of housing there is 417.9 -- over 4x the national average! This city's renters sure could use that 13.89% decrease.
Sheboygan, Wisconsin
Rent in February 2023: $1,101.21
Rent in March 2023: $912.33
Rent decrease: -17.15%
According to Best Places, the cost of living in Sheboygan is 79.4. That's pretty decent, but factor in the cost of housing, which is 54.5, and you've got yourself a fairly budget-friendly city.
Hendersonville, North Carolina
Rent in February 2023: $2,242.44
Rent in March 2023: $1,650.00
Rent decrease: -26.42%
Hendersonville is not a super cheap place to live. According to Best Places, the cost of living here is 101.0, so just above the national average. Housing costs are even higher, at 106.7.
However, a 26.42% drop in rent prices is dramatic. Will it make enough of a difference to appeal to prospective residents? Quite possibly yes.
More From GOBankingRates
Methodology: To find the cities where apartment rent is falling the most, GoBankingRates used the Zillow Observed Rent Index (ZORI) to calculate the rental price change from February 2023 to March 2023. GoBankingRates sorted the cities and the top 250 cities were kept. All data was recorded and is up-to-date on April 24th, 2023.
This article originally appeared on GOBankingRates.com: 20 Cities Where Apartment Rents Recently Fell the Most
