Paying rent is a hassle no matter the occasion. The past year or so has seen rents in several major US cities decrease, which is great news for anyone looking to live in these metropolitan areas. If you’re part of the many renters struggling to keep up with your rent, this article should be of interest.
This article will list the top cities that have seen a decline in rent, as well as the current average price for one month’s worth of rent. If you’re looking to make a change in your living situation, take a look at these figures before you go out and do something rash.
Read More »The city of Miami is experiencing some significant changes. Money Magazine listed the city as one of the top 10 places to move if you want to live in an affordable and thriving place. However, if you’re looking at renting a place here, you might want to look elsewhere. The average price for one month’s worth of rent has dropped dramatically from $2,200 in 2016 to around $1,700.
It is important to note that while this is a substantial price drop, it still remains on the high end of the spectrum compared to rent in other major US cities. Still, it is encouraging to see this surge in affordability for Miami residents.
2. Washington DC
Washington DC has been listed as one of the most expensive places to live by several publications over recent years. Now that rent has decreased from $2,300 in 2016 to approximately $1,600. Things are looking up for anyone who calls this city their home. The population alone almost makes up for the extra cost of living here. The district has over 621 thousand people living here, so you’re certainly never going to feel lonely here.
3. Boston
The average price of one month’s worth of rent in Boston, MA, has gone down considerably over recent years. In 2016 the price was around $2,100, and now it’s at just under $1,400. This is great news for anyone that might want to live in the Boston area.
4. Chicago
Chicago hasn’t always been known as a cheap city to call home, but things are changing in a major way. The average cost for one month’s worth of rent has dropped from $1,570 in 2016 to around $1,300 now. This is an improvement that residents are surely enjoying right now.
5. New York City
New York City is an expensive place to live, but you’ve been expecting that. If you haven’t been scared away by the costs here in the past, then you’re likely going to be okay with this new decrease in rent. The average price for one month’s rent has dropped from $2,640 to around $1,900. That’s a pretty sizable price drop.
6. Dallas
The city of Dallas is also on this list. The average price for one month’s worth of rent here has decreased from $1,250 in 2016 to around $1,000 now. This is a decrease that many renters will not want to take advantage of and move in before it gets any lower.
7. Denver
Another city on this list is Denver, CO. The current average price for one month’s rent where there has dropped from $1,560 to around $1,250 over the last year. This is a substantial decrease in price that most renters will be happy about.
8. Houston
The average cost of living in Houston has also dropped substantially over the past year. It has gone from being one of the most expensive cities to live in to be almost affordable for residents. The average price for one month’s worth of rent has gone down from around $2,460 to just under $1,000 now.
9. New Orleans
This is the first city on our list that has seen a decline in prices every year for the last three years. The price of one month’s rent in New Orleans is about $1,100 now. In 2016, the price was $1,470. This is a drop of over 40% and shows a significant level of affordability for renters here.
10. Atlanta
The average for one month’s worth of rent in Atlanta has dropped from around $1,500 to just over $1,000 now. This shows that there are some great deals available to renters in this area right now — and you have to be moving fast if you want them.
11. San Francisco
The average price in San Francisco has decreased by almost $660 yearly. The current price for one month’s rent is around $3,400, compared to 2017’s over $4,000. This means that renters are getting the best deals possible here in San Francisco. It is worth noting that this is more than double the average rent in any other major US city.
12. Tampa
Tampa saw a decrease of almost $200 over the past year. The average price for one month’s rent went down from around $1,700 in 2016 to around $1,400 now. This shows that residents are getting better deals as time goes on here in Tampa.
13. Las Vegas
The average price for one month’s worth of rent in Las Vegas has decreased from around $2,220 in 2016 to just under $1,800 now. This is still far above the national average, but this shows that residents enjoy the benefits of a city that offers so much right now.
14. Oklahoma City
Oklahoma City has seen an increase in the average price of one month’s worth of rent over recent years. The current rate is about $1,500 for one month’s rent. This is still less than what you would pay in some of the larger cities on this list, but it shows ways to lower your costs in Oklahoma City.
15. Cleveland
The average price for one month’s worth of rent in Cleveland has dropped from around $1,600 in 2016 to just under $1,200 now. This is a substantial decrease that you do not want to pass up if you’re thinking about renting out a place here in Cleveland right now.
16. Louisville
The rent price here has gone down and up again over the past few years. The current price is $1,450, far less than the $2,450 paid in 2016. This shows that there are some great deals available to renters here in Louisville, although the city is high compared to the national average.
17. Philadelphia
The average for one month’s rent in Philadelphia is now just over $2,000 — an increase of about 30% from 2016’s result of nearly $1,600. This shows that renters can expect a lot of competition here and have been able to have the best prices possible in this city.
18. Cleveland
Forty-five percent of the decrease in one month’s rent in Cleveland has been due to a decrease of over $400 per month. The average price for a one-month lease is now at about $1,450. This is an improvement that renters will appreciate and shows that there are some great deals available right now in Cleveland.
19. Detroit
The city saw a small decline of less than $200 per month. The average price for one month’s rent is now at around $1,300 — down from around $2,000 last year. This shows that Detroit is affordable to live in as long as you’re looking to rent here rather than buy a house or apartment outright.
In conclusion, there’s no question that renting has become a very affordable option for those who want to live in several large cities across the country. For many people, the cost of living is a serious concern that they should carefully consider before making any long-term commitments or purchases. This is especially true if you’re planning on renting out your place while you’re away or if you want to move in with a roommate who will be taking over half the rent. Either way, there are some great deals available right now that will make it possible for you to enjoy affordable housing in these major US cities.
