This text initially appeared on Enterprise Insider.
The “yr of the American renter” is off to a robust begin — except you are a landlord.
A brand new report from on-line rental platform Zumper discovered that in January, the going price for a one-bedroom residence within the US was $1,496, and $1,847 for a two-bedroom setup. These two figures modified little from final month.
Lease is barely under the report ranges set in September however stays greater than final January. Median year-over-year hire development charges this month have been 0.3% for one-bedroom residences and 1.4% for residences with two bedrooms, in line with Zumper. One-bedroom hire rose by lower than 1% for the fifth-straight month after rising for 12 consecutive months beginning in October 2021.
Lease development within the US is way from its pandemic peak, in line with the January hire report from @Zumper. pic.twitter.com/3QhWPCyaUp
— James Faris (@JamesFaris_) January 25, 2024
House costs have been pushed down by surging provide, Zumper famous. New models are going up quickly throughout areas following years by which demand for rental models far outpaced provide.
“2023 was a report yr for brand spanking new provide throughout the nation, and the multifamily trade will add much more stock in 2024,” Zumper’s researchers wrote of their January hire report. “This bounce in provide is nice information for renters in search of a deal.”
A extra aggressive rental market is not simply driving down costs. Many renters at the moment are having fun with perks that might’ve been exceptional through the pandemic, together with waived safety deposits and a free month of hire, Zumper discovered. That pattern can proceed as rates of interest slide, which can possible deliver homebuyers again from the sidelines.
“Renters have extra leverage proper now than anytime in latest reminiscence,” stated Anthemos Georgiades, the CEO of Zumper, in a press release for the report. “Now’s the time to renegotiate current leases or rating a deal on a brand new residence.”
27 cities the place residences are getting way more reasonably priced
Precisely half of the highest 100 rental markets within the US noticed median residence costs fall from 2023, in line with Zumper. Nonetheless, these declines various extensively by area and have been extra vital within the Solar Belt than within the Midwest.
Beneath are 27 metropolitan areas the place the going rental price for a one-bedroom residence is at the very least 5% decrease than it was final January, in line with Zumper. Together with every metropolis are its year-over-year and month-over-month hire modifications, common hire value, and nationwide hire rating among the many largest 100 US actual property markets.
1. Scottsdale, Arizona
Scottsdale, Arizona. Tim Roberts Images/Shutterstock by way of BI
12 months-over-year hire change: -17.7%
Month-over-month hire change: -3.5%
Common hire: $1,670
Nationwide hire rating: 24
Supply: Zumper
2. Irving, Texas
Skyline of the Las Colinas space of Irving, Texas. iStock / Getty Photos Plus by way of BI
12 months-over-year hire change: -16.1%
Month-over-month hire change: -0.8%
Common hire: $1,250
Nationwide hire rating: 61
Supply: Zumper
3. Winston Salem, North Carolina
Winston-Salem, North Carolina. halbergman/Getty Photos by way of BI
12 months-over-year hire change: -14.6%
Month-over-month hire change: -1.1%
Common hire: $880
Nationwide hire rating: 92
Supply: Zumper
4. Greensboro, North Carolina
Sean Pavone/Shutterstock by way of BI
12 months-over-year hire change: -13.9%
Month-over-month hire change: 5.3%
Common hire: $990
Nationwide hire rating: 82
Supply: Zumper
5. Boise, Idaho
Boise, Idaho. Charles Knowles/Shutterstock by way of BI
12 months-over-year hire change: -12.8%
Month-over-month hire change: 3.2%
Common hire: $1,290
Nationwide hire rating: 55
Supply: Zumper
6. Augusta, Georgia
Augusta, Georgia. SeanPavonePhoto/Getty Photos by way of BI
12 months-over-year hire change: -12.5%
Month-over-month hire change: -1.2%
Common hire: $840
Nationwide hire rating: 95
Supply: Zumper
7. Buffalo, New York
Buffalo, New York. Getty Photos by way of BI
12 months-over-year hire change: -10.7%
Month-over-month hire change: 5.9%
Common hire: $1,080
Nationwide hire rating: 74
Supply: Zumper
8. Austin, Texas
Austin, Texas. Evan Semones by way of BI
12 months-over-year hire change: -10.2%
Month-over-month hire change: 0%
Common hire: $1,490
Nationwide hire rating: 35
Supply: Zumper
9. Asheville, North Carolina
Asheville, North Carolina. Kevin Ruck/Shutterstock by way of BI
12 months-over-year hire change: -8.4%
Month-over-month hire change: -2.1%
Common hire: $1,420
Nationwide hire rating: 41
Supply: Zumper
10. Arlington, Texas
Shutterstock by way of BI
12 months-over-year hire change: -8.3%
Month-over-month hire change: 1.9%
Common hire: $1,100
Nationwide hire rating: 70
Supply: Zumper
11. St. Louis, Missouri
The Gateway Arch, St Louis, Missouri. joe daniel value/Getty Photos by way of BI
12 months-over-year hire change: -8.3%
Month-over-month hire change: 3.5%
Common hire: $880
Nationwide hire rating: 92
Supply: Zumper
12. Memphis, Tennessee
Memphis, Tennessee. Connor D. Ryan/Shutterstock by way of BI
12 months-over-year hire change: -8.2%
Month-over-month hire change: 2.3%
Common hire: $900
Nationwide hire rating: 90
Supply: Zumper
13. Windfall, Rhode Island
Windfall, Rhode Island. Mihai_Andritoiu/Shutterstock by way of BI
12 months-over-year hire change: -8%
Month-over-month hire change: -5.9%
Common hire: $1,600
Nationwide hire rating: 25
Supply: Zumper
14. Glendale, Arizona
Saverino and his boyfriend rented within the Phoenix suburb of Glendale earlier than shopping for a one-bedroom rental in Mesa for $204,000. halbergman/Getty Photos by way of BI
12 months-over-year hire change: -7.7%
Month-over-month hire change: -5.5%
Common hire: $1,200
Nationwide hire rating: 65
Supply: Zumper
15. Colorado Springs, Colorado
Jacob Boomsma/Getty Photos by way of BI
12 months-over-year hire change: -7.6%
Month-over-month hire change: 0%
Common hire: $1,100
Nationwide hire rating: 70
Supply: Zumper
16. Wichita, Kansas
Sean Pavone/Shutterstock by way of BI
12 months-over-year hire change: -7.2%
Month-over-month hire change: -1.5%
Common hire: $640
Nationwide hire rating: 100
Supply: Zumper
17. Houston, Texas
Houston, Texas. Sean Pavone/Shutterstock by way of BI
12 months-over-year hire change: -6.9%
Month-over-month hire change: -1.6%
Common hire: $1,220
Nationwide hire rating: 63
Supply: Zumper
18. Oakland, California
Oakland, California metropolis skyline. Jonathan Clark/Getty Photos by way of BI
12 months-over-year hire change: -6.8%
Month-over-month hire change: -1.4%
Common hire: $2,050
Nationwide hire rating: 13
Supply: Zumper
19. Dallas, Texas
Dallas, Texas. f11photo/Shutterstock by way of BI
12 months-over-year hire change: -6.8%
Month-over-month hire change: -2.2%
Common hire: $1,360
Nationwide hire rating: 46
Supply: Zumper
20. San Antonio, Texas
Sean Pavone/Shutterstock by way of BI
12 months-over-year hire change: -6.1%
Month-over-month hire change: 0.9%
Common hire: $1,080
Nationwide hire rating: 74
Supply: Zumper
21. Orlando, Florida
Orlando, Florida. Songquan Deng/Shutterstock by way of BI
12 months-over-year hire change: -6%
Month-over-month hire change: 0.60%
Common hire: $1,580
Nationwide hire rating: 26
Supply: Zumper
22. Lincoln, Nebraska
Lincoln, Nebraska. Jacob Boomsma/Shutterstock by way of BI
12 months-over-year hire change: -6%
Month-over-month hire change: 1.3%
Common hire: $790
Nationwide hire rating: 97
Supply: Zumper
23. El Paso, Texas
Northwest in El Paso, Texas John Coletti/Getty Photos by way of BI
12 months-over-year hire change: -5.8%
Month-over-month hire change: -5.8%
Common hire: $810
Nationwide hire rating: 96
Supply: Zumper
24. Bakersfield, California
Bakersfield, California MattGush/Getty Photos by way of BI
12 months-over-year hire change: -5.4%
Month-over-month hire change: -0.9%
Common hire: $1,050
Nationwide hire rating: 78
Supply: Zumper
25. Jacksonville, Florida
Jacksonville, Florida. ESB Skilled/Shutterstock by way of BI
12 months-over-year hire change: -5.3%
Month-over-month hire change: 0.8%
Common hire: $1,260
Nationwide hire rating: 59
Supply: Zumper
26. New Orleans, Louisiana
John Coletti/Getty Photos by way of BI
12 months-over-year hire change: -5.1%
Month-over-month hire change: 0%
Common hire: $1,500
Nationwide hire rating: 31
Supply: Zumper
27. Albuquerque, New Mexico
Albuquerque, New Mexico. Sean Pavone/Shutterstock by way of BI
12 months-over-year hire change: -5%
Month-over-month hire change: 3.3%
Common hire: $950
Nationwide hire rating: 85
Supply: Zumper
