A TALE OF TWO CITIES
10 American Cities Where One-Bedroom Rents Are Decreasing, And 10 Where They're Increasing
Recent reports indicate that people are moving away from pricey cities like NYC, San Francisco and Chicago to smaller, more budget-friendly cities like Phoenix and Nashville.
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The Lede
This movement between cities has affected rent prices at the top and bottom. The average one-bedroom rent price has gone down in expensive markets like San Francisco and Manhattan, but up in smaller cities like Kansas City and Las Vegas. "For renters, this is a prime opportunity to get into an expensive area for way less than it would have cost before the pandemic," Apartment Guide managing editor Brian Carberry said.
Key Details
- SF (down 45%) and Chesapeake, VA, (29.4%) lead the cities with the largest average 1BR rent decreases.
- Kansas City, MO, (up 33.5%); Gilbert, AZ, (26%); Las Vegas (25.3%); Riverside, CA, (24.9%); and Buffalo, NY, (23.3%) lead among cities with increasing average rents.
- Other cities where rents have gone down by at least 15% include Manhattan (29.4%); Long Beach, CA, (27.3%); Colorado Springs (24.6%); Seattle (18.9%); San Jose (16.2%); LA (16%); Jersey City (15.5%); and San Antonio (15.4%).