CHECKS AND BALANCES
Rental Markets In The US That Are Cheaper Now Than They Were A Year Ago, Mapped
An Apartment List research report shows that almost one out of every three big US cities had a decrease in rents since March 2022. Twenty-eight out of 100 cities showed a negative y-o-y rent growth rate according to the analysis, and most of them were on the West coast.
Key Takeaways:
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Among the 100 largest cities, Scottsdale, Arizona, had the highest decrease in rent growth with -5.4 percent, and was among four Arizona locations (alongside Mesa, Chandler and Glendale) in the top 10 cities with negative rent growth.
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Year-over-year rent growth in March 2023 exceeded 10 percent in two cities: Madison, Wisconsin, with 14.1 percent, followed by Lubbock, Texas, with 10.2 percent.
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Los Angeles, California, and Cleveland, Ohio, have had an unchanged rent growth for 12 months, from March 2022 to March 2023.
Y-O-Y Growth Rent Growth (as of March 27, 2023)
Top Ten
| City | State | YoY Rent Growth % |
|---|---|---|
| Madison | WI | 14.1% |
| Lubbock | TX | 10.2% |
| Omaha | NE | 9.1% |
| Jersey City | NJ | 9. % |
| Hialeah | FL | 7.8% |
| Indianapolis | IN | 6.9% |
| Albuquerque | NM | 6.8% |
| Chula Vista | CA | 6.4% |
| Lincoln | NE | 6.2% |
| Boston | MA | 6.1% |
Bottom Ten
| City | State | YoY Rent Growth % |
|---|---|---|
| Scottsdale | AZ | -5.4% |
| Mesa | AZ | -4.1% |
| Las Vegas | NV | -4.0% |
| Henderson | NV | -3.5% |
| Chandler | AZ | -3.4% |
| North Las Vegas | NV | -3.0% |
| Reno | NV | -3.0% |
| Sacramento | CA | -2.9% |
| Oakland | CA | -2.7% |
| Glendale | AZ | -2.6% |
