ApartmentAdvisor National Rent Report

This month’s report focuses on three key findings:

1. Nationally, rent dropped by 1% in more cities than where it increased by 1%.
2. To see where rent prices on the rise, look toward secondary cities on the Pacific Coast and in the Southeast.
3. Rent prices at the state level are up YoY across most of the Northeast, but Rhode Island, Maine, and Massachusetts are bucking the trend.

National Overview: Once Again, Cities with Rent Declines Outnumbered Those with Rent Hikes

As peak renting season, which typically takes place during the summer months, winds down, so are rent prices in the majority of the country. November and December tend to be less popular moving months for renters due in part to the holiday season and less ideal weather for touring, so it’s not surprising to see asking prices lowering slightly in many areas in anticipation. It’s also worth noting that, the majority of cities that saw month-over-month rent decreases also saw year-over-year decreases. The same direct trend follows for increases.

In September, 49 of the cities that we analyze for this report saw rent declines for one-bedroom apartments — with 37 of those declines being equal to or larger than 1%. Over 70% of those 49 cities are also seeing rent prices that are lower than this time last year. The cities with the largest MoM decreases are: Cedar Rapids, IA (-9.4%); Cleveland, OH (-7%); and Detroit, MI (-6.4%).

On the flip side, 33 cities saw rent increases for one-bedroom apartments from August to September — but only 24 of those rent increases were equal to or larger than 1%. About 55% of those cities also had year-over-year increases. The cities with the largest MoM increases are: Pittsburgh, PA (+12.1%); Little Rock, AK (+6.2%); and Milwaukee, WI (5.4%).

Rent remained flat for one-bedroom apartments in 9 cities: Denver, CO; Nashville, TN; Oakland, CA; St. Paul, MN; Wichita, KS; Riverside, CA; Fort Wayne, IN; Virginia Beach, VA; and Rochester, NY.

Regional Deep Dive: Rent is Rising in Secondary Cities on Both Sides of the Country

The coasts are home to some of the most in-demand rental markets in the US — but it’s the secondary cities (a term used to describe growing cities or metro areas that are smaller than major cities, but on the economic upturn) that are seeing significant rent growth this year on either side of the country. While not all of the coastal secondary cities saw rent hikes this month, this belies a larger trend we’ve been seeing throughout the past year.

In California, you’ll find two housing markets where the asking rent price of a one-bedroom apartment has been climbing MoM since January 2024: Riverside and Sacramento. Both cities saw the 2022 mid-summer rent spike associated with the pandemic, as well as the typical rent cooling through the end of 2023 that we saw across most of the country. However, in both markets, rent started climbing back up toward these COVID peaks during the summer months of 2024. The difference between the September 2024 median rent for a one-bedroom apartment ($1,800) and the pandemic peak price ($1,850) is only $50 in Riverside. The difference is slightly larger in Sacramento ($81, when comparing today’s $1,595 with July 2022’s $1,676), but the growth in Sac-Town has been faster. It’s now over $100 more expensive to rent a one-bedroom apartment in Sacramento when looking at median asking rents than it was in January 2024.

On the other side of the country, in the Southeast, we zoomed in on two secondary cities experiencing a similar trend with their rental prices: Charleston, SC and Savannah, GA. Both are historic cities known for their cobblestone streets, horse-drawn carriages, pastel aesthetics — and rent hikes in recent years. Unlike much of the country, neither market saw a sharp pandemic peak nor a significant period of cooling off. Instead, both saw steady growth throughout 2023, somewhat sharp declines in the early months of 2024, and are now back on the rise. Still, in both cities the median asking rent price for a one-bedroom apartment is over $100 higher now than it was in January.

As people are priced out of major cities like New York, NY or San Francisco, CA, remote work rises, and companies spread out their headquarters and employment opportunities across the country, secondary cities like these may continue to become more and more desirable — and prices will rise to match those demands.