Report: August 2024 Rent Trends

By Lilly Milman

Sep 05, 2024

Overview

1. As peak renting season comes to an end, most cities are seeing rent decreases.  
2. It’s a good time to be a new grad looking for an apartment in a new city, as rent is down in nearly all our “Best Cities for College Grads.”
3. Three key cities are seeing substantial price growth in the Midwest.

National Trends

The cities where rent is down outnumber the cities where it’s up.

• The national median price of a one-bedroom apartment (now $1,560) decreased by 0.6% from July to August, but is up 1.3% year-over-year. Luckily for renters, most rental markets we track are seeing still relief both MoM and YoY.
• The biggest month-over-month rent drops were spread out across the Southeast and the Midwest — notably in Augusta, GA  (-5.5%), Cleveland, OH (-4.7%); Cincinnati, OH (-4.5%); Sioux Falls, SD (-4%); and Wichita, KS (-3.5%).
• With rental prices down in much of the country compared to last month, it’s a good time to be a new grad renting an apartment. We looked back at the places we identified in our Best Cities for College Grads report published earlier this year and found that there were rent declines in nearly all of them.
• Tampa, FL (-3.3%) saw the biggest MoM drop, followed by San Francisco, CA (-1.7%), Washington, DC (-1.2%), Charleston, SC (-0.9%), Madison, WI (-0.7%), Seattle, WA (-0.6%) and Atlanta, GA (-0.1%). 

Regional Trends

The Midwest

• While some cities in the Midwest are finally experiencing relief, others are continuing to see massive rent growth. Ann Arbor, MI (+8.4%), Cedar Rapids, IA (+8.3%), and Fargo, ND (+4.9%) in particular had sizable rent increases.
• Ann Arbor has taken the place of the No. 10 most expensive city to rent a one-bedroom apartment — knocking Charleston, SC off of the list — with a median rent price of $2,002.

Rent at the State Level

• New York is the most expensive state to rent a one-bedroom apartment, with a median asking rent price of $3,300. This is largely due to the high prices in the New York City metropolitan area.
• Fun fact: For the less than price of a studio apartment in New York ($2,995), you can rent a three-bedroom rental property in Colorado or New Hampshire ($2,500).