16 cities where tenants can score significant rent savings as apartment prices stay high

Date: 2024-10-31
Apartment for rent.
Renters shouldn't have difficulty finding apartments, but securing a deal is a different story.
  • Apartments are as abundant as ever, but rent remained at record highs in October.
  • Robust demand offset a substantial uptick in supply.
  • Here are 16 real-estate markets where renters can save big.

Record-high rental inventory isn't bringing down all-time-high apartment prices.

The median rent for one-bedroom apartments reached $1,534 in October, matching the peak price set in August, according to a new report from real-estate site Zumper. That's virtually unchanged from September's rate of $1,533, though it's 1.9% higher than the median price from a year ago.

Two-bedroom setups went for around $1,910 in the nation's 100 largest real-estate markets, only a few dollars lower than last month and 2.6% higher than in October 2023.

Zumper rent Oct 2024

Apartment supply has reached unprecedented heights thanks to a surge in new rental units, Zumper found. Although that's kept rent from getting even more expensive, it hasn't brought prices in tenants' direction, as a recent report from Rentometer about third-quarter rent attests.

The explanation for this dynamic is straight out of ECON 101: prices have barely budged because demand has risen alongside supply.

While renting is expensive, many believe it still makes more sense than buying, especially since mortgage rates have experienced a resurgence lately. Besides, renters can evidently afford to pay up in a healthy economy marked by solid GDP growth, resilient consumer spending, a low unemployment rate, and strong job additions, which just hit their highest mark since last July.

Mortgage rates 10-30

"Sustained high demand can be linked to several economic factors, including low unemployment, easing inflation, and continued wage growth," said Anthemos Georgiades, the CEO of Zumper, in a statement for the report.

16 cities where rent is reasonable

Even though rent is stubbornly high on the national level, there are several cities among the 100 biggest rental markets where apartments are increasingly affordable.

Below are the 16 markets where rent was at least $200 cheaper than the national median price of $1,534 in October and no less than 3% cheaper than it was a year ago. Along with each city are its year-over-year and month-over-month rent changes and its median rent, the savings compared to the national median, and its rank among the 100 top US real-estate markets.

1. Minneapolis, Minnesota
Downtown Minneapolis skyline at dusk with US Bank Stadium in view.
Minnesota received a top-five ranking for work environment.

Year-over-year rent change: -9.1%

Month-over-month rent change: -5.1%

Median rent: $1,300

Savings vs national median: $234

National rent ranking: 54

2. Raleigh, North Carolina
Buildings in Raleigh, North Carolina

Year-over-year rent change: -6.8%

Month-over-month rent change: -0.8%

Median rent: $1,240

Savings vs national median: $294

National rent ranking: 65

3. Baltimore, Maryland
Baltimore, Maryland skyline

Year-over-year rent change: -6.3%

Month-over-month rent change: -0.7%

Median rent: $1,330

Savings vs national median: $204

National rent ranking: 51

4. Milwaukee, Wisconsin
Milwaukee, Wisconsin

Year-over-year rent change: -5.5%

Month-over-month rent change: -1%

Median rent: $1,040

Savings vs national median: $494

National rent ranking: 85

5. Glendale, Arizona
glendale arizona

Year-over-year rent change: -5.5%

Month-over-month rent change: 0.8%

Median rent: $1,210

Savings vs national median: $324

National rent ranking: 69

6. Jacksonville, Florida
Jacksonville, Florida.

Year-over-year rent change: -4.7%

Month-over-month rent change: 0.8%

Median rent: $1,220

Savings vs national median: $314

National rent ranking: 66

7. Spokane, Washington
Spokane Washington

Year-over-year rent change: -4.5%

Month-over-month rent change: -1.9%

Median rent: $1,050

Savings vs national median: $484

National rent ranking: 83

8. Arlington, Texas
Arlington, Texas

Year-over-year rent change: -4.5%

Month-over-month rent change: -1.8%

Median rent: $1,070

Savings vs national median: $464

National rent ranking: 80

9. Phoenix, Arizona
Phoenix, Arizona, Downtown Skyline Aerial.

Year-over-year rent change: -4.4%

Month-over-month rent change: -0.8%

Median rent: $1,290

Savings vs national median: $244

National rent ranking: 56

10. Anchorage, Alaska
The skyline of Anchorage, Alaska with mountains in the background.

Year-over-year rent change: -4.3%

Month-over-month rent change: 3.1%

Median rent: $1,330

Savings vs national median: $204

National rent ranking: 51

11. Tulsa, Oklahoma
Tulsa, Oklahoma

Year-over-year rent change: -4.1%

Month-over-month rent change: -1.1%

Median rent: $930

Savings vs national median: $604

National rent ranking: 93

12. Las Vegas, Nevada
Las Vegas in February 2023.

Year-over-year rent change: -4%

Month-over-month rent change: 0%

Median rent: $1,200

Savings vs national median: $334

National rent ranking: 70

13. Chattanooga, Tennessee
Chattanooga, Tennessee

Year-over-year rent change: -3.8%

Month-over-month rent change: 0.8%

Median rent: $1,260

Savings vs national median: $274

National rent ranking: 59

14. Fort Worth, Texas
fort worth texas

Year-over-year rent change: -3.8%

Month-over-month rent change: 0.8%

Median rent: $1,260

Savings vs national median: $274

National rent ranking: 59

15. Kansas, City, Missouri
Kansas City, Missouri.

Year-over-year rent change: -3.5%

Month-over-month rent change: -1.8%

Median rent: $1,090

Savings vs national median: $444

National rent ranking: 76

16. Albuquerque, New Mexico
Albuquerque, New Mexico.

Year-over-year rent change: -3.2%

Month-over-month rent change: -3.2%

Median rent: $920

Savings vs national median: $614

National rent ranking: 94

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