Rent is a hot topic. The cost of living is getting more expensive and prices are going up in most places across the country. Rent. dug into the data and found 15 big cities where rent prices are decreasing for both one and two-bedroom apartments.
If you’re looking for a change of scenery — and lower rental prices — check out which cities have seen decreases in rents for both one and two-bedroom apartments.
Rent prices are up in most major cities in America
Whether you live in a rural area or a big city, you’ve probably noticed that, in general, rent prices are increasing everywhere. What you once paid for a two-bedroom apartment is now what it costs to rent a one-bedroom apartment in some cities. In fact, rent for a one-bedroom apartment has increased 25.5 percent year over year and rent for a two-bedroom apartment has increased by 26.8 percent in the same time frame.
15 big cities where prices are actually decreasing
Here are the 15 cities — in no particular order — where rent prices are actually decreasing for both one and two-bedroom apartments.
Milwaukee, WI
- 1 BR rent price YoY change: -10.98%
- 2 BR rent price YoY change: -12.88%
Nature, music festivals, wine and cheese and the Big Leagues — if you like any of these activities, Milwaukee‘s got you covered. Located adjacent to Lake Michigan, Milwaukee has beautiful beaches and lake-front trails. You’re near Kettle Moraine State Forest Park and can escape to other nearby state parks, too.
Milwaukee residents enjoy great pubs and breweries, wineries and, of course, cheese. Known as the Cheese-heads, you can experience the Wisconsin cheese on a daily basis. For sports fans, you’ve got professional hockey, baseball and basketball right there.
While Milwaukee is full of entertainment opportunities, you’ll also save a pretty penny on rent. Rent has decreased with one-bedroom rent prices at $968 and two-bedroom rent prices at $1,456.
Oakland, CA
- 1 BR rent price YoY change: -2.60%
- 2 BR rent price YoY change: -8.32%
Oakland is one of the 15 big cities with rent prices decreasing. People flock to California for the sunny, mild weather and Oakland is no exception. Located in northern California, this city is near San Fransisco and enjoys a mild climate year-round.
Here, you can enjoy the infamous redwood trees in all their glory. You’ll be surrounded by beautiful nature from the coast to the forest.
Oakland is consistently recognized as a great place for families and business people alike as there’s a little bit of everything to do. You’ve got parks, zoos, playgrounds, businesses and shopping centers to entertain everyone.
In addition to the benefits the city has to offer, Oakland is a rare California city that has seen a decrease in the cost of rent. Oakland renters can expect to pay $3,414 and $4,252 for a one or two-bedroom apartment, respectively.
Saint Louis, MO
- 1 BR rent price YoY change: -31.86%
- 2 BR rent price YoY change: -21.95%
Saint Louis has seen the sharpest decrease in rent prices for both one and two-bedroom apartments. Renters here will pay an average of $1,250 and $1,615 for apartments, which is a great price to pay to live in this mesmerizing city.
Saint Louis is known for the Gateway Arch, which is a fun attraction to see in the skyline. People love the museums and art scene here, in addition to the yummy food scene. Ever had an ice cream cone? Well, guess what — invented in this city. If you’re looking for a place with good food and beautiful scenery, this is a place to call home.
Lincoln, NE
- 1 BR rent price YoY change: -0.12%
- 2 BR rent price YoY change: -20.37%
The city of Lincoln is an all-around great place to live. The cost of living is inexpensive, the unemployment rate is low, the job opportunities are plentiful and you get the perfect blend of big-city entertainment with rural charm.
With close to 300,000 people living in Lincoln, it’s a large city. However, with the mid-Western charm, you’ll have that rural, hometown feel. Downtown Lincoln has a plethora of shops, restaurants, bars and museums to keep you entertained.
Lincoln saw some of the sharpest decreases in rent for two-bedroom apartments over the last year. People can expect to pay around $1,152 for a two-bedroom apartment and $1,056 for a one-bedroom apartment based on recent data from Rent.
Omaha, NE
- 1 BR rent price YoY change: -0.48%
- 2 BR rent price YoY change: -4.37%
Like Lincoln, the Nebraskan city of Omaha has also seen rent decreases for both one and two-bedroom apartments. Omaha is a great, family-friendly city in the Midwest. Here, you can enjoy several community activities like festivals, outdoor movies, parades and parks. Living here, you’ll have a great community with plenty of things to do.
One thing to keep in mind is the severe weather in this city. You may experience harsh weather but you’ll also have mild seasons, too.
Renters can expect to pay an average of $1,024 and $1,288 for one and two-bedroom apartments in Omaha.
Norfolk, VA
- 1 BR rent price YoY change: -24.19%
- 2 BR rent price YoY change: -3.93%
Norfolk is a military town. It’s the home of the largest naval base in the world — Naval Station Norfolk. Living here, you’ll definitely notice that it’s a military-centric town. So, if you’re in the military or are in the government sector, this is a great choice for you. Outside of the military influence, this city has other great features.
Norfolk is on the water so you’ll have access to several beaches for swimming, paddling, fishing or kayaking. Public transportation is well-supported and there are lots of great options for education. It also has a strong economy with lots of job openings.
Norfolk saw a decrease in rent for both one and two-bedroom apartments. Living in this city, your rent will range from $1,060 to $1,630 on average, depending on the size of the apartment you rent.
Birmingham, AL
- 1 BR rent price YoY change: -3.41%
- 2 BR rent price YoY change: -8.40%
Situated in the deep South, Birmingham has a population of 209,403 residents, making it quite a large city. This is a great city as residents have dining options, entertainment, sports, music and ample work opportunities.
With a plethora of things to do, renters will be happy to have more money in their pockets as they’re saving on rent. Rent ranges from $1,099 to $1,152 in Birmingham.
Indianapolis, IN
- 1 BR rent price YoY change: -8.30%
- 2 BR rent price YoY change: -13.95%
Indianapolis is the capital of The Hoosier State with 876,384 residents calling this city home. Indianapolis has everything you’d want out of a large city but people rave about the close-knit communities and family feels you get living here. You have locally-owned pubs and coffee shops, large shopping areas and engaging sports events.
Living in Indianapolis, you’ll get to experience the one-day sporting event that attracts over 300,000 people in one day — The Indy 500. Watch the race car drivers at this cultural phenomenon.
Rent has decreased and renters tend to pay $1,085 for a one-bedroom apartment and $1,192 for a two-bedroom apartment.
Cleveland, OH
- 1 BR rent price YoY change: -23.96%
- 2 BR rent price YoY change: -12.11%
It may surprise you to know that Cleveland is a cultural hotspot. You’ve got parks, art, music and sports packed into this one city. It’s home to some large sports teams — the Browns and the Cavaliers — for those who love to root on their home team. For music lovers, some call it the home of rock and roll. And, in general, it’s a big city with great food, green parks and nice beaches.
During the pandemic, Cleveland saw an uptick in people moving to the city, especially in the millennial and Gen Z demographic. Despite the influx of people, rent prices are decreasing in this fun city. People like this diverse city because the cost of living is inexpensive, yet residents enjoy all the pros of a bustling metro area.
As a renter, you can expect to pay an average of $1,111 for a one-bedroom apartment and $1,726 for a two-bedroom apartment in Cleveland.
Toledo, OH
- 1 BR rent price YoY change: -5.09%
- 2 BR rent price YoY change: -14.76%
Toledo is among the 100 largest cities in America with over a quarter of a million people calling this city home. Known as “The Glass City” for its prosperous glass industry, Toledo has a rich history of making everything from windows to glass art.
People who live in Toledo will experience four seasons of varied weather, making it a great city to enjoy hot summer months, mild springs and falls and cold winters. Renters are lucky as Toledo has seen the largest decrease in rent prices for two-bedroom apartments nationwide. With close to a 15-percent decrease, renters can expect to pay approximately $794 for a two-bedroom apartment and $710 for a one-bedroom apartment.
Henderson, NV
- 1 BR rent price YoY change: -5.39%
- 2 BR rent price YoY change: -7.20%
Nevada has three big cities with rent prices decreasing. Henderson is one of those three. With rent starting at $1,704 on average for a one-bedroom and $1,926 for a two-bedroom apartment, you can comfortably find a nice place to rent in this big city of 320,189 people.
Henderson is about 15 miles away from Las Vegas. Living here, you’ll be close to the main Strip but live in areas that have a more suburban feel. This is the best of both worlds for people who want access to a busy downtown scene but enjoy the more family-friendly appeal of a suburb.
Reno, NV
- 1 BR rent price YoY change: -9.24%
- 2 BR rent price YoY change: -1.81%
Reno is another city in Nevada with rent prices decreasing. Residents living in Reno enjoy the natural beauty, access to outdoor activities and a booming new business scene. You’ll have all the amenities of a big city but enjoy the small charm of a close and friendly community. It’s cold in Reno in the winter, but you’ll get mild seasons throughout the year.
Rent in Reno ranges from $1,827 to $2,018 for one and two-bedroom apartments.
Las Vegas, NV
- 1 BR rent price YoY change: -12.67%
- 2 BR rent price YoY change: -7.98%
When you think of Las Vegas, your first thought might be the glitzy and glamorous Strip. While that’s definitely a part of the city culture, the suburbs in Las Vegas are a great place to settle down.
People obviously move to Las Vegas for the nightlife — you’ve got easy access to world-class entertainment, casinos and food. But beyond that, Las Vegas is a great place for outdoor enthusiasts. You’ve got hiking in the Valley of Fire, cycling opportunities in Red Rock Canyon, golfing and boating on nearby Lake Mead. Las Vegas is more than the dazzling Strip.
Residents in Las Vegas also have a relatively inexpensive cost of living. For one thing, there’s no state income tax. Also, the cost of rent is decreasing for both one and two-bedroom apartments. Renters can budget to pay roughly $1,502 and $1,776 for apartments.
Baltimore, MD
- 1 BR rent price YoY change: -17.78%
- 2 BR rent price YoY change: -2.97%
Baltimore is a popular East-coast city for people to call home. Located near Washington, D.C. — approximately an hour away — you have easy access to the nation’s capital. In the city itself, you’re surrounded by historical monuments and attractions.
Like other major cities, Baltimore is a city full of unique restaurants and bars, small businesses, attractions like a zoo and aquarium and several outdoor parks and trails. If you want a place that has it all, Baltimore is a good place to consider.
In addition to the city features, Baltimore’s rent is decreasing. You’ll see the sharpest decreases in one-bedroom rent prices with the average rent at $1,668. Two-bedroom apartments saw less of a rent decrease but still experienced a decline with rent at $1,794 per month.
Lubbock, TX
- 1 BR rent price YoY change: -0.42%
- 2 BR rent price YoY change: -3.68%
Lubbock is in the northwestern portion of the Lone Star state. If you’re looking for a new city with decreased rent prices, consider Lubbock. Here, you’ll find friendly neighborhoods where residents enjoy low traffic, economically-friendly tax policies and lots of options for higher education.
This is a great city to retire to or raise a family. It’s a relatively large city with a population of 258,862 people. You’ll have big-city vibes and access to major restaurants, bars and parks. However, it’s not so big that you’ll be stuck in heavy traffic or experience high rent prices. In fact, rent has decreased in Lubbock and one and two-bedroom rent is less than $1,000 a month. You can expect to pay $658 for a one-bedroom apartment and $828 for a two-bedroom apartment.
Methodology
For this report, we looked at the top 100 markets in America by the population that had a sufficient inventory of one- and two-bedroom apartments in both June 2021 and June 2022.
Rent prices are based on a rolling weighted average from Rent.’s multifamily rental property inventory. Our team uses a weighted average formula that more accurately represents the price available for each unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
