Rent prices increased nearly 20 percent across the country between December 2020 and December 2022. Although prices have fallen six out of the last eight months (starting in September of last year), renters saw their bills rise 0.29 percent month-over-month in April 2023 to reach a national median price of $1,967 per month.
While metros in the most expensive bracket have raised questions about affordability, relatively cheaper metros can be found, particularly in areas away from the Northeast and West Coast. These 10 communities were the most affordable metros in the U.S. in April 2023.
The most cheapest metros in the U.S.
Rent prices tend to be more affordable in the South and Midwest, and April was no exception. Just over half (60 percent) of the 10 cheapest metros in the U.S. are in the Midwest. The remaining 40 percent are located in the South. (Rent. uses the regional designations defined by the US Census.)
Two out of the 10 communities on this list saw some of the biggest rent price cuts in the country between December 2021 and December 2022. But five, or exactly half, of the chepest metros in the U.S. saw their rent prices rise faster than the national median at the end of 2022 as markets outside top-tier cities like New York and San Francisco continue to quickly close the price gap.
Oklahoma City CBSA
Oklahoma City was the most affordable metropolitan area in the country in April. Renters there paid just $1,309.75 per month. That’s $657.25 cheaper than the national median rate. Rent prices in Oklahoma City fell -6.43 percent year-over-year since April 2022.
That’s the largest price drop — and the cheapest rent price — of any metro in this survey. But it’s nothing new for Oklahoma City, where year-over-year rent prices have been declining for months. The city recorded the second-highest YoY rent price drop in the country in both December 2022 (-6.3 percent) and February 2023 (-6.28 percent). It also logged the biggest year-over-year rent price cut in the nation (12 percent) in March 2023.
But an 11.02 percent month-over-month price increase in April (the largest in the top 10) took a bite out of those savings. The community has seen this kind of price fluctuation before. It weathered double-digit YoY and MoM rent swings in 2021 and 2022.
Louisville/Jefferson County, KY CBSA
Louisville‘s metro area was the second cheapest metro in the U.S. in April. The median rent here is just $1,403.75, well below the national median price.
Rent prices held relatively steady in Louisville year over year, ticking up just 0.92 percent. Rent increased 1.89 percent month over month between March and April 2023.
San Antonio-New Braunfels, TX CBSA
Year-over-year rent prices in San Antonio–New Braunfels rose slightly (0.17 percent) to reach a cost of $1,457 in April. Despite the slight increase, rents in San Antonio are still $500 less than the national median.
The month-over-month increase in April was just 1.57 percent. Both rent price increases feel moderate when compared with the metro’s 5.13 percent year-over-year rent increase in December 2022, when San Antonio-New Braunfels was among the communities where rent growth outpaced the national median.
St. Louis, MO-IL CBSA
Rents declined year over year in St. Louis, dropping 1.75 percent to reach a median price of $1,545.50. Month-over-month rent price growth was also negative at -0.42 percent. That’s much lower than the community’s showing in December 2022, when year-over-year price increases topped 7.40 percent.
Experts speculate that declining rent prices are likely due to outmigration, which lowers demand. More people wanted to leave St. Louis than any other metro during the first three months of 2023, according to the Q1 Rent. Migration Report. The metro also logged double-digit outmigration interest in three of four quarters in 2022.
The US Census reveals that the city of St. Louis logged a -4.97 percent population loss between April 2020 to July 2022. Only six of St. Louis County’s 88 municipalities gained population during the same survey period. Local experts say a loss of manufacturing jobs, an aging population and a lack of affordable housing options for young families are contributing to this outflow.
Cleveland-Elyria, OH CBSA
In contrast, Cleveland–Elryia saw strong suburban population growth. It was the only metropolitan area in the country to show year-over-year suburban rent growth in every surveyed suburb at the beginning of 2023. This growth pattern continued in April, with metro-wide rent prices shooting up 9.66 percent. That’s the second-highest price increase among the 10 cheapest metros in the U.S.
Month-over-month rent prices increased by 1.36 percent during the same time period. The median rent price in Cleveland settled at $1,550.25 in April 2023.
Cincinnati, OH-KY-IN CBSA
Renters pay a few dollars more ($1,562.25 per month) to live in Cincinnati, where rent prices have fallen 1.88 percent since April of last year. Month-over-month rent prices also dropped slightly (-0.10 percent) between March and April 2023.
These numbers indicate that rents in Cincinnati may be stabilizing after a 2.7 percent year-over-year rent price increase in December 2022. The metro was among the most affordable in the country both then and now.
Kansas City, MO-KS CBSA
Renters in the dual state community of Kansas City, Missouri, and Kansas City, Kansas, saw their YoY rent prices climb 8.05 percent in April 2023. That’s substantial. But it’s still lower than the 9.43 percent price spike the community endured between December 2022 and December 2023.
Despite the price increase, the median rent in Kansas City is still lower than the national median at $1,577.25 per month. And month-over-month rents increased only 1.27 percent from March to April.
Indianapolis-Carmel-Anderson, IN CBSA
Indianapolis–Carmel–Anderson saw the largest year-over-year rent increase in this survey at 10.94 percent. Month-over-month rents also rose a significant 2.79 percent, nudging the median rent price to $1,582 in April.
This Indiana community has become accustomed to double-digit YoY rent increases. Metro-wide rent prices soared 16.34 percent in December 2022. Rents also shot up 14 percent — and 19 percent in the suburbs alone — between January 2022 and January 2023.
Memphis, TN-MS-AR CBSA
Rent prices in Memphis fell 3.57 percent year over year in April, bringing the median rent price down to $1,599.50. Month-over-month rent prices also dipped 1.14 percent.
Birmingham-Hoover, AL CBSA
The Alabama community of Birmingham–Hoover rounds out the list of the 10 cheapest metros in the U.S. in April 2023. Rent prices fell 4.54 percent year over year.
Rents in the metropolitan area actually increased by 1.41 percent month over month. But with a median rent price of $1,612.25, leasing an apartment, house or townhome in Birmingham-Hoover is still cheaper than the national median.
The takeaway
Rents have risen sharply across the country over the last two years. But stabilizing prices nationwide and deals in some of the cheapest metros in the U.S. mean that there are still economical options available for renters who know where to look.
| CBSA | Population | Median Rent | YoY % Change | MoM % Change |
|---|---|---|---|---|
| Oklahoma City, OK | 1,441,647 | $1,310 | -6.43% | 11.02% |
| Louisville/Jefferson County, KY | 1,284,566 | $1,404 | 0.92% | 1.89% |
| San Antonio, TX | 2,601,788 | $1,457 | 0.17% | 1.57% |
| St. Louis, MO | 2,809,299 | $1,546 | -1.75% | -0.42% |
| Cleveland, OH | 2,075,662 | $1,550 | 9.66% | 1.36% |
| Cincinnati, OH | 2,259,935 | $1,562 | -1.88% | -0.10% |
| Kansas City, MO | 2,199,490 | $1,577 | 8.05% | 1.27% |
| Indianapolis, IN | 2,126,804 | $1,582 | 10.94% | 2.79% |
| Memphis, TN | 1,336,103 | $1,600 | -3.57% | -1.14% |
| Birmingham, AL | 1,114,262 | $1,612 | -4.54% | 1.42% |
| Jacksonville, FL | 1,637,666 | $1,617 | -0.92% | -0.98% |
| Buffalo, NY | 1,162,336 | $1,639 | 0.99% | 0.11% |
| Detroit, MI | 4,365,205 | $1,655 | -0.05% | 0.75% |
| New Orleans, LA | 1,261,726 | $1,683 | -14.95% | -6.06% |
| Las Vegas, NV | 2,292,476 | $1,693 | -7.13% | -3.74% |
| Columbus, OH | 2,151,017 | $1,701 | 8.27% | 5.15% |
| Houston, TX | 7,206,841 | $1,739 | -2.61% | 0.93% |
| Virginia Beach, VA | 1,803,328 | $1,750 | 3.20% | 2.75% |
| Richmond, VA | 1,324,062 | $1,760 | 0.98% | 0.66% |
| Milwaukee, WI | 1,566,487 | $1,782 | 7.98% | 3.33% |
| Minneapolis, MN | 3,690,512 | $1,849 | 3.70% | 5.19% |
| Charlotte, NC | 2,701,046 | $1,960 | 10.50% | -0.48% |
| Salt Lake City, UT | 1,263,061 | $1,982 | 6.03% | 4.84% |
| Baltimore, MD | 2,838,327 | $2,005 | -2.47% | 1.11% |
| Phoenix, AZ | 4,946,145 | $2,037 | -9.63% | -2.41% |
| Pittsburgh, PA | 2,353,538 | $2,050 | 7.93% | 9.45% |
| Hartford, CT | 1,211,906 | $2,069 | 3.90% | 1.87% |
| Dallas, TX | 7,759,615 | $2,112 | -2.83% | -1.00% |
| Raleigh, NC | 1,448,411 | $2,128 | 12.43% | 2.30% |
| Atlanta, GA | 6,144,050 | $2,129 | -0.56% | 3.59% |
| Austin, TX | 2,352,426 | $2,150 | -14.33% | 2.22% |
| Orlando, FL | 2,691,925 | $2,153 | -0.93% | 1.18% |
| Nashville, TN | 2,012,476 | $2,183 | 7.04% | 1.07% |
| Tampa, FL | 3,219,514 | $2,255 | 3.30% | 1.47% |
| Chicago, IL | 9,509,934 | $2,337 | -5.96% | 5.96% |
| Philadelphia, PA | 6,228,601 | $2,347 | 0.23% | 0.61% |
| Portland, OR | 2,511,612 | $2,511 | 0.68% | 1.27% |
| Providence, RI | 1,675,774 | $2,590 | 15.97% | 9.72% |
| Sacramento, CA | 2,411,428 | $2,636 | -4.02% | 0.39% |
| Washington, DC | 6,356,434 | $2,685 | 2.50% | 2.16% |
| Denver, CO | 2,972,566 | $2,724 | 3.19% | -2.62% |
| Riverside, CA | 4,653,105 | $2,793 | 5.60% | -0.29% |
| Seattle, WA | 4,011,553 | $2,873 | -3.19% | 0.42% |
| Miami, FL | 6,091,747 | $3,066 | -1.88% | -0.27% |
| San Diego, CA | 3,286,069 | $3,443 | 3.89% | 0.98% |
| Los Angeles, CA | 12,997,353 | $3,544 | 4.15% | 3.88% |
| San Francisco, CA | 4,623,264 | $3,659 | -2.26% | -1.54% |
| San Jose, CA | 1,952,185 | $3,690 | 4.56% | 2.23% |
| Boston, MA | 4,899,932 | $3,911 | 2.48% | 1.89% |
| New York, NY | 19,768,458 | $4,046 | 2.06% | 0.60% |
Methodology
We analyzed rental property prices in April 2023 from Rent.’s available inventory to identify our median rent prices at the national, state and metro levels. Our analysis combines inventory and bedroom types into one simple median that covers all available rental units at the time.
The top 50 metropolitan areas in our analysis are determined by U.S. Census Bureau population estimates for 2021.
More detailed information about our methodology can be found here.
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. The information contained in this article is for educational purposes only and does not, and is not intended to, constitute legal or financial advice. Readers are encouraged to seek professional legal or financial advice as they may deem it necessary.
