Rents are falling in 27 U.S. cities. Here’s where to rent now

^{This article originally appeared on Business Insider.}

The “year of the American renter” is off to a great start, unless you’re a landlord.

A new report from online rental platform Zumper found that in January the going rate for a one-bedroom apartment in the United States was $1,496 and $1,847 for a two-bedroom apartment. These two figures have changed little since last month.

Rents are slightly below the record levels set in September, but remain higher than last January. According to Zumper, average year-over-year rent growth rates this month were 0.3% for one-bedroom apartments and 1.4% for two-bedroom apartments. One-bedroom rent increased less than 1% for the fifth consecutive month after increasing for 12 consecutive months starting in October 2021.

According to the January rent report, rent growth in the United States is far from its pandemic peak @Zumper. pic.twitter.com/3QhWPCyaUp

— James Faris (@JamesFaris_) January 25, 2024

Apartment prices have been pushed down by increased supply, Zumper noted. New units are increasing rapidly in all regions after years in which demand for rental units far exceeded supply.

“2023 was a record year for new supply across the country, and the multifamily industry will add even more inventory in 2024,” Zumper researchers wrote in their January rental report. “This jump in supply is good news for renters looking for a deal.”

A more competitive rental market doesn’t just drive prices down. Many renters now enjoy benefits that would have been unheard of during the pandemic, including waived security deposits and a month’s free rent, Zumper found. This trend may continue as interest rates decline, which will likely bring homebuyers back from the sidelines.

“Renters have more influence right now than at any time in recent memory,” said Anthemos Georgiades, CEO of Zumper, in a statement for the report. “Now is the time to renegotiate existing leases or close a deal on a new apartment.”

27 cities where apartments are getting cheaper

According to Zumper, exactly half of the top 100 rental markets in the United States saw average apartment prices decline starting in 2023. However, those declines varied widely by region and were more significant in the Sun Belt than in the Midwest.

Below are 27 metro areas where the current rent for a one-bedroom apartment is at least 5% lower than it was last January, according to Zumper. Reported alongside each city are year-over-year and month-over-month rent changes, the average rent price, and the national rent ranking among the 100 largest U.S. real estate markets.

1. Scottsdale, Arizona

^{Scottsdale, Arizona. Photography/Shutterstock by Tim Roberts via BI}

Change in rent year after year: -17.7%

Change in rent from month to month: -3.5%

Average rent: $1,670

National rental ranking: 24

Source: Zumper

2. Irving, Texas

^{Skyline of the Las Colinas area of ​​Irving, Texas. iStock/Getty Images Plus via BI}

Change in rent year after year: -16.1%

Change in rent from month to month: -0.8%

Average rent: $1,250

National rental ranking:61

Source: Zumper

3. Winston Salem, North Carolina

^{Winston-Salem, North Carolina. halbergman/Getty Images via BI}

Change in rent year after year: -14.6%

Change in rent from month to month: -1.1%

Average rent: $880

National rental ranking: ninety two

Source: Zumper

4. Greensboro, North Carolina

^{Sean Pavone/Shutterstock via BI}

Change in rent year after year: -13.9%

Change in rent from month to month: 5.3%

Average rent: $990

National rental ranking: 82

Source: Zumper

5. Boise, Idaho

^{Boise, Idaho. Charles Knowles/Shutterstock via BI}

Change in rent year after year: -12.8%

Change in rent from month to month: 3.2%

Average rent: $1,290

National rental ranking: 55

Source: Zumper

6. Augusta, Georgia

^{Augusta, Georgia. SeanPavonePhoto/Getty Images via BI}

Change in rent year after year: -12.5%

Change in rent from month to month: -1.2%

Average rent: $840

National rental ranking: 95

Source: Zumper

7.Buffalo, New York

^{Buffalo, New York. Getty Images via BI}

Change in rent year after year: -10.7%

Change in rent from month to month: 5.9%

Average rent: $1,080

National rental ranking: 74

Source: Zumper

8.Austin, Texas

^{Austin, Texas. Evan Semones via BI}

Change in rent year after year: -10.2%

Change in rent from month to month: 0%

Average rent: $1,490

National rental ranking: 35

Source: Zumper

9. Asheville, North Carolina

^{Asheville, North Carolina. Kevin Ruck/Shutterstock via BI}

Change in rent year after year: -8.4%

Change in rent from month to month: -2.1%

Average rent: $1,420

National rental ranking: 41

Source: Zumper

10. Arlington, Texas

^{Shutterstock via BI}

Change in rent year after year: -8.3%

Change in rent from month to month: 1.9%

Average rent: $1,100

National rental ranking: 70

Source: Zumper

11. St. Louis, Missouri

^{The Gateway Arch, St. Louis, Missouri. Joe Daniel Price/Getty Images via BI}

Change in rent year after year: -8.3%

Change in rent from month to month: 3.5%

Average rent: $880

National rental ranking: ninety two

Source: Zumper

12. Memphis, Tennessee

^{Memphis, Tennessee. Connor D. Ryan/Shutterstock via BI}

Change in rent year after year: -8.2%

Change in rent from month to month: 2.3%

Average rent: $900

National rental ranking: 90

Source: Zumper

13. Providence, Rhode Island

^{Providence, Rhode Island. Mihai_Andritoiu/Shutterstock via BI}

Change in rent year after year: -8%

Change in rent from month to month: -5.9%

Average rent: $1,600

National rental ranking: 25

Source: Zumper

14. Glendale, Arizona

^{Saverino and her boyfriend rented an apartment in the Phoenix suburb of Glendale, before buying a one-bedroom apartment in Mesa for $204,000. halbergman/Getty Images via BI}

Change in rent year after year: -7.7%

Change in rent from month to month: -5.5%

Average rent: $1,200

National rental ranking: 65

Source: Zumper

15. Colorado Springs, Colorado

^{Jacob Boomsma/Getty Images via BI}

Change in rent year after year: -7.6%

Change in rent from month to month: 0%

Average rent: $1,100

National rental ranking: 70

Source: Zumper

16. Wichita, Kansas

^{Sean Pavone/Shutterstock via BI}

Change in rent year after year: -7.2%

Change in rent from month to month: -1.5%

Average rent: $640

National rental ranking: 100

Source: Zumper

17. Houston, Texas

^{Houston, Texas. Sean Pavone/Shutterstock via BI}

Change in rent year after year: -6.9%

Change in rent from month to month: -1.6%

Average rent: $1,220

National rental ranking:63

Source: Zumper

18. Oakland, California

^{Oakland, California city skyline. Jonathan Clark/Getty Images via BI}

Change in rent year after year: -6.8%

Change in rent from month to month: -1.4%

Average rent: $2,050

National rental ranking: 13

Source: Zumper

19. Dallas, Texas

^{Dallas, TX. f11photo/Shutterstock via BI}

Change in rent year after year: -6.8%

Change in rent from month to month: -2.2%

Average rent: $1,360

National rental ranking: 46

Source: Zumper

20. San Antonio, Texas

^{Sean Pavone/Shutterstock via BI}

Change in rent year after year: -6.1%

Change in rent from month to month: 0.9%

Average rent: $1,080

National rental ranking: 74

Source: Zumper

21. Orlando, Florida

^{Orlando, FL. Songquan Deng/Shutterstock via BI}

Change in rent year after year: -6%

Change in rent from month to month: 0.60%

Average rent: $1,580

National rental ranking: 26

Source: Zumper

22. Lincoln, Nebraska

^{Lincoln, Nebraska. Jacob Boomsma/Shutterstock via BI}

Change in rent year after year: -6%

Change in rent from month to month: 1.3%

Average rent: $790

National rental ranking: 97

Source: Zumper

23. El Paso, Texas

^{Northwest in El Paso, Texas John Coletti/Getty Images via BI}

Change in rent year after year: -5.8%

Change in rent from month to month: -5.8%

Average rent: $810

National rental ranking: 96

Source: Zumper

24. Bakersfield, California

^{Bakersfield, California MattGush/Getty Images via BI}

Change in rent year after year: -5.4%

Change in rent from month to month: -0.9%

Average rent: $1,050

National rental ranking: 78

Source: Zumper

25. Jacksonville, Florida

^{Jacksonville, Florida. ESB Professional/Shutterstock via BI}

Change in rent year after year: -5.3%

Change in rent from month to month: 0.8%

Average rent: $1,260

National rental ranking: 59

Source: Zumper

26. New Orleans, Louisiana

^{John Coletti/Getty Images via BI}

Change in rent year after year: -5.1%

Change in rent from month to month: 0%

Average rent: $1,500

National rental ranking: 31

Source: Zumper

27. Albuquerque, New Mexico

^{Albuquerque, New Mexico. Sean Pavone/Shutterstock via BI}

Change in rent year after year: -5%

Change in rent from month to month: 3.3%

Average rent: $950

National rental ranking: 85

Source: Zumper