Where are Rent Prices Getting Cheaper (and Where are They Rising the Most?)
If you think the rent is too damn high, you’re in luck – if you live in a city where rent prices are actually going down.
Rent prices are going up nationwide by 4 percent on average, according to the National Association of Realtors. But Apartment Guide data has revealed several areas where the rent has been getting cheaper over the past year. We compared the median of the entry-level rent prices for apartment communities across the nation from May 1, 2013, to May 1, 2014, and found several areas in which there was a decrease in rent prices:
|Metro Area||Median Price, 5/1/13||Median Price, 5/1/14||Percent Decrease||Number of Listings on AG|
So what’s happening in these areas that’s causing rent prices to plummet? That’s hard to pinpoint, but we think we can hear the sounds of renters rejoicing from here.
More surprising trends in the rental market, according to ApartmentGuide.com:
- What’s the Most Expensive Town to Rent in the U.S.? The Answer May Surprise You
- What’s the Nation’s Median Rent – and How Much Space Will That Get You?
- Hidden Gems: America’s Most Affordable Cities
Where are renters paying more?
On the flip side of that coin, places like Wooster, OH, have seen massive increases in rent prices over the past year.
This small metro southwest of Akron saw the biggest percent increase in rent prices nationwide from May 1, 2013, to May 1, 2014, according to Apartment Guide data. The median entry-level rent price shot from $536 in 2013 to $995 in 2014 – an increase of 85.63 percent.
So where else are rent prices seeing a steep increase? Here’s what we found:
|Metro Area||Median Price, 5/1/13||Median Price, 5/1/14||Percent Increase||Number of Listings on AG|
|Glens Falls, NY||$570||$967||69.65%||28|
|San Angelo, TX||$460||$678||47.39%||53|
The rent increase in Wooster could be due to a few new facilities that are creating new jobs in the area. A new cattle feed analysis laboratory, a branch of Rock River Laboratory, Inc., opened in May. Daisy Brand is also building a new sour cream plant in Wooster; the new facility broke ground earlier this year.
Meanwhile, Glens Falls, NY, is getting a new minor league hockey team; Nacogdoches, TX, has seen construction of new luxury apartments; San Angelo, TX, is consistently ranked as one of the best small cities for jobs; and Indiana University of Pennsylvania in Indiana, PA, continues to draw students and create new jobs.
So, even though it may cost a bit more to live in these areas now, residents have more places to work and play than ever before.
More fun with data on the AG Blog:
- Upgrading to a 2 BR Apartment? Here’s Where It’ll Cost You the Most
- Charleston, SC, Projected to See the Biggest Increase in Apartment Construction This Year
- Renters Living the High Life in Colorado, Washington
Apartment Guide identified the lowest rent prices for each apartment community that lists on ApartmentGuide.com for each core-based statistical area (CBSA), also known as a metro area, and found the median of these entry-level prices. Prices were obtained for each CBSA on May 1, 2013, and May 1, 2014. The percent increase and decrease were determined from the median entry-level prices for each date. Areas that had no rent price data for one or both dates were excluded, as were CBSAs with fewer than 10 listings on Apartment Guide.