If you're looking for an apartment, rent affordability often goes head to head with location on your list of priorities. Certain cities have the most expensive apartments per square foot, while other ZIP Codes have seen a sudden increase in rent prices.
But others are experiencing the opposite — a large decrease in two-bedroom apartment rent prices. If you had your eye on a studio or one-bedroom, this is the time to take advantage and nab a larger space for yourself. Maybe that friend will come to visit after all now that you have a guest room.
As part of our Rent Report 2020, we looked at the U.S. Census 2018 list of 100 most populated cities and looked at the average rent in 2018 versus 2019. These 10 cities are the ones that saw the largest percentage apartment rent decrease in two-bedroom rentals in 2019.
Ready to dive in? Get your application and security deposit ready as these prices most likely won't last.
Albuquerque is New Mexico's most populous city at 560,218 residents. The metro area captures a lot of different cuisines thanks to its diversity, including, of course, its famous Mexican food.
The town was also the founding spot for software giant Microsoft, along the New Mexico technology corridor. The coolest fact? The city hosts the world's largest gathering of hot air balloons every October at Balloon Fiesta Park.
If this doesn't catch your eye, the lower rents will. Two-bedroom rentals decreased 8.5 percent in 2019, with an average of $962 per month.
The city with space center ties, Houston has no problem attracting residents to its different amenities and attractions. The coastal city, near the Galveston Bay and the Gulf of Mexico, offers delicious Cajun and seafood cuisine.
With more than 2 million residents, Houston is infamous for its traffic and often clogged streets. The city relies heavily on industrial and manufacturing industries for its economy.
Houston also saw a nearly 10 percent decrease in two-bedroom rents in 2019, with an average of $1,709 per month. The city's four-season mild climate and access to an international airport are excellent features for residents.
Oklahoma City has experienced a renaissance as of late — even nabbing a spot on Travel & Leisure's 50 places to travel in 2020. Oklahoma City's new 70-acre park and streetcar lines aim to improve mobility and quality of life among residents. Its art infrastructure has grown exponentially thanks to local art collectives and investment in the city's arts center.
The boom hasn't only increased the number of amenities but made the city more affordable for its nearly 650,000 residents. Two-bedroom apartments now hover around $1,039 per month after a 10 percent decrease
San Francisco, infamous for its high rents, brought a huge wave of relief to its residents in 2019. While still not quite as affordable as other cities around the U.S., the City by the Bay saw an 11 percent decrease in two-bedroom apartment rents. The average rent costs $5,478 per month.
But with high availability of tech jobs, mild California weather, incredible fine dining and the chance to visit some of the city's best attractions and green spaces, it's hard to say no to San Francisco as a potential spot to move.
The three-mile boardwalk at Virginia Beach is enough to lure you into this vibrant coastal city. If you love the ocean and dream of living right on the coast, this beach town stays awake year-round.
The Chesapeake Bay, or "Chic's Beach" to locals, invites you to watch dolphins while you hang out on the beach. At night, enjoy the city's best talent at its many restaurants. The area also boasts murals, art galleries and high-end shopping.
Ready to kick back and enjoy the sun? You're in luck. Virginia Beach saw a decrease in two-bedroom rentals of 11 percent, with an average of $1,314 per month.
Located about 20 miles outside of Dallas, Arlington boasts a big university and sports culture — with the Dallas Cowboys playing at the AT&T Stadium. The small city hovers around 400,000 residents and is home to the University of Texas at Arlington.
If you're into art, the Arlington Museum of Art has a few world-class exhibitions on display. But if you're into adventure, check out the city's green spaces and, of course, its two Six Flags parks.
If you're looking for affordability not too far from Dallas, Arlington's two-bedroom apartment rates decreased 12 percent in 2019. Currently, the average rent for a two-bedroom rental is $1,408 per month.
The Big Apple always tops the list of most expensive rents in the country, but surprisingly, New York has experienced a decrease in two-bedroom rents of 14 percent. Yes, the city that holds more than 8 million residents and has access to the subway, delicious bagels and pizza and Lady Liberty herself. We bet you never guessed that NYC would take the No. 4 spot on our list.
You can find a two-bedroom apartment to share with a roommate on average for $5,371 per month.
The second-largest city in the state, Buffalo has a lot more to offer than the Niagara Falls. The usually frigid city has a thriving craft beer scene, new restaurants and coffee shops and yes, even a new Buffalo wings trail.
In the summer, water sports are a way of life — with kayaking and paddle boarding taking over the local waterways and man-made canyon Elevator Alley Kayak. Plus, it's a quick plane ride from New York City.
Buffalo has seen a 14 percent decrease in monthly rents for two-bedroom apartments. Current average costs are about $1,453 per month.
The capital of Wisconsin, Madison has the privilege of being nestled between two lakes and blessed with beautiful views and great trails for hiking. If you're an outdoor enthusiast, Madison is the spot for you.
You're also in luck if you're considering a move as it took the No. 2 spot on our list, with a 20 percent decrease in two-bedroom apartment rentals. The Dane County Farmers Market, one of the largest in the country, offers access to vendors selling the freshest produce, cheese, flowers and meats. It's been active since 1972.
You can find a two-bedroom apartment in the city for about $1,525 on average per month.
Famous for its king cake and Mardi Gras, New Orleans takes the top spot as it saw the most significant decrease in two-bedroom rents during the past year — nearly 29 percent.
The coastal city boasts beignets, cajun cuisine and beautiful architecture along its streets. But New Orleans has more to offer than a good spot for bachelor parties — don't miss its rich civil rights history, live music bars and tight communities.
You can find a two-bedroom apartment in the city for an average of $2,110.70 per month.
We can't talk about rent deals without talking about those cities that increased their rent prices for two-bedrooms. From the west coast to the east and down the Florida coast, here are the top 10 cities that saw the largest percentage increases in two-bedroom rent prices.
|Rank||City||Population||2019 Average 2-BR Rent||1-Year 2-BR Price Change|
|6||St. Petersburg, FL||265,098||$1,923.56||19.5%|
|8||Kansas City, MO||491,918||$1,570.15||16.9%|
To determine our average rent prices, we took data from Apartment Guide and Rent.com's multifamily rental property inventory from the first week in each month in 2019 and averaged those prices together to find an annual average for that year. We used a weighted average formula that more accurately represents price availability for each individual unit type. This specific methodology was used because it provides a better overall average for the year as a whole and reduces the influence of seasonality on rent prices in specific markets. Rent price increases and decreases are based on the percentage change of apartment rental prices from 2019 to 2018.
The top 100 cities are determined by 2018 U.S. Census Bureau population estimates. We excluded cities with less than 200 average available two-bedroom units to eliminate potential outliers or highly volatile data caused by a small sample size.
The current rent information included in this article is for illustrative purposes only. The data contained herein does not constitute financial advice or a pricing guarantee for any apartment.
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