Retired in USA presents: rental prices drop like crazy in these 10 US cities!
The housing market wasn’t exactly the most welcoming in recent years, and people who wanted to buy a new place or rent a special property had a hard time doing so.
According to Realtor.com, there was an increase of roughly 25% in rental prices between early 2020 and mid-2022, but we have good news for some people: rates are starting to drop, but not everywhere.
The reason why rental prices drop like crazy in some parts of the country is based on supply and demand, and thanks to the steady labor market and the development of newly constructed apartments, rents in the West and the South are starting to cool down. If you’re looking for a place in the Northeast and Midwest, I’m sorry to disappoint you, but the costs are still rising.
If you’re on the hunt for a gorgeous place in some of the most beautiful American cities, you’re at the right place, because we know all the places where rental prices drop like crazy. Keep reading to discover where your next home may be!
1. Charlotte, North Carolina
Do you like living in a pretty mid-size southern city where the great architecture blends perfectly with nature? Then Charlotte, North Carolina, might be the perfect one for you! This is one of the places where rental prices drop like crazy, and it is a good one for both single people and families.
The median rent price is around $1,600, and the year-over-year change is -3.5%. Besides saving money living in this city, you won’t have time to get bored because it has plenty of professional sports teams and stadiums, lots of parks where you can walk, relax, have picnics, go on dates, or walk your pup, the food is divine, and the financial industry is top-notch.
I’m pretty sure you’ll have the right place for you in one of this city’s over 200 neighborhoods, so give Charlotte a chance, and you won’t be disappointed!
2. Atlanta, Georgia
Another American city where rental prices drop like crazy is Atlanta, and if you’ve never been there, now’s your chance to do so. Popular for its fabulous Peachtree roads, Georgia Aquarium, and Ponce City Market, this place is amazing for people who don’t want to pay more than $1,700 for housing.
The median rent price is around $1,660, and the year-over-year change is -3.1%. This place will make you happy with its fantastic street art scene, gorgeous parks, and plenty of outdoor spaces. If you’re a fan of events and festivals, Atlanta is the place for you!
3. Denver, Colorado
We continue with these US cities where rental prices drop like crazy, and this time we’ll talk about Denver, Colorado. Located in the Rocky Mountain region, Denver, also known as the Mile High City, is the place where outdoor adventure and modern urban sophistication perfectly meet in the middle.
The median rent price for housing in this artsy city is around $2,000, and the year-over-year change is -3.0%. If you love delicious food, sports events, music, and culture, this one might make you happy.
4. Seattle, Washington DC
Have you ever wondered why Seattle is so popular? If you love Starbucks coffee, you probably know that Seattle is the birthplace of this tasty coffee and grunge music.
Another thing that makes this city so popular are companies like Amazon and Microsoft, but besides the amazing business life, there are also other amazing things, like the bustling Pike Place Market and the futuristic Space Needle.
Even though this is one of the cities where rental prices drop like crazy, Seattle is still one of the most expensive cities in the country. Recently, the median rent price has been around $2,100, and the year-over-year change is -1.8%.
Would you consider moving to one of these cities where rental prices drop?
5. Virginia Beach, Virginia
Besides its thriving local food scene, entertainment and arts scene, maritime heritage, and family-friendly activities, Virginia Beach has plenty of districts that provide fabulous experiences for all age groups.
Virginia Beach is one of the most breathtaking US cities and one of the areas where rental prices drop like crazy. According to experts, the median rent price is around $1,400–1,500, and the year-over-year change is -1.6%.
If you’d love to see the Oceanfront and 3-mile boardwalk each day and maybe enjoy your morning coffee while looking at the ocean, Virginia Beach might be the right place for you.
6. Las Vegas, Nevada
If you love being a night owl and exploring all the magical things a city has to offer you at night, you’ll be happy to discover that Las Vegas is one of the cities where rental prices drop like crazy.
This city is known for being the Entertainment Capital of the World and is popular for its fancy and luxurious casino hotels. If you’d love to stay in a city that never sleeps, you should know that the median rent price is around $1,500 and the year-over-year change is -6.0%. Would you consider moving to Las Vegas?
7. Riverside, California
If you love history and gorgeous landscapes, you’ll be happy to read that Riverside, California, is one of the cities where rental prices drop like crazy. This one is popular for its citrus industry, thanks to the fact that the zesty and sweet navel orange helped build an entire empire.
You can enjoy walking around 24 nationally registered historic sites and have fun visiting more than 100 city landmarks commemorating this city’s incredible history.
If you are thinking about moving to California, you should know that the median rent price in Riverside is $2,300, and the year-over-year change is -5.9%.
Did you know that rental prices drop like crazy in these cities?
8. Phoenix, Arizona
We continue our talk about cities where rental prices drop like crazy with Phoenix, the capital city of gorgeous Arizona. You probably know it for its year-round sun, stunning desert beauty that looks fantastic in pictures, and incredible resorts.
People who love outdoor adventures, sophisticated urbanscapes, and the Southwest culture will be happy to read that the median rent price is around $1,700 and the year-over-year change is -5.7%.
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9. Tampa, Florida
What do you think about living in one of the sunniest states in the country, where sandy beaches are everywhere you look and the days are long and full of fun? If that sounds like a dream, you should consider moving to Tampa, because it is one of the cities where rental prices drop like crazy.
The median rent price is $1,800, and the year-over-year change is -4.0%. You won’t have time to get bored in this fabulous city because you’ll be too busy going to all sorts of live concerts and plays, visiting those wonderful movies, tasting the most exquisite foods, having fun at parades and festivals, or trying different sports.
I don’t know about you, but for me, living in Tampa sounds pretty great, so I’ll look at some apartments there. Who knows? Maybe we’ll be neighbors!
10. Austin, Texas
We’re almost done talking about these cities where rental places drop like crazy, but not until we say a couple of words about Austin, Texas.
This fantastic city is popular for its fabulous live music venues and outstanding food, and if you’re scared about being alone in a new place, don’t worry, because the locals are friendly, so you’ll surely have a group of friends to go out with.
If you are considering moving to Austin, you should know that the median rent price is $1,700 and the year-over-year change is -5.6%. I’m pretty sure that you’ll have the time of your life here, so give it a chance!
Did you know that rental prices drop like crazy in these American cities? Which one is your favorite? Leave a comment below and let us know! If you found this article useful and you’d love to read something else from Retired in USA, here’s another post that you’ll like: Retirement Planning Pitfalls: 5 Shocking Reasons Seniors Blow Up Their Golden Years