16 cities where they managed to save significantly on rent as apartment prices remain high

• There are as many apartments as always, but rents remained at record highs in October.
• Steady demand offset a significant increase in supply.
• Here are 16 real estate markets where renters can save money.

Record high rents are not driving record high apartment prices down.

The average rent for one-bedroom apartments reached $1,534 in October. corresponds to the peak price set in Augustaccording to new report from real estate site Zumper. This remained virtually unchanged compared to the September rate of 1,533 US dollars.although this is 1.9% higher than the average price a year ago.

Two-bedroom apartments were priced at about $1,910 in the country’s 100 largest real estate markets, just a few dollars lower than last month and 2.6% higher than October 2023.

Zumper

Apartment supply has reached unprecedented levels thanks to a surge in new rental units, Zumper said. While this stopped rents from becoming even more expensive, it did not result in higher prices favoring tenants. recent Rentometer report rents for the third quarter indicate.

The explanation for this dynamic is straight out of ECON 101: prices have barely changed as demand has increased along with supply.

Although renting is expensive, many believe that it still makes more sense than buying, especially since Mortgage rates have risen again recently. In addition, renters can obviously afford to pay in a healthy economy, noted strong GDP growthsustainable consumer spending low unemployment rateAnd strong additions to the workwhich just hit its highest point since last July.

Freddie Mac

“The sustained strong demand can be attributed to several economic factors, including low unemployment, lower inflation and continued wage growth,” said Anthemos Georgiades, CEO of Zumper, in a statement for the report.

16 cities where rent is reasonable

While rents remain high nationally, there are several cities among the top 100 rental markets where apartments are becoming more affordable.

Below are 16 markets where rents were at least $200 cheaper than the national average of $1,534 in October and at least 3% cheaper than a year ago. Along with each city’s year-over-year and month-over-month rent changes, it also takes into account its median rent, savings compared to the national average, and its ranking among the top 100 U.S. real estate markets.