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As the Rental Market Cools, These Cities Are Cheaper Today than One Year Ago

September 26, 2023

After experiencing tremendous rent growth in 2021 and the first half of 2022, the U.S. housing market has decelerated quickly. A confluence of high inflation, high interest rates, and low consumer confidence quelled housing demand towards the end of 2022, and the final four months of the year produced the steepest monthly rent drops ever measured by the Apartment List National Rent Index.

In 2023, many cities that saw rents skyrocket early in the pandemic are cheaper today than they were one year ago. The map and data below will be updated every month in order to track the cities that are finally experiencing a break in rent inflation.

Full Data: Annual Rent Change among the Nation's 100 Largest Cities

Updated January 2, 2024

RankCityYoY Rent Growth
1Oakland, CA-9.3%
2Huntsville, AL-5.7%
3Atlanta, GA-5.6%
4Austin, TX-5.4%
5Portland, OR-5.4%
6St. Louis, MO-5.4%
7San Francisco, CA-5.2%
8Phoenix, AZ-5.0%
9Boise, ID-4.9%
10Reno, NV-4.6%

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Apartment List Research Team
The Apartment List Research Team is a small but mighty group of economists and analysts dedicated to understanding the rental market as it evolves rapidly. On our blog we publish original research reports and offer robust data products for public use. Read More
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