25 cities where rents are rising the slowest—and even falling

Rentlodex > News > 25 cities where rents are rising the slowest—and even falling

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Written by: Emily Sherman

The last few years have shown costs rising due to inflation—from the price of groceries and utility bills to travel and entertainment. But one of the hardest pills to swallow has been the rising cost of rent across the U.S. As the largest expense in most Americans’ budgets, high housing costs drive up the overall cost of living and require careful planning.

Many cities saw rent skyrocket from 2021 to 2022. At the end of 2022, rent prices were up 4% compared to the year before. But it’s not all bad news. According to Apartment List, rents fell 0.8% nationally in December 2022 compared to the month before. A bit of this decline can be attributed to seasonal trends, but it was the fourth straight month of dropping rent nationwide. Some cities are seeing this trend more than others.

Rentlodex ranked large cities experiencing the slowest rent increases and even decreases from December 2021 to December 2022, using data from Apartment List.

The analysis includes U.S. cities with 250,000 or more residents. Apartment List bases rent estimates on the median price of new leases signed and paid per month. Actual percent change data is more precise than what’s listed, so there are no true ties.

Many of the cities on this list are in the Sun Belt region across the southern U.S. Those areas experienced massive rent growth during the COVID-19 pandemic. The slowing rate of rent increases in these cities is a good sign for renters, who might finally see power shift back to their hands in the upcoming year.

Homes on a hill with the Los Angeles skyline in the background.

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#25. Los Angeles, California

– Median rent, December 2022: $1,873

– Median rent, December 2021: $1,841

— Percent change: +1.7%

Image of palm trees and top of Pacific Southwest Building in downtown Fresno.

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#24. Fresno, California

– Median rent, December 2022: $1,299

– Median rent, December 2021: $1,278

— Percent change: +1.6%

A row of historic brick residences.

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#23. Washington DC

– Median rent, December 2022: $1,798

– Median rent, December 2021: $1,771

— Percent change: +1.5%

Homes on a hill in a residential neighborhood.

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#22. St. Paul, Minnesota

– Median rent, December 2022: $1,078

– Median rent, December 2021: $1,064

— Percent change: +1.3%

An aerial view of Denver with apartments by the river.

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#21. Denver, Colorado

– Median rent, December 2022: $1,543

– Median rent, December 2021: $1,524

— Percent change: +1.3%

A blue bridge going over water into downtown Jacksonville.

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#20. Jacksonville, Florida

– Median rent, December 2022: $1,463

– Median rent, December 2021: $1,449

— Percent change: +1.0%

An aerial view of homes and palm trees in a small downtown.

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#19. Santa Ana, California

– Median rent, December 2022: $2,111

– Median rent, December 2021: $2,100

— Percent change: +0.5%

A snowy residential neighborhood.

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#18. Minneapolis, Minnesota

– Median rent, December 2022: $1,070

– Median rent, December 2021: $1,065

— Percent change: +0.5%

Historic row houses.

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#17. Baltimore, Maryland

– Median rent, December 2022: $1,323

– Median rent, December 2021: $1,317

— Percent change: +0.5%

Large historic homes and trees.

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#16. New Orleans, Louisiana

– Median rent, December 2022: $1,159

– Median rent, December 2021: $1,158

— Percent change: +0.1%

Aerial view of downtown Wichita.

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#15. Wichita, Kansas

– Median rent, December 2022: $884

– Median rent, December 2021: $888

— Percent change: -0.5%

Colorful apartments and homes with the Phoenix skyline in the distance.

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#14. Phoenix, Arizona

– Median rent, December 2022: $1,481

– Median rent, December 2021: $1,489

— Percent change: -0.5%

The Seattle skyline with mountains in the background.

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#13. Seattle, Washington

– Median rent, December 2022: $1,668

– Median rent, December 2021: $1,684

— Percent change: -1.0%

A colorful city tram in downtown with fall trees and buildings in the background.

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#12. Detroit, Michigan

– Median rent, December 2022: $908

– Median rent, December 2021: $919

— Percent change: -1.2%

Aerial view of condos and businesses alongside the beach.

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#11. Virginia Beach, Virginia

– Median rent, December 2022: $1,743

– Median rent, December 2021: $1,766

— Percent change: -1.3%

A highway running through Mesa with homes and mountains in the background.

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#10. Mesa, Arizona

– Median rent, December 2022: $1,493

– Median rent, December 2021: $1,513

— Percent change: -1.3%

The downtown Atlanta skyline with homes and apartments in the foreground.

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#9. Atlanta, Georgia

– Median rent, December 2022: $1,529

– Median rent, December 2021: $1,551

— Percent change: -1.4%

The Sacramento skyline with homes in the foreground.

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#8. Sacramento, California

– Median rent, December 2022: $1,624

– Median rent, December 2021: $1,653

— Percent change: -1.8%

A winding road and trees next to a residential neighborhood.

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#7. Irvine, California

– Median rent, December 2022: $3,068

– Median rent, December 2021: $3,129

— Percent change: -2.0%

An aerial view of colorful buildings and palm trees in Chandler.

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#6. Chandler, Arizona

– Median rent, December 2022: $1,782

– Median rent, December 2021: $1,824

— Percent change: -2.3%

An aerial view of downtown Cleveland with homes in the foreground.

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#5. Cleveland, Ohio

– Median rent, December 2022: $782

– Median rent, December 2021: $803

— Percent change: -2.6%

Colorful apartments in front of tall buildings in downtown.

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#4. Oakland, California

– Median rent, December 2022: $1,628

– Median rent, December 2021: $1,675

— Percent change: -2.8%

A large neighborhood of homes in Henderson.

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#3. Henderson, Nevada

– Median rent, December 2022: $1,650

– Median rent, December 2021: $1,724

— Percent change: -4.3%

An aerial view of homes in Las Vegas with mountains in the background.

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#2. Las Vegas, Nevada

– Median rent, December 2022: $1,434

– Median rent, December 2021: $1,503

— Percent change: -4.6%

Homes in Scottsdale and a mountain in the background at sunset.

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#1. Scottsdale, Arizona

– Median rent, December 2022: $1,847

– Median rent, December 2021: $1,984

— Percent change: -6.9%