Summer is a notoriously busy moving season – and high rental prices often reflect this.
But overall prices seem to be cooling off a bit compared to the past 12 months. Median rents for one-bedroom apartments are up just 0.5% mom, and two-bedroom apartment prices are down 2.9% in June, according to the June 2022 National Rent Report by Zumper, a one-stop shop for people to find houses, apartments, rooms and condos for rent.
Although the median rent for one-bedroom apartments increased slightly overall, many cities recorded significant declines between May and June. Tallahassee, Florida saw the largest decline at about 6.5%, followed by Anchorage, Alaska at 6%.
According to Zumper, here are the top 5 cities with the largest rent declines from June 2022.
1. Tallahassee, Fla
Average rental price for a 1-room apartment: $860
Monthly price change: -6.5%
Annual price change: 7.5%
2. Anchorage, Alaska
Average rental price for a 1-room apartment: $1,060
Monthly price change: -6.2%
Price change year-on-year: 8.2%
3. Urban Honolulu
Average rental price for a 1-room apartment: $1,530
Monthly price change: -6.1%
Price change year-on-year: 3.4%
4.San Diego
Average rental price for a 1-room apartment: $2,320
Monthly price change: -6.1%
Price change year-on-year: 20.8%
5. Syracuse, New York
Average rental price for a 1-room apartment: $930
Monthly price change: -6.1%
Price change year-on-year: 8.1%
While Tallahassee saw the highest percentage price decline, San Diego rental prices fell the largest dollar amount by nearly $200. However, the median rent in San Diego is still high at $2,320 in June and is up over 20% year over year. But in an expensive city like San Diego, any price drop can be beneficial for those looking to move there.
Although Miami was not among the top 5 cities, there was also a sharp drop in median rents. The median price for a one-bedroom apartment in June fell 5.9% to $2,400 a month. However, according to Zumper, Miami remains the fifth most expensive city in the United States.
It’s worth noting that despite the recent declines, total rental costs are still rising year-on-year, even in the five cities with the biggest declines in June.
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