NEW YORK – Summer is a notoriously popular season for moving, and high rental prices often reflect that.
But prices seem to be cooling down a bit compared to the last 12 months overall. Median rental prices for one-bedroom apartments were only up 0.5% month-over-month, and prices for two-bedroom apartments were down 2.9% from June, according to a June 2022 national rental report from Zumpera hub for people to find houses, apartments, rooms, and condos for rent.
Although median rent overall increased slightly for one-bedroom apartments, many cities saw significant declines between May and June. Tallahassee, Florida had the biggest drop at about 6.5%, followed by Anchorage, Alaska at 6%.
These are the top five cities with the biggest declines in rent in June 2022, according to Zumper.
1. Tallahassee, Florida
Average rental price of a 1-bedroom apartment: $860
Price change month to month: -6,5 %
Year-on-year price change: 7.5 %
2. Anchorage, Alaska
Average rental price of a 1-bedroom apartment: $1,060
Price change month to month: -6.2 %
Year-on-year price variation: 8.2 %
3. Honolulu, Hawaii
Average rental price of a 1-bedroom apartment: $1,530
Price change month to month: -6.1 %
Year-on-year price variation: 3.4 %
4. San Diego, California
Average rental price of a 1-bedroom apartment: $2,320
Price change month to month: -6.1 %
Year-on-year price variation: 20.8 %
5. Syracuse, Nueva York
Average rental price of a 1-bedroom apartment: $930
Price change month to month: -6.1 %
Year-on-year price variation: 8.1 %
While Tallahassee had the largest percentage drop in prices, San Diego rental prices fell by the largest dollar amount, down nearly $200. Median rent in San Diego, however, remains high at $2,320 in June and up more than 20% year over year. But in an expensive city like San Diego, any reduction in price can be advantageous for those looking to move there.
Although Miami was not one of the top five cities, it also saw a sharp drop in median rental prices. The median price of a one-bedroom apartment decreased 5.9% in June, to $2,400 a month. Yet Miami remains the fifth most expensive city in the US, according to Zumper.
It’s worth noting that despite recent reductions, the overall cost of rent continues to rise year-over-year, even in the five cities with the biggest drops in June.
Do not miss: These four “red flags” during the job interview could indicate that you don’t want to work there.
–
