Rental rates throughout the U.S. are falling, and they are expected to continue falling through the end of 2022.
After a bleak year of record-setting rent hikes nationwide, October rent prices decreased for the second month in a row in 89 of the nation’s 100 largest cities.
Apartment List reported that rent across the U.S. went down by 0.7% in October — the most significant one-month dip since 2017. These were the average rent prices for 11 of the largest cities in the U.S.:
- San Francisco – $2,640
- Los Angeles – $2,200
- New York City – $2,170
- Seattle – $1,990
- Austin – $1,830
- Washington, D.C. – $1,790
- Dallas – $1,470
- Phoenix – $1,470
- San Antonio – $1,320
- Houston – $1,290
- Memphis – $1,130
The current national average for a two-bedroom apartment sits at $1,348 after 2022 saw prices rise 5.9%, a third of the 18% rise in prices renters had endured by this point in 2021.
Texas has averaged a 6.6% increase in rental rates in 2022, with Dallas topping the list at a 10.1% increase. Fort Worth renters pay an average of 7.5% more this year.
While this meager decline may be something to celebrate, the slight fall in rates follows the seasonal trend that existed even prior to the pandemic. Experts remain optimistic about a continued decline to close out the year.
Dallas’ rent rate declined by 0.9% in October, barely softening its 10.1% increase in the past year and its unprecedented 24% rise since March 2020. With the median rent in Dallas sitting at $1,232 for a one-bedroom apartment and $1,472 for a two-bedroom, more relief is needed.