Some of the hottest rental markets in the country may have finally hit their peak. For example, markets like San Francisco and Manhattan are posting some of the highest year-over-year drops in average rents by 4.3 percent and 2.2 percent, respectively.
Read more: Renters Are Starting to Feel Richer, But…
Nationally, rents are remaining stable. The average apartment rent is $1,312, according to data from Yardi Matrix. Rents across the country are rising, but only slightly now—by just $6 from February to March. It’s the slowest annual rent growth rate seen in three consecutive years and just half the year-over-year growth seen a year ago, where rents increased 5.7 percent over the year, Rent Café reports.
But some markets are seeing slight declines in rents. The following 10 markets have seen the largest year-over-year drops in rents, according to Rent Café:
- San Francisco: –4.3% (year-over-year change); $3,330 (average rent)
- Odessa, Texas: –4.2%; $902
- Broken Arrow, Okla.: –3.9%; $781
- Corpus Christi, Texas: –2.9%; $945
- Oklahoma City, Okla.: –2.6%; $716
- Manhattan (New York City): –2.2%; $4,094
- Fremont, Calif.: –2.2%; $2,270
- Cambridge, Mass.: –1.8%; $2,949
- Midland, Texas: –1.8%; $1,058
- Tulsa, Okla.: –1.8%; $669
Source: “Apartment Rents Still on a Roll in Most Cities Though Some Hot Markets See Important Declines in March,” Rent Café Blog (April 4, 2017)
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