Tuesday, September 27, 2022

Have rents started coming down? Florida city sees biggest drop in rent across US

Summer is a notoriously popular moving season, and high rental prices often reflect this. But overall the prices seem to be going down a bit as compared to the last 12 months.

Average rental prices for one-bedroom apartments are up just 0.5% month-on-month, and prices for two-bedroom apartments are down 2.9% from June, according to a June 2022 national rental report by Jumper. A hub for people, find houses, apartments, rooms and condos for rent.

Although the overall average rent for one-bedroom apartments rose slightly, several cities saw a significant drop between May and June.

According to Jumper, these are the top five cities with the biggest drop in rents in June 2022.

1. Tallahassee, Florida

Average rental price for a 1-bedroom apartment: $860

price change month to month: -6.5%

Price Change from Year to Year: 7.5%

2. Anchorage, Alaska

Average rental price for a 1-bedroom apartment: $1,060

Month to Month Price Changes: -6.2%

Price Variation from Year to Year: 8.2%

3. Honolulu, Hawaii

Average rental price for a 1-bedroom apartment: $1,530

Month to Month Price Changes: -6.1%

Price Variation from Year to Year: 3.4%

4. San Diego, California

Average rental price for a 1-bedroom apartment: $2,320

Month to Month Price Changes: -6.1%

Price Variation from Year to Year: 20.8%

5. Syracuse, Nueva York

Average rental price for a 1-bedroom apartment: $930

Month to Month Price Changes: -6.1%

Price Variation from Year to Year: 8.1%

While Tallahassee had the biggest percentage drop in prices, San Diego rental prices fell by the largest dollar amount, down about $200. However, the median rent in San Diego is $2,320 in June and more than 20% year over year. But in an expensive city like San Diego, any reduction in price can be beneficial to those who want to move there.

Although Miami was not one of the top five cities, it also saw a sharp drop in average rental prices. The average price of a one-bedroom apartment dropped 5.9% in June to $2,400 a month. However, according to Jumper, Miami remains the fifth most expensive city in America.

It’s worth noting that despite recent cuts, the overall cost of rent continues to rise year on year, even in the five cities with the biggest drop in June.

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com
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