Rent prices are starting to cool down: The 5 cities with the most significant decreases

Summer is a notoriously busy moving season — and high rent prices often reflect that.

But prices seem to be cooling a little compared to the last 12 months overall. Median rent prices for one-bedroom apartments are only up 0.5% month over month, and prices for two-bedrooms are down 2.9% as of June, according to the National Rent Report for June 2022 from Zumper, a hub for people to find houses, apartments, rooms and condos for rent.

Although median rent overall rose slightly for one-bedroom apartments, many cities saw significant decreases between May and June. Tallahassee, Florida, had the biggest drop at approximately 6.5%, followed by Anchorage, Alaska, at 6%. 

Here are the top five cities with the biggest decreases in rent as of June 2022, according to Zumper.

Median rent price for a 1-bedroom apartment: $860

Month-over-month change in price: -6.5%

Year-over-year change in price: 7.5%

Median rent price for a 1-bedroom apartment: $1,060

Month-over-month change in price: -6.2%

Year-over-year change in price: 8.2%

Median rent price for a 1-bedroom apartment: $1,530

Month-over-month change in price: -6.1%

Year-over-year change in price: 3.4%

Median rent price for a 1-bedroom apartment: $2,320

Month-over-month change in price: -6.1%

Year-over-year change in price: 20.8%

Median rent price for a 1-bedroom apartment: $930

Month-over-month change in price: -6.1%

Year-over-year change in price: 8.1%

While Tallahassee had the highest percentage price drop, San Diego’s rent prices went down by the largest dollar amount, with an almost $200 decrease. However, the median rent in San Diego is still high, at $2,320 for June and up over 20% year over year. But in an expensive city like San Diego, any decrease in price may be advantageous for those looking to move there.

Thought Miami wasn’t one of the top five cities, it also saw a hefty drop in median rent prices. The median price for a one-bedroom apartment decreased 5.9% in June, to $2,400 a month. However, Miami remains the fifth most expensive city in the U.S., according to Zumper.

It’s worth noting that despite the recent decreases, the overall cost of rent is still up year over year, even in the five cities with the biggest drops in June.

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