10 Markets Where Rents Are Cooling the Most

Ama Otet  |   April 13, 2017

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: Rent Cafe Blog