Renters across the U.S. often notice rising rates, but some major metro cities are not experiencing the same trends. Recent research from a rental data hub shows that in some big cities in America, rent prices are actually getting lower. The report noted:
“Whether you live in a rural area or a big city, you've probably noticed that, in general, housing prices are increasing everywhere. What you once paid for a two-bedroom apartment is now what it costs to rent a one-bedroom apartment in some cities. In fact, rent for a one-bedroom apartment has increased 22 percent nationally and rent for a two-bedroom apartment has spiked by 18 percent. These percentages vary state by state and city by city, but the overall trend is that rent is increasing.”
Despite most cities showing rising rent rates, researchers managed to find others that are lowering. They “combed through the data and spotted some cities with rent prices decreasing,” sharing a list — in no particular order — of 10 big cities experiencing that trend. Toledo is the only city in Ohio to make the list. The city’s one-bedroom rent price year over year change is -23.03%, and a 2-bedroom year over year change is -0.45%. Here’s what the report says about Toledo:
“Toledo, OH, is among the 100 largest cities in America with over a quarter of a million people calling it home. Known as ‘The Glass City’ for its prosperous glass industry, Toledo has a rich history of making everything from windows to glass art.
“People who live in Toledo will experience four seasons of varied weather, making it a great city to enjoy hot summer months, mild springs and falls and cold winters. Renters are lucky as Toledo has seen the largest decrease in rent prices for one-bedroom apartments nationwide. With a 23 percent decrease in rent year-over-year, renters can expect to pay approximately $656 and $936 for a one- and two-bedroom apartment, respectively.”
See the full report — including the rest of the list, methodology and more — here.