Cities Where Rents Are Rising and Falling the Most

In this analysis, AdvisorSmith examined the trends in rental prices in over 500 U.S. cities to determine where rents rose and fell the most in 2020. The arrival of the coronavirus pandemic in the year 2020 has created major changes for many Americans in their ways of life, affecting everything from work to school, creating changes in the economy, as well as affecting decisions about where to live. One place where the pandemic has caused major waves is in the residential rental market, with dramatic increases and decreases in rents in certain communities in the country.

We examined rent prices for studios, 1-, 2-, 3-, and 4-bedroom rental units in November 2020, and compared these to average rents in 2019 for cities around the country. For each city, we determined the weighted average increase or decrease in rents based upon each city’s composition of rental housing units. We then ranked the top 100 cities where rents are rising and falling the most.

Among the cities included in our analysis, we found that rents increased an average of 0.5% during the study period. However, the range of rent changes was very wide, with the largest decrease being -38.2%, and the largest increase being 14.2%, as Americans made new choices about where to live based on shifts in the economy. 

Read on to discover more about the cities where rents are rising and falling the most.

Cities Where Rents Are Rising the Most

The cities where rents rose the most in the past nine months include cities on the outskirts of major metropolitan areas, as well as some midsize cities. In particular, cities on the outskirts of the Atlanta, Phoenix, and Las Vegas metropolitan areas were represented among the top 25. Additionally, there were strong rent increases in San Bernardino and Riverside counties in Southern California. Other smaller and midsize cities represented in the top 25 included the Spokane metropolitan area; Huntsville, AL; Fayetteville, NC; and Augusta, GA.

Rank	City	Rent Increase %	Weighted Avg Rent (2019)	Weighted Avg Rent (Nov 2020)
1	Avondale, AZ	14.3%	$1,384	$1,517
2	Stockbridge, GA	13.8%	$1,306	$1,412
3	Rancho Cucamonga, CA	13.2%	$2,120	$2,293
4	Spokane Valley, WA	12.6%	$1,117	$1,200
5	Huntsville, AL	11.9%	$1,009	$1,081
6	Surprise, AZ	11.4%	$1,519	$1,635
7	Fayetteville, NC	11.2%	$1,022	$1,083
8	Murrieta, CA	11.1%	$2,161	$2,321
9	Chino Hills, CA	10.9%	$2,550	$2,727
10	Sunrise Manor, NV	10.7%	$1,174	$1,245
11	Glendale, AZ	10.4%	$1,199	$1,279
12	Bakersfield, CA	10.4%	$1,214	$1,286
13	Miami Beach, FL	10.3%	$1,716	$1,862
14	Chesapeake, VA	10.2%	$1,527	$1,614
15	Temecula, CA	9.8%	$2,341	$2,494
16	Largo, FL	9.4%	$1,289	$1,365
17	Citrus Heights, CA	9.4%	$1,637	$1,729
18	Augusta, GA	9.4%	$976	$1,030
19	Jacksonville, NC	9.3%	$1,251	$1,313
20	Olympia, WA	9.2%	$1,446	$1,524
21	Peoria, AZ	9.1%	$1,469	$1,557
22	Newport News, VA	9.1%	$1,172	$1,235
23	Fresno, CA	9.1%	$1,247	$1,311
24	Jupiter, FL	9.0%	$2,265	$2,368
25	Temple, TX	8.9%	$1,055	$1,107
26	Mesa, AZ	8.9%	$1,288	$1,357
27	Gilbert, AZ	8.9%	$1,675	$1,771
28	Albuquerque, NM	8.9%	$1,032	$1,086
29	Tucson, AZ	8.8%	$1,077	$1,135
30	Roseville, CA	8.5%	$1,761	$1,853
31	Palm Harbor, FL	8.4%	$1,586	$1,666
32	Corona, CA	8.4%	$2,052	$2,160
33	Pensacola, FL	8.2%	$1,172	$1,228
34	Virginia Beach, VA	8.2%	$1,559	$1,632
35	Newnan, GA	8.2%	$1,306	$1,367
36	North Las Vegas, NV	8.2%	$1,383	$1,453
37	Clarksville, TN	8.1%	$1,052	$1,099
38	Greensboro, NC	8.1%	$1,015	$1,063
39	Boise, ID	8.1%	$1,039	$1,088
40	Rock Hill, SC	7.8%	$1,166	$1,218
41	Salinas, CA	7.7%	$1,790	$1,874
42	Ontario, CA	7.6%	$1,827	$1,910
43	Mooresville, NC	7.5%	$1,379	$1,441
44	Carney, MD	7.5%	$1,582	$1,660
45	Athens, GA	7.4%	$1,051	$1,096
46	Ocala, FL	7.4%	$1,033	$1,076
47	Winter Haven, FL	7.3%	$1,157	$1,205
48	Riverside, CA	7.3%	$1,729	$1,808
49	Burnsville, MN	7.1%	$1,511	$1,577
50	Fort Wayne, IN	7.1%	$779	$813
51	Concord, NC	7.1%	$1,164	$1,218
52	South Laurel, MD	7.1%	$1,549	$1,621
53	Memphis, TN	7.1%	$990	$1,031
54	Sierra Vista, AZ	7.1%	$1,128	$1,175
55	Frederick, MD	7.1%	$1,654	$1,726
56	Marietta, GA	7.0%	$1,314	$1,367
57	Killeen, TX	6.9%	$1,093	$1,138
58	Peachtree Corners, GA	6.7%	$1,408	$1,466
59	Greenwood, IN	6.6%	$1,016	$1,056
60	Hampton, VA	6.6%	$1,112	$1,154
61	Colorado Springs, CO	6.6%	$1,313	$1,368
62	Wellington, FL	6.5%	$2,207	$2,298
63	High Point, NC	6.5%	$1,040	$1,078
64	Catalina Foothills, AZ	6.5%	$1,406	$1,465
65	Waco, TX	6.5%	$1,004	$1,045
66	Casas Adobes, AZ	6.5%	$1,292	$1,342
67	Las Vegas, NV	6.5%	$1,263	$1,312
68	Phoenix, AZ	6.4%	$1,177	$1,225
69	Abilene, TX	6.4%	$1,123	$1,165
70	Tulsa, OK	6.4%	$904	$940
71	Chandler, AZ	6.3%	$1,576	$1,637
72	Huntersville, NC	6.3%	$1,634	$1,696
73	Chattanooga, TN	6.2%	$1,083	$1,122
74	Hoover, AL	6.2%	$1,332	$1,380
75	Spokane, WA	6.2%	$1,049	$1,090
76	Chula Vista, CA	6.1%	$2,074	$2,150
77	Glen Burnie, MD	6.0%	$1,586	$1,645
78	Carmel, IN	6.0%	$1,468	$1,526
79	Fredericksburg, VA	6.0%	$1,382	$1,432
80	St. Charles, MO	6.0%	$1,027	$1,064
81	Knoxville, TN	5.9%	$1,025	$1,062
82	Columbus, GA	5.9%	$1,011	$1,046
83	Arlington, TX	5.8%	$1,263	$1,309
84	La Mesa, CA	5.8%	$1,949	$2,019
85	Gainesville, GA	5.8%	$1,099	$1,136
86	Minot, ND	5.7%	$1,091	$1,128
87	Reno, NV	5.6%	$1,292	$1,338
88	Sparks, NV	5.6%	$1,312	$1,357
89	Little Rock, AR	5.5%	$828	$857
90	Spring Valley, NV	5.5%	$1,366	$1,411
91	Paradise, NV	5.5%	$1,166	$1,206
92	El Paso, TX	5.3%	$980	$1,012
93	Lafayette, LA	5.2%	$1,149	$1,184
94	Bloomington, IN	5.1%	$1,069	$1,103
95	Brandon, FL	5.0%	$1,501	$1,547
96	Salem, OR	5.0%	$1,235	$1,269
97	Carlsbad, CA	4.9%	$2,642	$2,721
98	Lee's Summit, MO	4.8%	$1,352	$1,393
99	Columbia, SC	4.8%	$1,117	$1,150
100	Vancouver, WA	4.7%	$1,479	$1,518

Cities Where Rents Are Falling the Most

Rents fell dramatically in some of the nation’s most expensive cities for renters. The top three spots were taken by cities in Texas and North Dakota with economies focused on oil and energy. With the price of oil plunging due to a reduction in driving during the coronavirus pandemic, demand for housing in these communities has fallen substantially.

Also highly represented in the top 25 were cities in the San Francisco Bay Area, New York City, the Boston metropolitan area, and a few suburbs of Washington, D.C. Many of these cities, which have some of the highest rents in the country, contain professional and technical workers, many of who have been working from home for much of the year.

Rank	City	Rent Decrease %	Weighted Avg Rent (2019)	Weighted Avg Rent (Nov 2020)
1	Odessa, TX	-38.2%	$924	$661
2	Midland, TX	-34.9%	$1,208	$889
3	Williston, ND	-28.4%	$1,090	$897
4	San Francisco, CA	-26.4%	$2,650	$2,081
5	Mountain View, CA	-23.9%	$2,885	$2,401
6	Sunnyvale, CA	-20.8%	$2,678	$2,282
7	Boston, MA	-18.9%	$1,991	$1,707
8	Redwood City, CA	-18.6%	$2,775	$2,404
9	Cambridge, MA	-18.1%	$2,414	$2,083
10	New York, NY	-17.9%	$1,931	$1,671
11	San Mateo, CA	-15.8%	$3,014	$2,679
12	Seattle, WA	-15.7%	$1,840	$1,614
13	Foster City, CA	-15.5%	$3,787	$3,361
14	Emeryville, CA	-14.4%	$2,884	$2,516
15	Oakland, CA	-14.3%	$2,107	$1,889
16	Santa Monica, CA	-13.8%	$2,254	$2,012
17	Washington, DC	-13.3%	$1,912	$1,707
18	Santa Clara, CA	-13.3%	$2,745	$2,491
19	San Jose, CA	-13.0%	$2,367	$2,149
20	Merrifield, VA	-13.0%	$2,160	$1,957
21	Arlington, VA	-12.7%	$2,212	$2,002
22	Tysons Corner, VA	-11.8%	$2,311	$2,132
23	Waltham, MA	-11.0%	$1,997	$1,843
24	Milpitas, CA	-10.7%	$2,645	$2,461
25	Minneapolis, MN	-10.4%	$1,363	$1,255
26	Union City, CA	-9.5%	$2,687	$2,508
27	Chicago, IL	-9.5%	$1,329	$1,240
28	Jersey City, NJ	-9.4%	$1,861	$1,735
29	Reston, VA	-9.1%	$1,936	$1,817
30	Coral Gables, FL	-9.1%	$1,895	$1,777
31	North Bethesda, MD	-9.0%	$2,052	$1,920
32	Bellevue, WA	-8.8%	$2,309	$2,160
33	Falls Church, VA	-8.7%	$2,099	$1,956
34	Burbank, CA	-8.6%	$2,224	$2,097
35	Fairfax, VA	-8.4%	$2,114	$1,989
36	Doral, FL	-8.3%	$2,190	$2,078
37	Redmond, WA	-7.9%	$2,341	$2,214
38	Los Angeles, CA	-7.9%	$1,934	$1,824
39	Fremont, CA	-7.8%	$2,955	$2,800
40	Boulder, CO	-7.8%	$1,868	$1,769
41	Pasadena, CA	-7.6%	$2,100	$1,992
42	Glendale, CA	-7.5%	$1,785	$1,697
43	Hoboken, NJ	-7.4%	$3,249	$3,084
44	Silver Spring, MD	-7.4%	$1,679	$1,585
45	Maitland, FL	-7.0%	$1,737	$1,655
46	Minnetonka, MN	-6.9%	$1,765	$1,682
47	Arlington Heights, IL	-6.8%	$1,697	$1,620
48	Bethesda, MD	-6.7%	$2,238	$2,128
49	Portland, OR	-6.6%	$1,399	$1,335
50	Oak Park, IL	-6.3%	$1,450	$1,381
51	Alexandria, VA	-6.3%	$1,866	$1,783
52	Dublin, CA	-6.2%	$3,392	$3,246
53	Herndon, VA	-6.1%	$2,001	$1,922
54	Cleveland, OH	-5.9%	$798	$767
55	Pleasanton, CA	-5.8%	$3,037	$2,923
56	Denver, CO	-5.7%	$1,564	$1,500
57	Orlando, FL	-5.5%	$1,385	$1,334
58	Rockville, MD	-5.4%	$2,099	$2,023
59	Philadelphia, PA	-5.3%	$1,142	$1,100
60	Fair Oaks, VA	-5.1%	$2,224	$2,150
61	Winter Garden, FL	-5.1%	$1,307	$1,265
62	Quincy, MA	-5.1%	$1,889	$1,818
63	Austin, TX	-5.1%	$1,469	$1,417
64	The Woodlands, TX	-4.9%	$1,652	$1,594
65	College Station, TX	-4.8%	$1,140	$1,105
66	Miami, FL	-4.7%	$1,530	$1,480
67	Silverdale, WA	-4.7%	$1,888	$1,832
68	West Hollywood, CA	-4.7%	$2,304	$2,227
69	Ann Arbor, MI	-4.4%	$1,660	$1,610
70	Honolulu, HI	-4.4%	$2,097	$2,037
71	New Haven, CT	-4.3%	$1,282	$1,244
72	Richardson, TX	-4.2%	$1,573	$1,527
73	Kissimmee, FL	-4.0%	$1,362	$1,329
74	Centreville, VA	-3.8%	$2,006	$1,957
75	Dunwoody, GA	-3.7%	$1,682	$1,638
76	Walnut Creek, CA	-3.7%	$2,574	$2,512
77	Houston, TX	-3.7%	$1,083	$1,055
78	Pittsburgh, PA	-3.6%	$1,036	$1,009
79	St. Paul, MN	-3.6%	$1,142	$1,113
80	Tallahassee, FL	-3.5%	$1,241	$1,214
81	Kirkland, WA	-3.2%	$2,242	$2,195
82	Galveston, TX	-3.2%	$1,167	$1,143
83	Baltimore, MD	-3.2%	$1,188	$1,163
84	Broomfield, CO	-3.1%	$1,879	$1,836
85	Mount Pleasant, SC	-3.0%	$1,887	$1,850
86	Farmers Branch, TX	-3.0%	$1,509	$1,477
87	Fort Lauderdale, FL	-3.0%	$1,390	$1,364
88	Sarasota, FL	-2.9%	$1,342	$1,318
89	Davie, FL	-2.8%	$1,598	$1,572
90	Irvine, CA	-2.7%	$2,846	$2,797
91	Pembroke Pines, FL	-2.6%	$1,746	$1,718
92	Hayward, CA	-2.6%	$2,374	$2,336
93	Dallas, TX	-2.5%	$1,129	$1,108
94	Nashville, TN	-2.4%	$1,258	$1,239
95	Fort Collins, CO	-2.1%	$1,525	$1,505
96	Centennial, CO	-2.0%	$2,019	$1,990
97	Durham, NC	-1.9%	$1,187	$1,172
98	Amarillo, TX	-1.9%	$892	$881
99	Sandy Springs, GA	-1.9%	$1,467	$1,449
100	St. Louis Park, MN	-1.8%	$1,524	$1,505

Methodology

AdvisorSmith examined data on rental prices from Zillow and Apartment List from 540 U.S. cities to determine the cities where rents are falling and rising the fastest. In order to construct these lists, we first determined the average rental prices for studios, 1-bedroom, 2-bedroom, 3-bedroom, and 4-bedroom rental housing units in each city during the calendar year 2019.

We also found the average rental prices for studios, 1-bedroom, 2-bedroom, 3-bedroom, and 4-bedroom rental housing units in each city for November 2020. We calculated the percentage difference between rental prices for each size housing unit between the 2019 average and November 2020.

Next, we used U.S. Census data in order to determine the composition of the rental housing stock in each city. We weighted the percentage difference in rental prices for each housing unit size by the percentage of housing units that comprised each housing unit size to give us a weighted rental price change for each city. We then ranked the cities by this percentage change in order to determine the top 100 cities where rents are rising and falling the most quickly.

We also calculated the weighted average rental price in each city by applying the percentage composition of housing units by size to the rents for each housing unit for both the 2019 average period as well as the November 2020 period. 

Sources

1. Zillow Home Value Index (Data Provided by Zillow Group)

2. Apartment List Data & Rent Estimates

3. U.S. Census Bureau, American Community Survey, Physical Housing Characteristics for Occupied Housing Units