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Cities Where Rents Are Rising and Falling the Most

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.

RankCityRent Increase %Weighted Avg Rent (2019)Weighted Avg Rent (Nov 2020)
1Avondale, AZ14.3% $1,384 $1,517
2Stockbridge, GA13.8% $1,306 $1,412
3Rancho Cucamonga, CA13.2% $2,120 $2,293
4Spokane Valley, WA12.6% $1,117 $1,200
5Huntsville, AL11.9% $1,009 $1,081
6Surprise, AZ11.4% $1,519 $1,635
7Fayetteville, NC11.2% $1,022 $1,083
8Murrieta, CA11.1% $2,161 $2,321
9Chino Hills, CA10.9% $2,550 $2,727
10Sunrise Manor, NV10.7% $1,174 $1,245
11Glendale, AZ10.4% $1,199 $1,279
12Bakersfield, CA10.4% $1,214 $1,286
13Miami Beach, FL10.3% $1,716 $1,862
14Chesapeake, VA10.2% $1,527 $1,614
15Temecula, CA9.8% $2,341 $2,494
16Largo, FL9.4% $1,289 $1,365
17Citrus Heights, CA9.4% $1,637 $1,729
18Augusta, GA9.4%$976 $1,030
19Jacksonville, NC9.3% $1,251 $1,313
20Olympia, WA9.2% $1,446 $1,524
21Peoria, AZ9.1% $1,469 $1,557
22Newport News, VA9.1% $1,172 $1,235
23Fresno, CA9.1% $1,247 $1,311
24Jupiter, FL9.0% $2,265 $2,368
25Temple, TX8.9% $1,055 $1,107
26Mesa, AZ8.9% $1,288 $1,357
27Gilbert, AZ8.9% $1,675 $1,771
28Albuquerque, NM8.9% $1,032 $1,086
29Tucson, AZ8.8% $1,077 $1,135
30Roseville, CA8.5% $1,761 $1,853
31Palm Harbor, FL8.4% $1,586 $1,666
32Corona, CA8.4% $2,052 $2,160
33Pensacola, FL8.2% $1,172 $1,228
34Virginia Beach, VA8.2% $1,559 $1,632
35Newnan, GA8.2% $1,306 $1,367
36North Las Vegas, NV8.2% $1,383 $1,453
37Clarksville, TN8.1% $1,052 $1,099
38Greensboro, NC8.1% $1,015 $1,063
39Boise, ID8.1% $1,039 $1,088
40Rock Hill, SC7.8% $1,166 $1,218
41Salinas, CA7.7% $1,790 $1,874
42Ontario, CA7.6% $1,827 $1,910
43Mooresville, NC7.5% $1,379 $1,441
44Carney, MD7.5% $1,582 $1,660
45Athens, GA7.4% $1,051 $1,096
46Ocala, FL7.4% $1,033 $1,076
47Winter Haven, FL7.3% $1,157 $1,205
48Riverside, CA7.3% $1,729 $1,808
49Burnsville, MN7.1% $1,511 $1,577
50Fort Wayne, IN7.1%$779$813
51Concord, NC7.1% $1,164 $1,218
52South Laurel, MD7.1% $1,549 $1,621
53Memphis, TN7.1%$990 $1,031
54Sierra Vista, AZ7.1% $1,128 $1,175
55Frederick, MD7.1% $1,654 $1,726
56Marietta, GA7.0% $1,314 $1,367
57Killeen, TX6.9% $1,093 $1,138
58Peachtree Corners, GA6.7% $1,408 $1,466
59Greenwood, IN6.6% $1,016 $1,056
60Hampton, VA6.6% $1,112 $1,154
61Colorado Springs, CO6.6% $1,313 $1,368
62Wellington, FL6.5% $2,207 $2,298
63High Point, NC6.5% $1,040 $1,078
64Catalina Foothills, AZ6.5% $1,406 $1,465
65Waco, TX6.5% $1,004 $1,045
66Casas Adobes, AZ6.5% $1,292 $1,342
67Las Vegas, NV6.5% $1,263 $1,312
68Phoenix, AZ6.4% $1,177 $1,225
69Abilene, TX6.4% $1,123 $1,165
70Tulsa, OK6.4%$904$940
71Chandler, AZ6.3% $1,576 $1,637
72Huntersville, NC6.3% $1,634 $1,696
73Chattanooga, TN6.2% $1,083 $1,122
74Hoover, AL6.2% $1,332 $1,380
75Spokane, WA6.2% $1,049 $1,090
76Chula Vista, CA6.1% $2,074 $2,150
77Glen Burnie, MD6.0% $1,586 $1,645
78Carmel, IN6.0% $1,468 $1,526
79Fredericksburg, VA6.0% $1,382 $1,432
80St. Charles, MO6.0% $1,027 $1,064
81Knoxville, TN5.9% $1,025 $1,062
82Columbus, GA5.9% $1,011 $1,046
83Arlington, TX5.8% $1,263 $1,309
84La Mesa, CA5.8% $1,949 $2,019
85Gainesville, GA5.8% $1,099 $1,136
86Minot, ND5.7% $1,091 $1,128
87Reno, NV5.6% $1,292 $1,338
88Sparks, NV5.6% $1,312 $1,357
89Little Rock, AR5.5%$828$857
90Spring Valley, NV5.5% $1,366 $1,411
91Paradise, NV5.5% $1,166 $1,206
92El Paso, TX5.3%$980 $1,012
93Lafayette, LA5.2% $1,149 $1,184
94Bloomington, IN5.1% $1,069 $1,103
95Brandon, FL5.0% $1,501 $1,547
96Salem, OR5.0% $1,235 $1,269
97Carlsbad, CA4.9% $2,642 $2,721
98Lee's Summit, MO4.8% $1,352 $1,393
99Columbia, SC4.8% $1,117 $1,150
100Vancouver, WA4.7% $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.

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

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