Big Cities with Small Rent
To say that the cost of rent and overall living expenses is on everyone’s mind is an understatement. These last three years have seen a steep increase in rent prices, which has made many question if they can afford the cost of living on their own.
This can be very discouraging for first-time renters to leave the nest and forge a path on their own. You have probably noticed that what you once paid for a two-bedroom apartment is now what it costs to live in a one-bedroom apartment. The percentages seeing an increase in rent vary from city to city, however, there are some cities that have seen a decrease in the overall cost of living.
8 Cities Seeing a Decrease in Rent
- Indianapolis, IN
Indianapolis, the capital of Hoosier State, has an astounding population of 876,384 residents calling the metropolis “home.” The city, like most other cities, has everything to offer its residents, full of close-knit communities and families. It is full of diversity and supports locally owned businesses such as coffee shops. It also has large areas and many sports events, the biggest being the Indy 500, an event that amasses over 300,000 people in one day.
In this city, the average rent for a one-bedroom is $1,025 and the rent for a two-bedroom is $1,142.
- 1-BR rent price change: -15.51%
- 2-BR rent price change: -20.01%
- Cleveland, OH
Cleveland is home to a few large sports teams-the Browns and the Cavaliers-and is known to be a cultural hotspot. It is fondly known as the home of rock and roll, full of diverse food, lush parks, and sandy beaches. During the recent pandemic of the past two years, this area has seen an influx of many moving to the city. Despite the rise of newcomers, rent prices are steadily decreasing in this city.
In this city, the average rent for a one-bedroom is $1,076 and the rent for a two-bedroom is $1,672.
- 1-BR rent price change: -24.50%
- 2-BR rent price change: -12.50%
- Las Vegas, NV
When you picture Las Vegas, it is easy to picture the glam and fast pace of the Strip. While that is a huge part of the city’s culture, the suburbs in Las Vegas are much different and easier to live in. Living in Vegas is for those who enjoy easy access to the nightlife and world-class entertainment. But the area is not all city, with great access to outdoor activities. There are cycling opportunities in Red Rock Canyon and hiking in the Valley of the Fire. With no state income tax, it is a fairly easy place for those looking to migrate to the area.
In this city, the average rent for apartments after budgeting is $1,473 and $1,788.
- 1-BR rent price change: -14.81%
- 2-BR rent price change: -11.16%
- Baltimore, MD
Located near Washington D.C., only an hour away from the capital of the U.S. is a popular East-coast city for people to call home. This city is full of monumental historical attractions. Like other cities, Baltimore has its fair share of small businesses, zoos and aquariums, and several outdoor parks and trails. Baltimore has it all to offer.
In this city, the average rent for a one-bedroom is $1,699 and the rent for a two-bedroom saw less of a decline but is still on its way to decreasing in price with rent showing at $1,883.
- 1-BR rent price change: -8.59%
- 2-BR rent price change: -2.16%
- Chula Vista, CA
Located near San Diego along the coast of California lies Chula Vista, a coastal town meaning “beautiful view.” With close access to the beach, over 60 different parks with lots of green space to enjoy the ocean breeze. This city has a low crime rate, full of great schools, and has a sharp focus on renewable energy, a wonderful place for new families. To live here is to enjoy the perks of a large city, with an average of 274,492 residents, you won’t feel the pressure of overcrowding as there are many outdoor activities to participate in.
In this city, the average rent for a one-bedroom is $2,363 and the rent for a two-bedroom is $1,762, seeing a 46.56% decrease when compared to last year’s rent.
- 1-BR rent price change: -0.07%
- 2-BR rent price change: -46.56%
For more information on local markets and specifically the Chula Vista market, browse these new listings below or contact our office for all San Diego real estate.