Commodities

Apartment rental prices dropped for the first time in 2 years


When it comes to renting an apartment in a metropolitan area, there’s rarely good news about the price. However, last month, the national average rent decreased for the first time in two years.That’s according to apartment listing site Rent Cafe’s September 2019 Apartment Market Report, which found that the national average dropped 0.1% to $1,471 from August. National rents also saw the slowest year over year growth (3.2%) in 13 months.While small, the decrease could be a good sign for renters: It may signal slightly lower rent prices going forward, according to data from real estate intelligence source Yardi Matrix.That’s true even in major cities: “Since last month, apartment rents saw minor declines in more than half of the cities we analyzed,” the report says. “Small and large cities lead the trend, with prices dropping in 59% of small cities and 56% of large cities.”If you are looking to find more affordable rent in a major metro area, it’s possible. Here are 13 cities where the average apartment rent sits below the national average of $1,471 per month, according to the Rent Cafe report.13. Orlando, FloridaAverage rent for September 2019: $1,436Orlando, Florida.Gina Pricope | Moment | Getty Images12. Austin, TexasAverage rent for September 2019: $1,43311. Tampa, FloridaAverage rent for September 2019: $1,32010. Charlotte, North CarolinaAverage rent for September 2019: $1,2439. Dallas, TexasAverage rent for September 2019: $1,235Dallas, Texas.joe daniel price | Moment | Getty Images8. Fort Worth, TexasAverage rent for September 2019: $1,1297. Las Vegas, NevadaAverage rent for September 2019: $1,1046. Houston, TexasAverage rent for September 2019: $1,1015. Jacksonville, FloridaAverage rent for September 2019: $1,0914. Phoenix, ArizonaAverage rent for September 2019: $1,085Phoenix, Arizona.Dennis Macdonald | Getty Images3. San Antonio, TexasAverage rent for September 2019: $1,0452. Columbus, OhioAverage rent for September 2019: $9471. Indianapolis, IndianaAverage rent for September 2019: $878Downtown IndianapolisEducation Images | UIG | Getty Images Lower rent tends toward the southern half of the country and isn’t typically found in larger, more coastal metropolitan areas, such as New York City or San Francisco.During the first half of 2019, rent was highest in Manhattan, where the average monthly rent reached $4,190, according to the 2019 Mid-Year Rent Report from Rent Cafe. During that same period, Oklahoma City, Oklahoma, was named the most affordable large city to rent in, at $769 per month on average.Location matters when you’re trying to stick to a budget and cut back on living costs. To figure out where to live and how to get the most for your money, you can also check out ways to negotiate your rent (and potentially save thousands), the best cities for millennials and this helpful map that compares the price of renting versus buying a home by state.Like this story? Subscribe to CNBC Make It on YouTube!Don’t miss: Here’s how long it takes to save up for a home on a normal person’s salary in 10 big US cities

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