^{This text initially appeared on Enterprise Insider.}

The “12 months of the American renter” is off to a robust begin — until you are a landlord.

A brand new report from on-line rental platform Zumper discovered that in January, the going charge for a one-bedroom condominium within the US was $1,496, and $1,847 for a two-bedroom setup. These two figures modified little from final month.

Lease is barely beneath the file ranges set in September however stays increased than final January. Median year-over-year hire development charges this month had been 0.3% for one-bedroom residences and 1.4% for residences with two bedrooms, based on Zumper. One-bedroom hire rose by lower than 1% for the fifth-straight month after rising for 12 consecutive months beginning in October 2021.

Lease development within the US is way from its pandemic peak, based on the January hire report from @Zumper. pic.twitter.com/3QhWPCyaUp

— James Faris (@JamesFaris_) January 25, 2024

House costs have been pushed down by surging provide, Zumper famous. New items are going up quickly throughout areas following years wherein demand for rental items far outpaced provide.

“2023 was a file 12 months for brand spanking new provide throughout the nation, and the multifamily trade will add much more stock in 2024,” Zumper’s researchers wrote of their January hire report. “This bounce in provide is sweet information for renters searching for a deal.”

A extra aggressive rental market is not simply driving down costs. Many renters are actually having fun with perks that may’ve been unprecedented throughout the pandemic, together with waived safety deposits and a free month of hire, Zumper discovered. That development can proceed as rates of interest slide, which can probably convey homebuyers again from the sidelines.

“Renters have extra leverage proper now than anytime in latest reminiscence,” mentioned Anthemos Georgiades, the CEO of Zumper, in a press release for the report. “Now could be the time to renegotiate current leases or rating a deal on a brand new condominium.”

27 cities the place residences are getting rather more reasonably priced

Precisely half of the highest 100 rental markets within the US noticed median condominium costs fall from 2023, based on Zumper. Nonetheless, these declines diversified extensively by area and had been extra vital within the Solar Belt than within the Midwest.

Under are 27 metropolitan areas the place the going rental charge for a one-bedroom condominium is at the very least 5% decrease than it was final January, based on Zumper. Together with every metropolis are its year-over-year and month-over-month hire modifications, common hire value, and nationwide hire rating among the many largest 100 US actual property markets.

1. Scottsdale, Arizona

^{Scottsdale, Arizona. Tim Roberts Pictures/Shutterstock through BI}

Yr-over-year hire change: -17.7%

Month-over-month hire change: -3.5%

Common hire: $1,670

Nationwide hire rating: 24

Supply: Zumper

2. Irving, Texas

^{Skyline of the Las Colinas space of Irving, Texas. iStock / Getty Pictures Plus through BI}

Yr-over-year hire change: -16.1%

Month-over-month hire change: -0.8%

Common hire: $1,250

Nationwide hire rating: 61

Supply: Zumper

3. Winston Salem, North Carolina

^{Winston-Salem, North Carolina. halbergman/Getty Pictures through BI}

Yr-over-year hire change: -14.6%

Month-over-month hire change: -1.1%

Common hire: $880

Nationwide hire rating: 92

Supply: Zumper

4. Greensboro, North Carolina

^{Sean Pavone/Shutterstock through BI}

Yr-over-year hire change: -13.9%

Month-over-month hire change: 5.3%

Common hire: $990

Nationwide hire rating: 82

Supply: Zumper

5. Boise, Idaho

^{Boise, Idaho. Charles Knowles/Shutterstock through BI}

Yr-over-year hire change: -12.8%

Month-over-month hire change: 3.2%

Common hire: $1,290

Nationwide hire rating: 55

Supply: Zumper

6. Augusta, Georgia

^{Augusta, Georgia. SeanPavonePhoto/Getty Pictures through BI}

Yr-over-year hire change: -12.5%

Month-over-month hire change: -1.2%

Common hire: $840

Nationwide hire rating: 95

Supply: Zumper

7. Buffalo, New York

^{Buffalo, New York. Getty Pictures through BI}

Yr-over-year hire change: -10.7%

Month-over-month hire change: 5.9%

Common hire: $1,080

Nationwide hire rating: 74

Supply: Zumper

8. Austin, Texas

^{Austin, Texas. Evan Semones through BI}

Yr-over-year hire change: -10.2%

Month-over-month hire change: 0%

Common hire: $1,490

Nationwide hire rating: 35

Supply: Zumper

9. Asheville, North Carolina

^{Asheville, North Carolina. Kevin Ruck/Shutterstock through BI}

Yr-over-year hire change: -8.4%

Month-over-month hire change: -2.1%

Common hire: $1,420

Nationwide hire rating: 41

Supply: Zumper

10. Arlington, Texas

^{Shutterstock through BI}

Yr-over-year hire change: -8.3%

Month-over-month hire change: 1.9%

Common hire: $1,100

Nationwide hire rating: 70

Supply: Zumper

11. St. Louis, Missouri

^{The Gateway Arch, St Louis, Missouri. joe daniel value/Getty Pictures through BI}

Yr-over-year hire change: -8.3%

Month-over-month hire change: 3.5%

Common hire: $880

Nationwide hire rating: 92

Supply: Zumper

12. Memphis, Tennessee

^{Memphis, Tennessee. Connor D. Ryan/Shutterstock through BI}

Yr-over-year hire change: -8.2%

Month-over-month hire change: 2.3%

Common hire: $900

Nationwide hire rating: 90

Supply: Zumper

13. Windfall, Rhode Island

^{Windfall, Rhode Island. Mihai_Andritoiu/Shutterstock through BI}

Yr-over-year hire change: -8%

Month-over-month hire change: -5.9%

Common hire: $1,600

Nationwide hire rating: 25

Supply: Zumper

14. Glendale, Arizona

^{Saverino and his boyfriend rented within the Phoenix suburb of Glendale earlier than shopping for a one-bedroom apartment in Mesa for $204,000. halbergman/Getty Pictures through BI}

Yr-over-year hire change: -7.7%

Month-over-month hire change: -5.5%

Common hire: $1,200

Nationwide hire rating: 65

Supply: Zumper

15. Colorado Springs, Colorado

^{Jacob Boomsma/Getty Pictures through BI}

Yr-over-year hire change: -7.6%

Month-over-month hire change: 0%

Common hire: $1,100

Nationwide hire rating: 70

Supply: Zumper

16. Wichita, Kansas

^{Sean Pavone/Shutterstock through BI}

Yr-over-year hire change: -7.2%

Month-over-month hire change: -1.5%

Common hire: $640

Nationwide hire rating: 100

Supply: Zumper

17. Houston, Texas

^{Houston, Texas. Sean Pavone/Shutterstock through BI}

Yr-over-year hire change: -6.9%

Month-over-month hire change: -1.6%

Common hire: $1,220

Nationwide hire rating: 63

Supply: Zumper

18. Oakland, California

^{Oakland, California metropolis skyline. Jonathan Clark/Getty Pictures through BI}

Yr-over-year hire change: -6.8%

Month-over-month hire change: -1.4%

Common hire: $2,050

Nationwide hire rating: 13

Supply: Zumper

19. Dallas, Texas

^{Dallas, Texas. f11photo/Shutterstock through BI}

Yr-over-year hire change: -6.8%

Month-over-month hire change: -2.2%

Common hire: $1,360

Nationwide hire rating: 46

Supply: Zumper

20. San Antonio, Texas

^{Sean Pavone/Shutterstock through BI}

Yr-over-year hire change: -6.1%

Month-over-month hire change: 0.9%

Common hire: $1,080

Nationwide hire rating: 74

Supply: Zumper

21. Orlando, Florida

^{Orlando, Florida. Songquan Deng/Shutterstock through BI}

Yr-over-year hire change: -6%

Month-over-month hire change: 0.60%

Common hire: $1,580

Nationwide hire rating: 26

Supply: Zumper

22. Lincoln, Nebraska

^{Lincoln, Nebraska. Jacob Boomsma/Shutterstock through BI}

Yr-over-year hire change: -6%

Month-over-month hire change: 1.3%

Common hire: $790

Nationwide hire rating: 97

Supply: Zumper

23. El Paso, Texas

^{Northwest in El Paso, Texas John Coletti/Getty Pictures through BI}

Yr-over-year hire change: -5.8%

Month-over-month hire change: -5.8%

Common hire: $810

Nationwide hire rating: 96

Supply: Zumper

24. Bakersfield, California

^{Bakersfield, California MattGush/Getty Pictures through BI}

Yr-over-year hire change: -5.4%

Month-over-month hire change: -0.9%

Common hire: $1,050

Nationwide hire rating: 78

Supply: Zumper

25. Jacksonville, Florida

^{Jacksonville, Florida. ESB Skilled/Shutterstock through BI}

Yr-over-year hire change: -5.3%

Month-over-month hire change: 0.8%

Common hire: $1,260

Nationwide hire rating: 59

Supply: Zumper

26. New Orleans, Louisiana

^{John Coletti/Getty Pictures through BI}

Yr-over-year hire change: -5.1%

Month-over-month hire change: 0%

Common hire: $1,500

Nationwide hire rating: 31

Supply: Zumper

27. Albuquerque, New Mexico

^{Albuquerque, New Mexico. Sean Pavone/Shutterstock through BI}

Yr-over-year hire change: -5%

Month-over-month hire change: 3.3%

Common hire: $950

Nationwide hire rating: 85

Supply: Zumper