Renters across the U.S. often notice rising rates, but some major metro cities are not experiencing the same trends. Recent research from a rental data hub shows that in some big cities in America, rent prices are actually getting lower. The report noted:
“Whether you live in a rural area or a big city, you've probably noticed that, in general, housing prices are increasing everywhere. What you once paid for a two-bedroom apartment is now what it costs to rent a one-bedroom apartment in some cities. In fact, rent for a one-bedroom apartment has increased 22 percent nationally and rent for a two-bedroom apartment has spiked by 18 percent. These percentages vary state by state and city by city, but the overall trend is that rent is increasing.”
Despite most cities showing rising rent rates, researchers managed to find others that are lowering. They “combed through the data and spotted some cities with rent prices decreasing,” sharing a list — in no particular order — of 10 big cities experiencing that trend. St. Paul is the only city in Minnesota to make the list. The city’s one-bedroom rent price year over year change is -1.77%, and a 2-bedroom year over year change is -3.23%. Here’s what the report says about St. Paul:
“Ever heard of “Minnesota Nice"? Saint Paul residents are known for their friendly, nice demeanor. In this Midwest city, people are close-knit. If you're looking for a city where you'll have friendly neighbors, good neighborhoods and reasonable rent, consider Saint Paul.
“Saint Paul has so many good things to offer — large city entertainment, distinct seasons, great schools and neighborhoods and solid job growth trajectories. Rent averages $1,642 a month in this city. While living here, check out Chain of Lakes Regional Park, the Minneapolis Institute of Art or the Minneapolis Sculpture Garden. So many great things to do in this Midwest city!”
See the full report — including the rest of the list, methodology and more — here.