The median asking rent for zero- to two-bedroom properties dipped 0.6%, or $10, to $1,771 in August from July.
A bit of good news has emerged when it comes to renting.
The median asking rent for zero- to two-bedroom properties dipped 0.6%, or $10, to $1,771 in August from July, according to Realtor.com. That’s the first decline for the top 50 cities since November.
To be sure, rents still rose 9.8% in the 12 months through August. But that was the first time the increase was in single digits since July 2021.
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Cheapest Cities to Upsize
If you’re a renter, maybe you’ve been thinking about upsizing to an apartment with another bedroom. RentCafe, an apartment search web site, has compiled a list of the cities where it’s cheapest to move to a bigger apartment.
The average U.S. renter could shift to an apartment with an additional bedroom for $199 per month as of May in the 728 cities that the study included.
That breaks down to $71 a month for people now in studio apartments, $236 for people now in one-bedroom units and $294 for people now in two-bedroom apartments.
In 83 cities, mostly suburbs, renters can score an extra bedroom for less than $100 each month.
The cheapest of the 83 is Portsmouth, Va., at $25 per month. Memphis is the only major city under $100, tallying $87.
Here’s a list of the top 10 cheapest cities for adding another bedroom
1. Portsmouth, Va.: $25. Metro area: Virginia Beach.
2. Augusta, Ga.: $29. Metro area: Augusta.
3. Williamsburg, Va.: $31. Metro area: Virginia Beach.
4. Springdale, Ark.: $36. Metro area: Fayetteville.
5. Noblesville, Ind.: $36. Metro area: Indianapolis.
6. Gastonia, NC: $42. Metro area: Charlotte.
7. Orange Park, Fla.: $42. Metro Area: Jacksonville.
8. Conway, Ark.: $43. Metro Area: Little Rock.
9. Midwest City, Okla.: $43. Oklahoma City.
10. High Point, N.C.: $44. Greensboro.
RentCafé’s Take on Portsmouth
“Portsmouth offers the quality of life of a small town, with good infrastructure and a diverse talent-focused economy,” the report says.
“The cost of living is almost on par with the national average, but renters here tend to have a higher quality of life.”
RentCafe’s Take on Augusta
“The cost of living in Augusta is significantly below the national average, and the city is a great renting spot for young professionals, students, families and retirees alike,” the report said.
RentCafe’s Take on Williamsburg
“This is one of the safest cities in the state of Virginia, as well as a popular place to work, thanks to the growing tourism and telecommunications sectors, the report said.”
RentCafe’s Take on Springdale
“Springdale is just nine miles away from Fayetteville, the most competitive small city for renters, and greatly benefits from Walmart’s immense economic impact in Northwest Arkansas,” the report said.
RentCafe’s Take on Noblesville
Noblesville has a below-average cost of living, the report said. “Plus, since Noblesville is part of one of the largest metros in our ranking, renters have easier access to well-paid jobs.”
