We’re tired of hearing that the rent is too damn high across every major rental market in the country. It's a reality that many of us are experiencing first hand, and have come to accept—and expect.
But according to a new report from Trulia, rent in the nation’s 25 biggest metropolitan rental markets have actually dropped ever so slightly in the last year. The 1.6 percent decline may as well be negligible, however, because rents across the board are still high relative to historic trends. And in many popular cities and metros, the rent continues to climb as affordable listings are all but disappearing.
It’s no surprise that the Oakland, California metro area (also known as East Bay) has seen the biggest drop—19.8 percent to be exact—in the percentage of listings for affordable studio to two-bedroom rentals, which have seen rents rise 13.1 percent in the past year. But it’s the same picture in California’s Orange County and Arizona’s Phoenix metro area, with the decline in the number of affordable listings coming in at 10.8 percent and 9.4 percent, respectively.
New York, San Francisco, and Miami continue to top the list of least affordable rental markets. But while the boroughs of Brooklyn and Manhattan both saw a drop in their share of affordable listings, the New York metro areas as a whole (which includes White Plains and Jersey City, New Jersey) saw an increase of 4.1 percent from 15.5 percent in 2015 to 19.6 percent in 2016.
There are other bright spots. Dallas, Chicago, and Philadelphia all saw an increase—of 7.9 percent, 8.5 percent, and percent, respectively—in the number of affordable studio to two-bedroom listings compared to last year.
Head on over to Trulia for the full report and see how the rental market in your city stacks up.
Proportion of Affordable Rental Listings By Metro Area
- Where The Rent Is Still Too Damn High [Trulia]
- Why the Rent is Too Damn High: The Affordable Housing Crisis [Curbed]
- New Study Reveals Best Cities for Recent College Grads [Curbed]