At least part of this can be attributed to new housing developments in these states. With units available in higher supply, prices tend to decrease.
The inverse is also true, unfortunately. Across America’s northeast and midwest regions, the costs of rent are actually rising. Why? Well, it boils down to the lack of new housing developments being built. In major cities like Chicago, Cincinnati, and Virginia Beach, median asking rates for rent have climbed to the tune of 11% and 12% within the past year.
Findings from real estate brokerage Redfin currently list the following cities as most optimal for finding lower rent costs:
- Austin, Texas
- Jacksonville, Florida
- Tampa, Florida
- Orlando, Florida
- San Diego, California
- San Francisco, California
- Los Angeles, California
- Seattle, Washington
- Nashville, Tennessee
- Phoenix, Arizona
As this year continues, further communities across the nation could see more housing units built, thus driving down rent costs. One thing’s for sure: the more income that everyday Americans can hold onto, the more breathing room they’ll have in today’s inflated economy.
