On the flip side, certain areas offered more generous spaces for renters with a budget of $1,500 per month.
Cities like Wichita, Kansas; Toledo, Ohio; Oklahoma City and Tulsa, Oklahoma; and Memphis, Tennessee, provide at least 1,300 square feet for this budget, a stark contrast to more expensive cities such as Boston and San Francisco where the same amount affords less than 400 square feet.
The Catch in the Slowdown
Boesel cautions that this slowdown does not necessarily indicate a return to pre-pandemic rent prices.
It seems that increases in single-family rents over the past three years have become more or less ingrained.
“These increases, especially at lower price levels, chip away at affordability and compel tenants to allocate more of their monthly budget to rents, leaving fewer resources for other necessities,” she explains.
In an unexpected twist, Las Vegas emerged as the only major metropolitan area that reported a decline in rent prices over the last year, albeit by less than 1%.
