logo

Are Rent Prices Cooling? New Study Shows Rent Price Cuts are on the Rise

Amy Mueller

By Amy Mueller

Oct 13, 2022


It's been a tough year for renters, with high prices and low availability making it a lot harder to find the right place. But there's finally some good news to report. In our most recent ApartmentAdvisor data study, we found that the rate of price cuts is on the rise, a sign that prices might be starting to moderate.

Our analysts studied the rate of price cuts over the past year and found that properties are increasingly discounting prices from their initial asking rent prices. In fact, the share of rental listings that had price cuts increased to 5.7% in September, the highest level in the prior 12 months. Landlords will typically correct their prices if they are not attracting renters and closing leases at the initial asking price.

Graph: Percentage of Apartment Listings With Price Cuts

Which cities had the highest rate of rental price cuts?

In September, Salt Lake City had the highest share of price cuts on advertised apartment rental listings at 14.2%, roughly 9 percentage points higher than in September of 2021. Miami, FL (12.9%), Seattle, WA (11.9%), Pittsburgh, PA (11.7%), Baltimore, MD (11.5%) also were among the top five cities with highest rate of price cuts. You'll find the price cut rates by city listed in the table below.

Price Cut Rates by City

City% Price Cuts in Sept. 2022
Salt Lake City, UT14.2%.
Miami, FL12.4%
Seattle, WA11.9%
Pittsburgh, PA11.7%
Baltimore, MD11.5%
Milwaukee, WI10.1%
Philadelphia, PA9.5%
Memphis, TN8.9%
Las Vegas, NV8.5%
Chicago, IL8.4%
Tampa, FL7.8%
Los Angeles, CA7.8%
San Francisco, CA7.7%
Minneapolis, MN7.7%
Detroit, MI7.6%
Oklahoma City, OK7.5%
Portland, OR7.5%
New Orleans, LA7.2%
Nashville, TN7.1%
Milwaukee, WI7.1%
San Diego, CA7.0%
Cleveland, OH6.9%
Sacramento6.6%
Denver, CO6.6%
Jacksonville, FL6.6%
San Jose, CA5.9%
Atlanta, GA5.9%
Washington D.C.5.8%
NATIONAL 5.7%
Raleigh, NC5.4%
Orlando, FL5.3%
Boston, MA5.2%
Phoenix, AZ5.0%
Richmond, VA4.8%
New York, NY4.8%
Cincinnati, OH4.3%
Kansas City, MO4.1%
Virginia Beach, VA4.1%
Columbus, OH4.0%
Dallas, TX3.9%
Charlotte, NC3.7%
San Antonio, TX3.5%
Indianapolis, IN3.5%
Houston, TX3.4%
Louisville, KY3.3%
Austin, TX3.3%
St. Louis, MO3.1%

Methodology

For this report, ApartmentAdvisor analyzed the price history of rental listings on the ApartmentAdvisor platform for the past year nationally and in the most populated cities in the United States, excluding cities with less than 500 listings in September 2022. Analysts calculated the total number of unique listings in each month, and the total number that had at least one price reduction that was at least 5% of the previously listed price. The share of price reductions was calculated as the percentage of total unique listings in the month that had such a price cut. For more information about this study, please contact pr@apartmentadvisor.com.

We rate and sort every listing based on fair market rent.

Start your search

Top metro areas

Atlanta Apartments

732 apartments starting at $550/month

Austin Apartments

934 apartments starting at $600/month

Baltimore Apartments

603 apartments starting at $450/month

Birmingham Apartments

261 apartments starting at $550/month

Boston Apartments

3,254 apartments starting at $750/month

Buffalo Apartments

109 apartments starting at $750/month

Charlotte Apartments

705 apartments starting at $542/month

Chicago Apartments

3,362 apartments starting at $400/month

Cincinnati Apartments

301 apartments starting at $600/month

Cleveland Apartments

427 apartments starting at $525/month

Columbus Apartments

911 apartments starting at $400/month

Dallas Apartments

1,256 apartments starting at $550/month

Denver Apartments

683 apartments starting at $500/month

Detroit Apartments

517 apartments starting at $550/month

Grand Rapids Apartments

227 apartments starting at $560/month

Hartford Apartments

75 apartments starting at $795/month

Houston Apartments

654 apartments starting at $650/month

Indianapolis Apartments

528 apartments starting at $400/month

Jacksonville Apartments

901 apartments starting at $448/month

Kansas City Apartments

510 apartments starting at $500/month

Las Vegas Apartments

825 apartments starting at $675/month

Los Angeles Apartments

3,485 apartments starting at $600/month

Louisville Apartments

305 apartments starting at $500/month

Memphis Apartments

681 apartments starting at $500/month

Miami Apartments

614 apartments starting at $1,200/month

Milwaukee Apartments

522 apartments starting at $465/month

Minneapolis Apartments

684 apartments starting at $625/month

Nashville Apartments

356 apartments starting at $795/month

New Orleans Apartments

432 apartments starting at $595/month

New York City Apartments

1,873 apartments starting at $850/month

Oklahoma City Apartments

581 apartments starting at $575/month

Orlando Apartments

398 apartments starting at $650/month

Philadelphia Apartments

1,677 apartments starting at $400/month

Phoenix Apartments

1,072 apartments starting at $638/month

Pittsburgh Apartments

765 apartments starting at $600/month

Portland Apartments

884 apartments starting at $415/month

Providence Apartments

155 apartments starting at $799/month

Raleigh Apartments

414 apartments starting at $600/month

Richmond Apartments

402 apartments starting at $650/month

Riverside Apartments

102 apartments starting at $495/month

Sacramento Apartments

336 apartments starting at $900/month

Salt Lake City Apartments

199 apartments starting at $550/month

San Antonio Apartments

745 apartments starting at $410/month

San Diego Apartments

963 apartments starting at $795/month

San Francisco Apartments

782 apartments starting at $895/month

San Jose Apartments

212 apartments starting at $1,000/month

Seattle Apartments

931 apartments starting at $600/month

St. Louis Apartments

364 apartments starting at $525/month

Tampa Apartments

405 apartments starting at $801/month

Virginia Beach Apartments

220 apartments starting at $595/month

Washington DC Apartments

512 apartments starting at $828/month