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

AM

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.

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