GOBankingRates

Cities Where Rent Prices Have Increased the Most (and Least)

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As the U.S. continues its long recovery from the Great Recession, home prices have increased across the country. In fact, cities in states such as Texas and Colorado are raising concerns of affordability as they experience some extremely hot housing markets this summer.

If you can’t afford to buy a home, then renting is the next best option. To help you find the right city for your next residence, GOBankingRates determined the top 15 cities where rents are rising the most and the 15 cities where rents are falling the most, using Zillow’s data on the year-over-year change in median rent.

Click through to see how rental prices are changing in various cities. After seeing these price changes, you might want to buy a home instead of renting one in some places — or vice versa.

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Cities Where Rental Prices Are Increasing the Most

It’s no secret that rent can be ridiculously expensive in certain parts of the country. Whether you’re a recent college grad looking for an affordable city to live in or a soon-to-be retiree who wants to save money on the cost of living, think twice before renting a home in the following cities.

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15. Delray Beach, Fla.

  • May 2016 rent: $1,240
  • May 2017 rent: $1,445
  • Year-over-year change: $205

Besides a few temporary declines, the median rent in Delray Beach has been consistently rising since after 2012, according to Zillow data. And from May 2016 to May 2017, the median rent jumped more than 16 percent — an increase of $205.

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14. East Orange, N.J.

  • May 2016 rent: $995
  • May 2017 rent: $1,200
  • Year-over-year change: $205

If you want to live in one of the most expensive ZIP codes in the U.S., keep in mind it will cost you. ZIP code 07018 in East Orange, N.J. is one of the hottest real estate markets in the state, reported NJ.com earlier this year. Available inventory declined sharply, resulting in increasing housing costs. Meanwhile, rental prices have increased as well, with the median rent jumping by more than 20 percent year over year.

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13. El Cajon, Calif.

  • May 2016 rent: $1,150
  • May 2017 rent: $1,357.50
  • Year-over-year change: $207.50

El Cajon has been swept up in a storm of development activity, which could explain why the city is seeing an increase in rental prices. The wave of development includes new hotels, new car dealerships, increased business construction and infrastructure renewal, according to the East County Californian.

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12. Tacoma, Wash.

  • May 2016 rent: $946
  • May 2017 rent: $1,155
  • Year-over-year change: $209

Tacoma’s population is rising. And as housing construction tries to keep up, rents are rising too, reports The News Tribune. Interestingly, Tacoma is becoming a booming hub for “micro units,” which are small studio or single-bedroom apartments. These “micro units” might be affordable options for prospective renters who want to find a place to live for $1,000 a month or less.

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11. Savannah, Ga.

  • May 2016 rent: $905
  • May 2017 rent: $1,119
  • Year-over-year change: $214

You might want to consider being a homeowner in this city. Rents in Savannah are increasing so much that they’re inducing more residents to buy homes instead of rent, reported Savannah Morning News.

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10. Chula Vista, Calif.

  • May 2016 rent: $1,440
  • May 2017 rent: $1,659.50
  • Year-over-year change: $219.50

Chula Vista is part of a larger trend in California real estate. Many people continue to migrate to California for career opportunities, which tend to be in expensive areas such as San Jose, San Francisco, San Diego and other regional hot spots. As a result, cities on the outskirts of these cities, like Chula Vista outside of San Diego, are now seeing rising rents, according to RENTCafe.

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9. Newark, N.J.

  • May 2016 rent: $880
  • May 2017 rent: $1,100
  • Year-over-year change: $220

If you think the rental price increase in East Orange is a lot, Newark is even worse. Since last year, the median rent has shot up 25 percent to $1,100 for a single-bedroom residence. Rising rents in Newark are serious enough that many residents are demanding stronger safeguards on rent control, reports NJ.com.

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8. Foster City, Calif.

  • May 2016 rent: $2,741
  • May 2017 rent: $2,968
  • Year-over-year change: $227

Foster City lies within the San Francisco Bay Area, a region with some of the highest costs of living in the country. Overall, the cost of living in Foster City is triple that of the national average. But in terms of housing, the cost is close to eight times the U.S. average, according to Sperling’s Best Places.

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7. Phoenix

  • May 2016 rent: $850
  • May 2017 rent: $1,084.50
  • Year-over-year change: $234.50

Rents are increasing fast in Phoenix, and even with the higher minimum wage introduced, most decent apartments are well out of reach, reports The Arizona Republic. Year over year, rising rents have pushed the single-bedroom median rent up almost 28 percent since last May.

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6. Euless, Texas

  • May 2016 rent: $795
  • May 2017 rent: $1,049
  • Year-over-year change: $254

Euless is located between Dallas and Fort Worth, a region that is notorious for rising housing costs. In Euless, the median rent increased by nearly 32 percent year over year.

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5. Corona, Calif.

  • May 2016 rent: $1,238
  • May 2017 rent: $1,511.50
  • Year-over-year change: $273.50

Corona is located in Riverside County, southwest of Riverside proper. The housing bubble and crash hit Riverside particularly hard. However, homeownership rates in the county noticeably rose in the first quarter in 2017 when compared to its bottom, according to First Tuesday Journal.

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4. Columbia, Md.

  • May 2016 rent: $1,335
  • May 2017 rent: $1,612
  • Year-over-year change: $277

Columbia is a suburb of Baltimore that is experiencing substantial development, making it one of the fastest-growing rental markets in the Baltimore-Washington corridor in 2015, according to Next City.

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3. Jersey City, N.J.

  • May 2016 rent: $1,950
  • May 2017 rent: $2,235
  • Year-over-year change: $285

Jersey City has become a housing hot spot over the last couple years. The city’s growth can be attributed to its vicinity to New York, but also its inventory of larger-than-average apartments in terms of square footage, reports Real Estate Weekly.

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2. Medford, Mass.

  • May 2016 rent: $1,600
  • May 2017 rent: $2,005
  • Year-over-year change: $405

The median rent in Medford skyrocketed by more than 25 percent year over year. The cost of living in Medford is higher than the U.S. average, largely thanks to housing costs. The cost of housing is more than twice the national average, according to Sperling’s.

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1. Marina del Rey, Calif.

  • May 2016 rent: $2,800
  • May 2017 rent: $3,241.50
  • Year-over-year change: $441.50

It probably comes to no surprise that this Los Angeles-area community is experiencing rising rents. Cities such as Pasadena and Anaheim have seen increases in the 10 percent region, but Marina del Rey rental prices rose nearly 16 percent year over year. If you want to move to California, consider this city where your paycheck stretches the furthest.

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Cities Where Rental Prices Are Falling the Most

If you’re looking for affordable housing, keep your eye on the rental prices in these 15 cities. However, also keep this in mind: Just because rental prices are falling, that doesn’t automatically mean all of these cities are the cheapest places to rent.

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15. Long Beach, N.Y.

  • May 2016 rent: $1,950
  • May 2017 rent: $1,862.50
  • Year-over-year change: -$87.50

There are three New York cities on our list that have seen a median rent decrease and Long Beach is one of them. Located in Nassau County, Long Beach’s median rent is down 4.5 percent since last year.

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14. El Paso, Texas

  • May 2016 rent: $645
  • May 2017 rent: $550
  • Year-over-year change: -$95

Out of several Texas metro areas, El Paso is one of the cheapest cities for rent. Year over year, the median rent for a single-bedroom dropped by $95, representing a decline of almost 15 percent.

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13. Oakland, Calif.

  • May 2016 rent: $2,250
  • May 2017 rent: $2,150
  • Year-over-year change: -$100

Oakland has been experiencing rising rents as more people flock to the city to avoid paying San Francisco prices. From May 2015 to May 2016, median rental prices rose by more than 15 percent.

However, within the last year, Oakland’s median rent decreased by more than 4 percent. But whether it indicates a broader trend remains debatable. After all, another GOBankingRates study found you need to earn more than $80,000 to live comfortably in Oakland.

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12. Providence, R.I.

  • May 2016 rent: $1,450
  • May 2017 rent: $1,350
  • Year-over-year change: -$100

Providence has seen its median rent decrease by nearly 7 percent. When looking at rental rates by city in New England, Providence has one of the biggest drops in rent, behind two cities in Connecticut — both of which are on our list.

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11. New Haven, Conn.

  • May 2016 rent: $1,250
  • May 2017 rent: $1,150
  • Year-over-year change: -$100

Rents in New Haven have been on an up-and-down ride over the last two years. Since last May, median rent dropped by 8 percent. But in March and April of 2016, the median rent was higher than $1,250.

When it comes to rental rates by city, New Haven isn’t alone with its declining prices. Several Connecticut cities are experiencing decreasing rents, including Stamford and another city higher up on our list.

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10. Grand Prairie, Texas

  • May 2016 rent: $1,015
  • May 2017 rent: $909
  • Year-over-year change: -$106

Texas has more than one city whose rent will make you want to move there. Grand Prairie, located between Arlington and Dallas, has seen its median rent drop by over $100 year over year, equal to a decline of more than 10 percent.

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9. North Bay Village, Fla.

  • May 2016 rent: $1,800
  • May 2017 rent: $1,673.50
  • Year-over-year change: -$126.50

Some of Florida’s metro areas have been experiencing rising rents over the last year. North Bay Village, however, is one of the exceptions, with its median rent falling by 7 percent.

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8. Fort Collins, Colo.

  • May 2016 rent: $1,180
  • May 2017 rent: $1,050
  • Year-over-year change: -$130

As in Florida, some of Colorado’s cities have seen rising rents year over year. Cities such as Denver and Lakewood experienced double-digit percentage rent increases. Fort Collins, on the other hand, is one of the cheapest cities for rent out of Colorado’s bigger metro areas and has seen a decline of 11 percent since last year.

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7. West Hollywood, Calif.

  • May 2016 rent: $2,577
  • May 2017 rent: $2,432.50
  • Year-over-year change: -$144.50

Rent in Los Angeles County has been on an upward trend overall. But in West Hollywood, median rent fell by 5.6 percent. However, at nearly $2,500, renting in this part of LA is still expensive for many.

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6. Newport Beach, Calif.

  • May 2016 rent: $2,292.50
  • May 2017 rent: $2,090
  • Year-over-year change: -$202.50

Another Southern California city made the list of cities where rental prices are falling the most. Median rent in Newport Beach fell close to 9 percent year over year. But like many places where it’s hard to save money thanks to housing costs, Newport Beach’s rent is still fairly high.

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5. Danbury, Conn.

  • May 2016 rent: $1,816
  • May 2017 rent: $1,599
  • Year-over-year change: -$217

If you’re looking for cheap places for rent, Danbury isn’t exactly the most affordable place in Connecticut. However, Danbury is seeing falling rent prices, with a median rent decrease of about 12 percent year over year.

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4. Walnut Creek, Calif.

  • May 2016 rent: $2,245
  • May 2017 rent: $2,020
  • Year-over-year change: -$225

The Bay Area is well-known for having cities with high rent, and Walnut Creek is no exception. However, the city has been experiencing declining rents, with its median rent falling 10 percent since last year.

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3. San Francisco

  • May 2016 rent: $3,600
  • May 2017 rent: $3,374
  • Year-over-year change: -$226

San Francisco is notorious as one of the worst places to live if you’re trying to save money. And for years, it’s been the city with one of the highest rents in the U.S.

That being said, it’s actually one of the cities where rents are declining quickly. Year over year, the median rent in San Francisco declined by more than 6 percent. However, the median rent is still unaffordable for many.

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2. Buffalo, N.Y.

  • May 2016 rent: $1,250
  • May 2017 rent: $895
  • Year-over-year change: -$355

Buffalo has not seen the largest rent decrease in terms of absolute dollar amounts. But in percentage terms, Buffalo’s single-bedroom median rent fell nearly 30 percent year over year.

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1. Bronxville, N.Y.

  • May 2016 rent: $2,675
  • May 2017 rent: $2,200
  • Year-over-year change: -$475

Located in Westchester County, Bronxville saw its median rent decrease year over year by a whopping $475. That’s almost an 18 percent since last May.

Up Next: Major Cities Where Home Prices Are Plummeting

Methodology: Cities were ranked according to the year-over-year change (from May 2016 to May 2017) in dollar amounts of the median rental price for a single-bedroom residence. Data was sourced and pulled from Zillow in June 2017.