5 Places Where the Cost To Rent a 2-Bedroom Home Is Plummeting

While inflationary prices continue to affect Americans’ finances, there’s some good news for renters. According to the April 2024 Rental Report from Realtor.com, “April 2024 marks the ninth year-over-year rent decline in a row for zero- to two-bedroom properties observed since trend data began in 2020. Asking rents dipped by $12, or 0.7%, year over year.”

Despite the declining trend, rent prices are still high in cities with low inventory and high demand. 

Danielle Hale, chief economist at Realtor.com, shared her insights in the January Rental Report, stating that she expects rent to cool only slightly this year. “Rental prices are declining, especially in places where new units are entering the market, but there’s still plenty of demand driven by the large population of renters, including potential first-time homebuyers who remain on the sidelines for now.” This provides a clear picture of the factors influencing the rental market.

That said, renters are finding relief with affordable prices in several cities. GOBankingRates has listed the top five named in the April Realtor.com report, along with average apartment sizes from RentCafe.

The cities have two things in common: falling rents and a wealth of cultural and entertainment venues that make the cities great places to live.

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• Median rent for 0 to two bedrooms: $1,540
• Year-over-year decrease: 4.6%

If you love sunshine and outdoor adventures, Phoenix is a great city and a cost-effective place to live. The average apartment size is 808 sq. ft., according to RentCafe.

• Median rent for 0 to two bedrooms: $1,222
• Year-over-year decrease: 4.9%

As the birthplace of blues, soul and rock ‘n’ roll, Memphis boasts a lively music scene and is affordable to live in.

Memphis apartments average a spacious 909 sq. ft.

• Median rent for 0 to two bedrooms: $2,766
• Year-over-year decrease: 4.3%

With housing costs 47% higher than the state average and a staggering 190% above the national average, according to RentCafe, San Francisco is one of the pricier U.S. cities to live in. But “it’s the third-largest savings compared with the market’s peak” and could save renters $303 per month compared to July 2022, the April Realtor.com report noted.

Not surprisingly, apartments are on the small side at an average of 739 sq. ft.

• Median rent for 0 to two bedrooms: $1,481
• Year-over-year decrease: 4.0%

Known for its world-famous nightlife, high-class casinos and endless entertainment, Vegas is a fun destination and a cheap place to live.“Renters who move into a typical rental property in Las Vegas … at today’s asking rent could save $184, equating to an 11.1% reduction compared with those who moved in during June 2022,” per Realtor.com. 

So what’s a typical rental? The average is 895 sq. ft., according to RentCafe.

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• Median rent for 0 to two bedrooms: $1,494
• Year-over-year decrease: 8.3%

Austin is a vibrant city known for its good food, cool music scene and the availability of good-paying jobs. Plus, it’s becoming more affordable.

The city “experienced the largest rent relief,” according to Realtor.com, saving tenants an average of $195 per month compared with peak rents in September 2022.

The average Austin apartment is a comfortable 863 sq. ft.