12 Places Rent is Getting Cheaper

Nashville bridge and river in sunset

As a renter, you probably have friends and loved ones who tell you you should buy a house. Or at least a condo, they say. They tell you that you shouldn't be paying rent when you could be paying a mortgage. Maybe when you tell them that rents are dramatically dropping in some of the country's biggest cities and it's cheaper than ever to live in an apartment, they'll get off your back. Get a look at places where rents are dipping. Because there are advantages to being a renter, and lowering rent is one of them.

Cities With the Steepest Decreases

The drop in rent prices isn't restricted to any one area of the U.S. Rents are lowering all over the country. In fact, many places are feeling the effects of the pandemic. You've probably noticed a ton of changes wherever you live. However, some cities are lowering their rents so significantly that it's noteworthy. Is one of your favorites on the list?

The city where rents have dropped the most is Laredo, Texas. Here, rents have lowered more than 10%—an extremely sharp fall.

Laredo, Texas apartment building with old fashioned porch wood work

Newark, New Jersey has dropped their rents almost as much—more than 10%.

Newark, New Jersey buildings from the water, with an American flag on one

These two cities are truly on opposite sides of the country and have many differences. There are huge differences in climate and location in both these places. But like many other cities, they’re experiencing the effects of COVID-19, and it's having a direct impact on rent prices.

These two cities have lowered rents the most out of any other places in the country. However, a great many cities have seen sharp decreases in rents due to the pandemic. Looking at the cities where rents have dropped the most will take you all over the country and into places you may never have expected.

Places Where Rents Have Lowered

If you live in a larger city, you’ve likely seen rents drop in your area. Many of the largest cities in the country are feeling the effects of COVID. The problems are widespread, and they're being seen all over the U.S.

San Jose, California has gone through sharp rent drops, with rent dropping more than 8%.

city street with palm trees and buildings in San Jose, California

Rent in Salt Lake City, Utah has dropped nearly 7%, falling by 6.52%.

Large buildings in downtown Salt Lake City, Utah

New Orleans, Louisiana rents have dropped by 5.91%.

curved corner of large apartment building with ferns in New Orleans

And a few hundred miles away, the rents in Pittsburgh, Pennsylvania have dropped by almost the same amount: 5.90%.

large city buildings on a river with bridges in Pittsburgh, Pennsylvania

Both these historic cities are becoming cheaper places to live in. Plano (not pictured) and Irving, both in Texas, have seen rents drop by just over 5%. This gives Texas three cities in the top 10 cities with the biggest rent decreases. Irving features some lovely canals, as seen here:

person walking dog along canal in the city of Irving, Texas

Even in San Francisco, one of America's most expensive cities, rents have dropped by 5.25%.

city of San Francisco, California at sunset

And on the other side of the country, rent in Nashville, Tennessee has dropped by just under 5%.

city of Nashville, Tennessee at night with bright bridge

According to Forbes, many of the country's historically most expensive cities have experienced huge rent decreases due to COVID-19. Rents have dropped in New York City and Boston, in addition to the cities that experienced the sharpest decreases.

The COVID Effect

Rents have dropped dramatically in some of the country's big cities due to the pandemic. Fewer people are moving to big cities in search of job opportunities because there are so few. Fewer people are taking out short-term leases to enjoy big cities. Fewer people are visiting the big cities. And in changing times, rents end up changing, too.

Right now, it's a renter's market. If you’ve ever dreamed of living in Nashville at the heart of the country music scene or wanted to experience life in California, it’s more affordable now than ever.