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Rent prices are up in some states and down in others. Find out where – USA TODAY

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Rents nationwide seem to be stabilizing, seven months after they rose above $2,000 a month for the first time.

November rents crept up to a median of $2,007, a gain of just over 1% from October following two straight months of declines, according to a report from

The median rent on two- and three-bedroom apartments rose by 2.5% and 2.6% from the prior month, offsetting a decline of 0.3% for one-bedroom apartments.

The easing rent for one-bedroom leases reflected shifting demand: As single-bedroom spots became harder to afford, people began sharing larger apartments to divvy up rental expenses, according to the report.

“Our property management companies are seeing a lot more demand for the two- and three-bedrooms because people are joining up in roommate situations, where they would typically this profile of a customer come to them looking for a one-bedroom or studio to live alone,” Jon Leckie of told USA TODAY.

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In September and October, rents decreased nearly 1% and 2.5% month over month. The changes were the first real declines since February 2021.

November also marks a return to median rents above $2,000 after dropping below that level in October for the first time since May. At $2,007, November rents are still below August’s peak of $2,053.

Year-over-year growth continued to slow last month. At 7.4%, November marks the third consecutive month of single-digit rent increases from a year earlier and represents the smallest increase over that time. In September, rents increased 9% year-over-year, and 8% in October.

Yearly increases had remained in the double digits every month since October 2021, peaking at more than 17.5% in March 2022.

“I think these extreme changes that we’ve been seeing are going start to dissipate,”’s Leckie said. “I think prices are starting to moderate now.”

Where are rental prices increasing now?

Median rents are down in 60% of markets month-over-month, led by Rhode Island, where renters saw a drop of nearly 7% from October to November. On the other hand, New York’s median rents rose 10% from the prior month. Massachusetts and Iowa followed, with rents up less than 4%. Mississippi (2.03%) and Tennessee (1.88%) also saw month-over-month growth rates above the national median.

Where are rental prices decreasing now?

Five states —Nevada, Georgia, Maryland, Idaho and Virginia — showed year-over-year decreases in November. Among the rest, prices in 24 states increased by less than 10% year-over-year. Another 11 saw yearly increases between 10% and 20%, while New York, Florida and South Dakota increased more than 20% in year-over-year comparisons.

Year-over-year rental increases by state

In November, the most significant increases were concentrated in the Northeast and South. New York and Florida took the top two spots with yearly increases of 32% and 23%.

Two Midwestern states, South Dakota (22%) and Nebraska (17% ), also saw significant yearly increases. Among the largest yearly increases, Utah registered a 14% increase in median rent prices.

·       New York (+32%)

·       Florida (+23%)

·       South Dakota (+22.3%)

·       Arkansas (+17%)

·       Nebraska (+14.5%)

·       Utah (+14%)

·       New Hampshire (+13.4%)

·       Delaware (+13%)

·       Kentucky (+13%)

·       Tennessee (+13%)

Year-over-year rental decreases by state

Only five states saw rents decline year over year in November. Nevada led the list with a 3.8 percent decrease, a bigger drop than last month’s 2%. Idaho saw decreases for the second month in a row, with a 1.2% drop.

·       Nevada (-3.9%)

·       Maryland (-1.3%)

·       Idaho (-1.2%)

·       Georgia (-1.2%)

·       Virginia (-0.1%)

Metro areas rent price trends

Among the 50 most populous U.S. metropolitan areas, the Raleigh-Cary, North Carolinametro took the top spot with a 22% year-over-year increase in rents. Eight metros saw year-over-year increases greater than or equal to 10%, with Miami- and Cincinnati-area rents increasing just over 9%. In total, 14 of the 50 metros in this study saw yearly increases above the national median.

Another 14 metros saw year-over-year price declines, with Austin, Texas, decreasing for the second month in a row and Milwaukee seeing the biggest drop at 13%.

Metros with biggest rent price growth year-over-year

·       Raleigh-Cary, NC (+22%)

·       Oklahoma City, OK (+18%)

·       Indianapolis-Carmel-Anderson, IN (+16%)

·       Cleveland-Elyria, OH (+15%)

·       Nashville-Davidson-Murfreesboro-Franklin, TN (+15%)

·       Salt Lake City (+14%)

·       Pittsburgh (+12.4%)

·       Memphis, TN (+10%)

·       Miami-Fort Lauderdale-Pompano Beach, FL (+9%)

·       Cincinnati, OH-KY-IN (+9%)

Metros with rental price declines year-over-year

·       Milwaukee-Waukesha, WI (-13%)

·       Houston-The Woodlands-Sugar Land, TX (-6.3%)

·       Austin-Round Rock-Georgetown, TX (-5.3%)

·       Baltimore-Columbia-Towson, MD (-4.4%)

·       Minneapolis-St. Paul-Bloomington, MN-WI (-4.2%)

·       Chicago-Naperville-Elgin, IL-IN-WI (-4%)

·       Denver-Aurora-Lakewood, CO (-3%)

·       Dallas-Fort Worth-Arlington, TX (-2%)

·       Atlanta-Sandy Springs-Alpharetta, GA (-2%)

·       Jacksonville, FL (-2%)

Swapna Venugopal Ramaswamy is a housing and economy correspondent for USA TODAY.  You can follow her on Twitter @SwapnaVenugopal and sign up for our Daily Money newsletter here.



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