There are certain cities where rent prices are decreasing. Of course, just because rates are declining now does not mean that they will not rise in the future. So, try to lock in the prices early with a long-term lease, if possible. Below are the top five cities where the rent prices are decreasing.
Corpus Christi, Texas
Corpus Christi is a Southern Texas coastal city that is known for tourism. Even more, it is the eighth most populous city in Texas. In this city, rent prices have decreased by nearly 16% since January 2018. The current rate for a studio in Corpus Christi is around $825.
This city lies near Las Vegas. Rent prices here have decreased by nearly 11% since January 2018. The current rate for a studio in Henderson, Nevada is approximately $1,034.
Honolulu is the capital of Hawaii, and it is well-known around the world as a tropical destination. Rent prices in Honolulu have decreased by 8% since January 2018. The average rate for a studio in Honolulu, Hawaii is approximately $1,850.
Aurora is a very affordable area. For example, the median home value over there is $189,100. Rent prices have decreased by 5.8% since January 2018. The current rate for a studio in Aurora, Colorado is approximately $1,069.
Baton Rouge, Louisiana
Baton Rouge is a massive industrial, chemical, and research center in the South. It is the second largest city in Louisiana, and it sits on the East side of the Mississippi River. Rent prices have decreased by 5.5% since January 2018. The current rate for a studio in Baton Rouge, Louisiana is about $761.
Of course, there are other cities in which you can consider renting a property. Such areas include Detroit in Michigan and Madison in Wisconsin.