In today’s housing market, renters are always on the lookout for affordability without compromising on quality of life. While national median rents remain high, some cities are bucking the trend by offering significant savings. According to a recent report by Zumper, the national median rent for a one-bedroom apartment in October 2024 was $1,534, matching the peak prices seen in August. However, 16 major markets stand out for their affordability, with rents at least $200 below this median and showing year-over-year decreases of at least 3%.
The Most Affordable Cities for Renters in 2024
1. Minneapolis, Minnesota
- Median Rent: $1,300
- Year-over-Year Change: -9.1%
- Savings vs. National Median: $234
Minneapolis leads the list with the highest year-over-year decline in rent, making it an attractive option for renters seeking affordability without sacrificing urban amenities.
2. Raleigh, North Carolina
- Median Rent: $1,240
- Year-over-Year Change: -6.8%
- Savings vs. National Median: $294
Known for its growing tech industry and high quality of life, Raleigh continues to offer below-average rental rates despite its economic expansion.
3. Baltimore, Maryland
- Median Rent: $1,330
- Year-over-Year Change: -6.3%
- Savings vs. National Median: $204
Baltimore remains a budget-friendly alternative to nearby Washington, D.C., with an expanding rental market that caters to professionals and students alike.
4. Milwaukee, Wisconsin
- Median Rent: $1,040
- Year-over-Year Change: -5.5%
- Savings vs. National Median: $494
A city rich in cultural heritage, Milwaukee offers one of the largest rental discounts compared to the national median.
5. Glendale, Arizona
- Median Rent: $1,210
- Year-over-Year Change: -5.5%
- Savings vs. National Median: $324
With proximity to Phoenix, Glendale attracts renters looking for suburban affordability while staying close to job markets.
6. Jacksonville, Florida
- Median Rent: $1,220
- Year-over-Year Change: -4.7%
- Savings vs. National Median: $314
Jacksonville offers affordable rent in a city known for its beaches, job growth, and lower cost of living compared to other Florida cities.
7. Spokane, Washington
- Median Rent: $1,050
- Year-over-Year Change: -4.5%
- Savings vs. National Median: $484
Spokane’s real estate market has slowed, leading to more favorable conditions for renters.
8. Arlington, Texas
- Median Rent: $1,070
- Year-over-Year Change: -4.5%
- Savings vs. National Median: $464
A great choice for those seeking affordability near Dallas-Fort Worth’s economic hub.
9. Phoenix, Arizona
- Median Rent: $1,290
- Year-over-Year Change: -4.4%
- Savings vs. National Median: $244
Despite rapid growth, Phoenix still offers some relief for renters.
10. Chandler, Arizona
- Median Rent: $1,300
- Year-over-Year Change: -4.4%
- Savings vs. National Median: $234
A suburb of Phoenix, Chandler provides a balance of affordability and quality of life.
11. Chesapeake, Virginia
- Median Rent: $1,200
- Year-over-Year Change: -4.0%
- Savings vs. National Median: $334
A top choice for families seeking affordability in Virginia.
12. Norfolk, Virginia
- Median Rent: $1,200
- Year-over-Year Change: -3.9%
- Savings vs. National Median: $334
A coastal city with a strong military and maritime industry presence.
13. Chula Vista, California
- Median Rent: $1,500
- Year-over-Year Change: -3.8%
- Savings vs. National Median: $34
While still pricey, Chula Vista is one of the more affordable options in Southern California.
14. Laredo, Texas
- Median Rent: $1,000
- Year-over-Year Change: -3.8%
- Savings vs. National Median: $534
One of the most affordable cities on this list, Laredo is ideal for renters prioritizing budget-friendly housing.
15. Corpus Christi, Texas
- Median Rent: $1,100
- Year-over-Year Change: -3.5%
- Savings vs. National Median: $434
With coastal charm and economic growth, Corpus Christi remains a top pick for affordable living.
16. Lexington, Kentucky
- Median Rent: $1,200
- Year-over-Year Change: -3.2%
- Savings vs. National Median: $334
Lexington combines affordability with a growing job market and excellent amenities.
What’s Driving These Price Drops?
Several factors contribute to the falling rents in these cities:
- Increased Apartment Supply – Many of these cities have seen a boost in apartment construction, providing more options and reducing price pressures.
- Changing Economic Conditions – Job market fluctuations and shifts in demand have made some cities less competitive, leading to lower rents.
- Outmigration from Costly Urban Centers – As remote work remains popular, renters are seeking more affordable alternatives to expensive metropolitan areas.
Should You Move to One of These Cities?
If you’re looking to save on rent while maintaining a good quality of life, these cities are worth considering. With savings ranging from $200 to over $500 per month compared to the national median, relocating could make a significant impact on your financial well-being.
Source: Business Insider