Renters on a Budget Should Look in These 27 Cities Where Apartment Prices Are Plunging Apartment prices have been driven down by surging supply.

^{This article originally appeared on Business Insider.}

The "year of the American renter" is off to a strong start — unless you're a landlord.

A new report from online rental platform Zumper found that in January, the going rate for a one-bedroom apartment in the US was $1,496, and $1,847 for a two-bedroom setup. Those two figures changed little from last month.

Rent is slightly below the record levels set in September but remains higher than last January. Median year-over-year rent growth rates this month were 0.3% for one-bedroom apartments and 1.4% for apartments with two bedrooms, according to Zumper. One-bedroom rent rose by less than 1% for the fifth-straight month after rising for 12 consecutive months starting in October 2021.

Rent growth in the US is far from its pandemic peak, according to the January rent report from @Zumper. pic.twitter.com/3QhWPCyaUp

— James Faris (@JamesFaris_) January 25, 2024

Apartment prices have been driven down by surging supply, Zumper noted. New units are going up rapidly across regions following years in which demand for rental units far outpaced supply.

"2023 was a record year for new supply across the country, and the multifamily industry will add even more inventory in 2024," Zumper's researchers wrote in their January rent report. "This jump in supply is good news for renters looking for a deal."

A more competitive rental market isn't just driving down prices. Many renters are now enjoying perks that would've been unheard of during the pandemic, including waived security deposits and a free month of rent, Zumper found. That trend can continue as interest rates slide, which will likely bring homebuyers back from the sidelines.

"Renters have more leverage right now than anytime in recent memory," said Anthemos Georgiades, the CEO of Zumper, in a statement for the report. "Now is the time to renegotiate existing leases or score a deal on a new apartment."

27 cities where apartments are getting much more affordable

Exactly half of the top 100 rental markets in the US saw median apartment prices fall from 2023, according to Zumper. However, those declines varied widely by region and were more significant in the Sun Belt than in the Midwest.

Below are 27 metropolitan areas where the going rental rate for a one-bedroom apartment is at least 5% lower than it was last January, according to Zumper. Along with each city are its year-over-year and month-over-month rent changes, average rent price, and national rent ranking among the largest 100 US real estate markets.

1. Scottsdale, Arizona

^{Scottsdale, Arizona. Tim Roberts Photography/Shutterstock via BI}

Year-over-year rent change: -17.7%

Month-over-month rent change: -3.5%

Average rent: $1,670

National rent ranking: 24

Source: Zumper

2. Irving, Texas

^{Skyline of the Las Colinas area of Irving, Texas. iStock / Getty Images Plus via BI}

Year-over-year rent change: -16.1%

Month-over-month rent change: -0.8%

Average rent: $1,250

National rent ranking: 61

Source: Zumper

3. Winston Salem, North Carolina

^{Winston-Salem, North Carolina. halbergman/Getty Images via BI}

Year-over-year rent change: -14.6%

Month-over-month rent change: -1.1%

Average rent: $880

National rent ranking: 92

Source: Zumper

4. Greensboro, North Carolina

^{Sean Pavone/Shutterstock via BI}

Year-over-year rent change: -13.9%

Month-over-month rent change: 5.3%

Average rent: $990

National rent ranking: 82

Source: Zumper

5. Boise, Idaho

^{Boise, Idaho. Charles Knowles/Shutterstock via BI}

Year-over-year rent change: -12.8%

Month-over-month rent change: 3.2%

Average rent: $1,290

National rent ranking: 55

Source: Zumper

6. Augusta, Georgia

^{Augusta, Georgia. SeanPavonePhoto/Getty Images via BI}

Year-over-year rent change: -12.5%

Month-over-month rent change: -1.2%

Average rent: $840

National rent ranking: 95

Source: Zumper

7. Buffalo, New York

^{Buffalo, New York. Getty Images via BI}

Year-over-year rent change: -10.7%

Month-over-month rent change: 5.9%

Average rent: $1,080

National rent ranking: 74

Source: Zumper

8. Austin, Texas

^{Austin, Texas. Evan Semones via BI}

Year-over-year rent change: -10.2%

Month-over-month rent change: 0%

Average rent: $1,490

National rent ranking: 35

Source: Zumper

9. Asheville, North Carolina

^{Asheville, North Carolina. Kevin Ruck/Shutterstock via BI}

Year-over-year rent change: -8.4%

Month-over-month rent change: -2.1%

Average rent: $1,420

National rent ranking: 41

Source: Zumper

10. Arlington, Texas

^{Shutterstock via BI}

Year-over-year rent change: -8.3%

Month-over-month rent change: 1.9%

Average rent: $1,100

National rent ranking: 70

Source: Zumper

11. St. Louis, Missouri

^{The Gateway Arch, St Louis, Missouri. joe daniel price/Getty Images via BI}

Year-over-year rent change: -8.3%

Month-over-month rent change: 3.5%

Average rent: $880

National rent ranking: 92

Source: Zumper

12. Memphis, Tennessee

^{Memphis, Tennessee. Connor D. Ryan/Shutterstock via BI}

Year-over-year rent change: -8.2%

Month-over-month rent change: 2.3%

Average rent: $900

National rent ranking: 90

Source: Zumper

13. Providence, Rhode Island

^{Providence, Rhode Island. Mihai_Andritoiu/Shutterstock via BI}

Year-over-year rent change: -8%

Month-over-month rent change: -5.9%

Average rent: $1,600

National rent ranking: 25

Source: Zumper

14. Glendale, Arizona

^{Saverino and his boyfriend rented in the Phoenix suburb of Glendale before buying a one-bedroom condo in Mesa for $204,000. halbergman/Getty Images via BI}

Year-over-year rent change: -7.7%

Month-over-month rent change: -5.5%

Average rent: $1,200

National rent ranking: 65

Source: Zumper

15. Colorado Springs, Colorado

^{Jacob Boomsma/Getty Images via BI}

Year-over-year rent change: -7.6%

Month-over-month rent change: 0%

Average rent: $1,100

National rent ranking: 70

Source: Zumper

16. Wichita, Kansas

^{Sean Pavone/Shutterstock via BI}

Year-over-year rent change: -7.2%

Month-over-month rent change: -1.5%

Average rent: $640

National rent ranking: 100

Source: Zumper

17. Houston, Texas

^{Houston, Texas. Sean Pavone/Shutterstock via BI}

Year-over-year rent change: -6.9%

Month-over-month rent change: -1.6%

Average rent: $1,220

National rent ranking: 63

Source: Zumper

18. Oakland, California

^{Oakland, California city skyline. Jonathan Clark/Getty Images via BI}

Year-over-year rent change: -6.8%

Month-over-month rent change: -1.4%

Average rent: $2,050

National rent ranking: 13

Source: Zumper

19. Dallas, Texas

^{Dallas, Texas. f11photo/Shutterstock via BI}

Year-over-year rent change: -6.8%

Month-over-month rent change: -2.2%

Average rent: $1,360

National rent ranking: 46

Source: Zumper

20. San Antonio, Texas

^{Sean Pavone/Shutterstock via BI}

Year-over-year rent change: -6.1%

Month-over-month rent change: 0.9%

Average rent: $1,080

National rent ranking: 74

Source: Zumper

21. Orlando, Florida

^{Orlando, Florida. Songquan Deng/Shutterstock via BI}

Year-over-year rent change: -6%

Month-over-month rent change: 0.60%

Average rent: $1,580

National rent ranking: 26

Source: Zumper

22. Lincoln, Nebraska

^{Lincoln, Nebraska. Jacob Boomsma/Shutterstock via BI}

Year-over-year rent change: -6%

Month-over-month rent change: 1.3%

Average rent: $790

National rent ranking: 97

Source: Zumper

23. El Paso, Texas

^{Northwest in El Paso, Texas John Coletti/Getty Images via BI}

Year-over-year rent change: -5.8%

Month-over-month rent change: -5.8%

Average rent: $810

National rent ranking: 96

Source: Zumper

24. Bakersfield, California

^{Bakersfield, California MattGush/Getty Images via BI}

Year-over-year rent change: -5.4%

Month-over-month rent change: -0.9%

Average rent: $1,050

National rent ranking: 78

Source: Zumper

25. Jacksonville, Florida

^{Jacksonville, Florida. ESB Professional/Shutterstock via BI}

Year-over-year rent change: -5.3%

Month-over-month rent change: 0.8%

Average rent: $1,260

National rent ranking: 59

Source: Zumper

26. New Orleans, Louisiana

^{John Coletti/Getty Images via BI}

Year-over-year rent change: -5.1%

Month-over-month rent change: 0%

Average rent: $1,500

National rent ranking: 31

Source: Zumper

27. Albuquerque, New Mexico

^{Albuquerque, New Mexico. Sean Pavone/Shutterstock via BI}

Year-over-year rent change: -5%

Month-over-month rent change: 3.3%

Average rent: $950

National rent ranking: 85

Source: Zumper