Rents in the 25 largest rental markets have fallen slightly in the last year, however on the west coast affordable listings continue to disappear, according to a recent report from Trulia.
Rental prices declined an average of 1.6% in these 25 housing markets from 2015 to 2016, according to the report. Historically, however, rents remain high.
This may be a welcome relief to those experiencing the rising rent prices. In fact, in 2015, 88% of property managers had raised their rent prices within the past 12 months. That being said, in some areas rent prices continue to rise.
For example, the number of affordable studio to two bedroom listings Oakland metro dropped the most at 19.8 percentage points from 2015. Orange County, California dropped 10.8 percentage points and Phoenix, Arizona dropped 9.4 percentage points. The rents in these three areas rose 13.1%, 0.8% and 8.5% respectively.
The nation’s least affordable rental markets are in Miami, with average monthly rents of $1,950, New York, with monthly rents of $2,354 and San Francisco with monthly rents of $3,500.
In the Dallas area, Frisco, Plano and Irving saw affordable listings decrease by 10.6, 9.7 and 7.9 percentage points respectively. However, the city of Dallas itself increased in affordable listings by 7.9 percentage points.
Besides Dallas, Chicago and Philadelphia metro areas saw the proportion of affordable listings increase the most with increases of 8.4 and 10 percentage points respectively.
About 61% of one-bedroom homes in San Francisco are renting out for $3,000 or more per month, an increase of 6.3 percentage points from last year. About 40.4% of one-bedroom homes in Washington are listed for at least $2,000 per month. On the other hand, the number of rental properties at least $3,000 decreased by 1.5 percentage points in Manhattan, and 2.1 percentage points in Boston.
Back in December of 2014, Zillow came out with similar results concerning the rising rent prices.