*Some of the cheapest cities for renters happen to be located in the midwest, east coast, and southern states, according to reports.
Per 24/7 Wall St., “Home prices in America rose about 20% nationwide last year, compared to 2020. In some cities, the pace was double that,” the outlet writes. But for some, cheap rents in a number of U.S. cities are making life amid the pandemic a little less stressful. Below is a list of those cities.
READ MORE: Rental Prices Rising in Atlanta, 1 Bedroom Apartment Costs $1715 a Month
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According to reports, rents rose rapidly last year, as the “median asking price for apartments with zero to two bedrooms averaged an increase of 10.1%,” the outlet writes.
When it comes to the lowest rentals in the nation, Oklahoma City topped the results of a new study at $949, which was up 15.7%. No other city had a monthly rent figure of less than $1,000.
Here’s more from the Realtor.com study:
December Highlights:
- December marks the sixth month in a row where rent growth has reached double digits for 0-2 bedrooms properties (19.3% Y/Y), pushing the median rent in the 50 largest metros to $1,781.
- Median rents for two-bedroom units saw the first monthly decline in over a year; rent growth for one-bedroom units plateaued; only studio units saw continuing growth in December.
- Rent by size: Studio: $1,462, up 18.6% ($230) year-over-year; 1-bed: $1,651, up 19.3% ($267); 2-bed: $2,003, up 19.1% ($320).
End of Year Highlights:
- In 2021, the average year-over-year growth in median asking rents for 0-2 bedrooms properties was 10.1%, higher than our 2022 forecasted growth (7.1%).
- The most significant year-over-year rent growth was seen among two-bedroom units, with an average rate of 11.7%. The average growth for one-bedroom units was 10.0%, and the growth rate for studios was 6.1%.
