2 min

10 Cities with the Cheapest Rent in the US

Aug 25, 2022
in a nutshell
  • Overall, renters have experienced a 15% increase in housing costs since February 2021.
  • As mortgage rates rise, it becomes more expensive to buy, which boosts demand for rentals and allows landlords to charge more.
  • Tulsa, Oklahoma has the cheapest rent in the U.S.
Image of Here are the top 10 cities with the cheapest rent in the U.S. as of 2022.
in a nutshell
  • Overall, renters have experienced a 15% increase in housing costs since February 2021.
  • As mortgage rates rise, it becomes more expensive to buy, which boosts demand for rentals and allows landlords to charge more.
  • Tulsa, Oklahoma has the cheapest rent in the U.S.

Despite rising gas and grocery prices, housing remains the biggest cost to Americans, according to data from Morning Consult. Housing accounted for 35% of all consumer spending in February 2022, with the average American shelling out $1,151.

Not all Americans are being affected equally, though. Members of Gen Z reported the largest increase in housing prices, with their monthly spending rising 34% from last year. Those earning less than $50,000 experienced the largest increase in housing prices, compared to middle-income and high-income earners.

Overall, renters have experienced a 15% increase in housing costs since February 2021.

And as mortgage rates rise, it becomes more expensive to buy, meaning homeownership gets more and more out of reach. That in turn boosts demand for rentals and allows landlords to charge more.

“Rents are up $284 per month through February as well, making it much harder for renters to save up for the largest hurdle to home ownership — the down payment,” says Zillow spokesperson Mark Stayton.

Even with recent increases, there are major cities that still offer reasonable rents. Here are the top 10 cities where rent is cheapest for a two-bedroom property, according to furniture shopping site Living Cozy.

10. Raleigh, North Carolina

Average rent: $1,298

9. Fresno, California

Average rent: $1,217

8. Louisville, Kentucky

Average rent: $1,197

7. Omaha, Nebraska

Average rent: $1,166

6. Albuquerque, New Mexico

Average rent: $1,053

5. Oklahoma City, Oklahoma

Average rent: $1,044

4. Memphis, Tennessee

Average rent: $1,042

3. Tucson, Arizona

Average rent: $1,032

2. El Paso, Texas

Average rent: $1,020

1. Tulsa, Oklahoma

Average rent: $895

If you don’t want to relocate but rent in your city continues to climb, be sure to communicate with your landlord. Some tenants are able to negotiate payment plans. Landlords might also give you a deal for signing a longer lease.

This material has been presented for informational and educational purposes only. The views expressed in the articles above are generalized and may not be appropriate for all investors. The information contained in this article should not be construed as, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product. There is no guarantee that past performance will recur or result in a positive outcome. Carefully consider your financial situation, including investment objective, time horizon, risk tolerance, and fees prior to making any investment decisions. No level of diversification or asset allocation can ensure profits or guarantee against losses. Article contributors are not affiliated with Acorns Advisers, LLC. and do not provide investment advice to Acorns’ clients. Acorns is not engaged in rendering tax, legal or accounting advice. Please consult a qualified professional for this type of service.

Aditi Shrikant

Aditi Shrikant was a lead reporter for Grow.

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