Rents Are Falling In These 4 Trendy Cities
When you live in Los Angeles, as we do, it’s extraordinarily difficult to imagine that rent prices are down nationally for the first time in years—but they have, in fact, dropped by an average of 2.9%. There are several desirable urban areas across the country where this move toward affordability can be felt, and we’re having a hard time convincing ourselves not to pick up and move to one of them so that we could actually afford more than a sad shoebox in terms of a living space. If you’re open to a change, consider these four big cities where rents are dropping but the hip factor is not.
Dallas rents dropped by a whopping 6.5 percentage points between 2016 and 2017, so if you're looking to live in a legit city for less than you'd pay in, say, New York or Los Angeles, this Texas hub might be worth consideration. According to Numbeo.com, the average rent for a one-bedroom in the city's center is $1,240.10.
Rents in Portland, while perhaps still skyrocketing in comparison to what longtime residents are used to given the city's ongoing trendiness, dropped 3.6 percentage points between 2016 and 2017. According to Numbeo, the average rent for a one-bedroom in the city's center is $1,114.29.
It seems that Austin, too, may be experiencing a reprieve from rising rents due to its hip reputation and all of the NYC and LA refugees it's attracted. Rents dropped by 4.8 percentage points in the last year, and the average cost of a one-bedroom is now—while still on the higher side respective to less trendy cities—$1,570.50.
Make no mistake about it: San Francisco is still an über-expensive city in which to live. Still, rents have begun to drop, according to the data—so if you've been dying to live in this romantic town, hope may be on the horizon. More than 21% of SF's rental listings dropped in price this year, though the average rent for a one-bedroom is still double the national median of $1,650 at $3,277.
For a visit, stay at The Zeppelin, shop at Harputs and Le Point, eat at Mission Chinese Food, La Taqueria and Lazy Bear, and visit SFMoma (along with touristy-yet-classic destinations like Golden Gate Park and Fisherman's Wharf).