Small Markets with Apartment Rents Below $1,000

  in   Insights

After a few years of elevated rent growth, average monthly asking rents for the largest 150 apartment markets across the U.S. is $1,809. Prices are now as high as $3,000 to $4,000 in New York and the Bay Area, according to May data from RealPage Market Analytics. In fact, rates are up pretty much across the board, with all but 10 small markets logging rents above the $1,000 mark. Among the markets with rates still below $1,000, all are located in the Midwest or the South regions. Youngstown-Warren-Boardman, OH-PA and Wichita, KS are tied for lowest average rents in the nation, with prices at just $853. Markets with rents between $930 and $960 include Lubbock, TX, Tulsa, OK and Springfield, MO. Of note, Springfield, MO is the smallest of these markets, with an existing apartment count just shy of 25,000 units. Logging prices between $975 and $1,000 were Fargo, ND-MN, Flint, MI, Champaign-Urbana, IL, Oklahoma City, OK and McAllen/Brownsville, TX. Oklahoma City was the only one of these markets with an existing apartment count of more than 100,000 units.