And the data says...
What's a day as good as Christmas? For many, it's opening up your lease renewal contract to find that your monthly rent has stayed the same for another year — or better, gone down.
And while many cities in the South have rents that continue to creep upwards, a new report from real estate hub, RentCafe.com has found that several cities are showing year-over-year rent changes in the downward direction in May 2018.
For small cities, Brownsville, Texas, Norman, Oklahoma, and Alexandria, Virginia made the top five cut for slowest growing rents; i.e., rental prices are decreasing, in these cases around 2% year-over-year. For mid-size cities, New Orleans, Louisiana was #1 for slowest growing year-over-year rent changes in May, with rent down around 1.5% from this time in May 2017. Lexington, Kentucky and Tulsa, Oklahoma also found spots in the top five list with rent displaying a downturn of .3% and .6%, respectively.
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While these cities didn't show a decrease in rent, for the large cities rankings, Austin, Texas, Washington D.C., and Baltimore, Maryland were among the nation's slowest rising rents with each showing an incredibly modest uptick of between .2 and .4% in year-over-year rents.
Catch ya in Brownsville, folks.