National apartment listing site ABODO recently reported that the median nationwide rent price for one-bedrooms dropped from $1,046 to $1,044, marking the first decrease in six months. ABODO uses over 1 million listings across the United States to calculate the median 1-bedroom rent price by city, state, and nation and then track the month-over-month percentage change. To avoid small sample sizes, they restrict their analysis to cities meeting minimum population and property count thresholds.
Syracuse, NY, had the largest rent drop in the country, with rents sliding nearly 11% through January. Santa Ana, CA, also saw a significant decline of 9.1%, with one-bedroom rents there dropping from $1,841 to $1,673. One-bedroom apartments in Minneapolis, MN, and St. Louis, MO, slid nearly 4%, followed by Cincinnati, OH, one-bedrooms, which slid from $824 per month to an even $800, for a 2.9% drop.