This City Has the Cheapest Rents in America

Home prices in America rose about 20% nationwide last year, compared to 2020. In some cities, the pace was double that. The increase was driven by low mortgage rates and a desire of people to leave large cities with expensive home prices to others where the median price of a home is lower. The migration also has been made possible by the fact that millions of Americans now work from home because of the COVID-19 pandemic.

Rents rose rapidly last year too. The median asking price for apartments with zero to two bedrooms averaged an increase of 10.1%. The December figure reported by Realtor.com was much greater at 19.3% in the same month of 2020. This pushed the monthly median rental figure across America’s 50 largest cities to $1,781.

The rental figure varied based on the size of the apartment. For December, the report showed: “Studio: $1,462, up 18.6% ($230) year-over-year; 1-bed: $1,651, up 19.3% ($267); 2-bed: $2,003, up 19.1% ($320).”

In three markets, rents rose over 30% in December from the same month in 2020. These were Miami at 49.8% to $2,850, Tampa at 35.0% to $2,038 and Orlando at 34.1% to $1,807.
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The study also showed the median rent by city for December and covered all 50 cities. The lowest figure was Oklahoma City at $949, which was up 15.7%. No other city had a monthly rent figure of less than $1,000.

These are the 20 cities with the lowest rents:

Click here to see the cities where buying a home is most expensive.
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