16 States Where the Price of a 2-Bedroom Has Gone Down in the Past Year
The average apartment rental goes for about $1,713 in the U.S., according to Rentcafe. This is for an 899-square-foot apartment and doesn’t necessarily take into account the number of bedrooms or bathrooms, though it’s fairly standard for a one-bedroom apartment.
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It stands to reason then that two-bedroom apartments are often more expensive to rent. In some states, rent prices are astronomical, especially compared to the median household income of those areas.
In a time when the high cost of living continues to be a major stressor, it’s not surprising that so many people are looking for more affordable housing options for themselves and their families. Sometimes, though, it’s just not feasible to go from a two-bedroom apartment to a one-bedroom or a studio.
The good news is that, while most things seem to continually become more expensive, apartment rentals have actually gone down a little in certain areas. This isn’t the case with all states, of course, but it’s worth knowing if you live in a state where prices have dropped and are looking for something a little cheaper.
But which states have seen rental prices go down?
GOBankingRates gathered data from ApartmentList.com to figure out the average rental cost for a two-bedroom apartment in every state (excluding Maine, Vermont and Alaska due to lack of information). Using these data, it was then determined which states have seen rental prices decrease since 2022 (with projections for December 2024). The data were then calculated to determine the month-over-month and year-over-year price changes.
Out of all the states (and the District of Columbia), just 16 states have seen two-bedroom rental prices go down since 2022. Here are the results in reverse order.
Hawaii
December 2022 average rent: $2,235
November 2023 average rent: $2,240
December 2023 average rent: $2,234
One-month change ($): $6
One-month change (%): -0.27%
One-year change ($): $1
One-year change (%): -0.04%
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New Mexico
December 2022 average rent: $1,037
November 2023 average rent: $1,048
December 2023 average rent: $1,036
One-month change ($): $12
One-month change (%): -1.16%
One-year change ($): $1
One-year change (%): -0.10%
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Washington
December 2022 average rent: $1,679
November 2023 average rent: $1,691
December 2023 average rent: $1,670
One-month change ($): $21
One-month change (%): -1.26%
One-year change ($): $9
One-year change (%): -0.54%
Colorado
December 2022 average rent: $1,679
November 2023 average rent: $1,688
December 2023 average rent: $1,669
One-month change ($): $19
One-month change (%): -1.14%
One-year change ($): $10
One-year change (%): -0.60%
Nevada
December 2022 average rent: $1,392
November 2023 average rent: $1,376
December 2023 average rent: $1,372
One-month change ($): $4
One-month change (%): -0.29%
One-year change ($): $20
One-year change (%): -1.46%
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Alabama
December 2022 average rent: $955
November 2023 average rent: $943
December 2023 average rent: $939
One-month change ($): $4
One-month change (%): -0.43%
One-year change ($): $16
One-year change (%): -1.70%
California
December 2022 average rent: $2,202
November 2023 average rent: $2,187
December 2023 average rent: $2,165
One-month change ($): $22
One-month change (%): -1.02%
One-year change ($): $37
One-year change (%): -1.71%
Tennessee
December 2022 average rent: $1,124
November 2023 average rent: $1,110
December 2023 average rent: $1,101
One-month change ($): $9
One-month change (%): -0.82%
One-year change ($): $23
One-year change (%): -2.09%
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Texas
December 2022 average rent: $1,308
November 2023 average rent: $1,290
December 2023 average rent: $1,280
One-month change ($): $10
One-month change (%): -0.78%
One-year change ($): $28
One-year change (%): -2.19%
Utah
December 2022 average rent: $1,327
November 2023 average rent: $1,302
December 2023 average rent: $1,290
One-month change ($): $12
One-month change (%): -0.93%
One-year change ($): $37
One-year change (%): -2.87%
Florida
December 2022 average rent: $1,589
November 2023 average rent: $1,551
December 2023 average rent: $1,542
One-month change ($): $9
One-month change (%): -0.58%
One-year change ($): $47
One-year change (%): -3.05%
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Idaho
December 2022 average rent: $1,052
November 2023 average rent: $1,025
December 2023 average rent: $1,019
One-month change ($): $6
One-month change (%): -0.59%
One-year change ($): $33
One-year change (%): -3.24%
South Dakota
December 2022 average rent: $935
November 2023 average rent: $917
December 2023 average rent: $903
One-month change ($): $14
One-month change (%): -1.55%
One-year change ($): $32
One-year change (%): -3.54%
Arizona
December 2022 average rent: $1,408
November 2023 average rent: $1,367
December 2023 average rent: $1,357
One-month change ($): $10
One-month change (%): -0.74%
One-year change ($): $51
One-year change (%): -3.76%
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Georgia
December 2022 average rent: $1,298
November 2023 average rent: $1,262
December 2023 average rent: $1,250
One-month change ($): $12
One-month change (%): -0.96%
One-year change ($): $48
One-year change (%): -3.84%
Oregon
December 2022 average rent: $1,484
November 2023 average rent: $1,429
December 2023 average rent: $1,415
One-month change ($): $14
One-month change (%): -0.99%
One-year change ($): $69
One-year change (%): -4.88%
Methodology: For this study, GOBankingRates analyzed data from ApartmentList.com to find the average rental cost for a 2-bedroom apartment in every state. Using the average rental cost for December 2022, November 2023, and December 2023, as sourced from ApartmentList.com, GOBankingRates calculated the month-over-month change in price and percent, as well as the year-over-year change in price and percent. Maine, Vermont, and Alaska did not have reliable rental data and are excluded from this list. All data was collected and is up to date as of Feb. 21, 2024.
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This article originally appeared on GOBankingRates.com: 16 States Where the Price of a 2-Bedroom Has Gone Down in the Past Year
