CAMBRIDGE, MA / ACCESSWIRE / October 13, 2022 / A new report from ApartmentAdvisor (www.apartmentadvisor.com), an apartment search platform, shows that landlords are increasingly cutting prices on their advertised apartment listings, a signal that rent prices might be moderating in some cities. Nationwide, the share of rental listings discounted from the initial advertised list price increased to 5.7% in September, the highest level in the prior 12 months.
"Rent prices are still relatively high overall, but we are starting to see signs that we might be reaching a tipping point," said Brian Orecchio, an analyst at ApartmentAdvisor. "The uptick in price cuts suggests that the market is changing, and some property managers are finding they need to correct their asking prices to attract renters and secure leases."
In September, Salt Lake City, UT had the highest share of price cuts on advertised apartment rental listings at 14.2%, nine percentage points higher than in September of 2021. Miami, FL (12.9%) Seattle, WA (11.9%), Pittsburgh, PA (11.7%) and Baltimore, MD (11.5%) also were among the cities with highest rate of price cuts last month. For the price cut rates for all of the cities analyzed for this report, click here.
Cities With Highest Rental Price Cut Rates
| City | % Price Cuts Sept 2022 |
| Salt Lake City, UT | 14.2% |
| Miami, FL | 12.4% |
| Seattle, WA | 11.9% |
| Pittsburgh, PA | 11.7% |
| Baltimore, MD | 11.5% |
| Milwaukee, WI | 10.1% |
| Philadelphia, PA | 9.5% |
| Memphis, TN | 8.9% |
| Las Vegas, NV | 8.5% |
| Chicago, IL | 8.4% |
| Tampa, FL | 7.8% |
| Los Angeles, CA | 7.8% |
| San Francisco, CA | 7.7% |
| Minneapolis, MN | 7.7% |
| Detroit, MI | 7.6% |
How to Find Price Reduced Apartments
On the ApartmentAdvisor platform, prospective renters searching for apartments can view the price history of any listing, and sort search results to find listings with price cuts. Renters can also sign up for email alerts to notify them when a listing has had a price cut.
Methodology
For this report, ApartmentAdvisor analyzed the price history of rental listings on the ApartmentAdvisor platform for the past year nationally and in the top most populated cities in the United States. Analysts calculated the total number of unique listings in each month, and the total number that had at least one price reduction that was at least 5% of the previously listed price. The share of price reductions was calculated as the percentage of total unique listings in the month that had such a price cut.
About ApartmentAdvisor
ApartmentAdvisor (www.apartmentadvisor.com) helps renters easily find the right apartment. The platform combines rigorous rent price analytics and neighborhood insights, empowering renters with a more transparent way to compare prices, features, and locations of available apartments.
ApartmentAdvisor was founded in 2020 by a team of founders and engineers from Tripadvisor and CarGurus, including Langley Steinert (co-founder of Tripadvisor and founder and executive chairman at CarGurus); Oliver Chrzan (former chief technology officer at CarGurus); and Josh Arnold (senior engineer at Tripadvisor and director of data science for MineralTree). The company is based in Cambridge, MA.
CONTACT:
Amy Mueller
[email protected]
617-216-2900
SOURCE: ApartmentAdvisor