15 States Where the Cost of a 1-Bedroom Has Gone Down in The Past Year

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A well-known personal finance rule of thumb is that your housing costs should not exceed more than 30% of your gross monthly income. In spite of this guideline, PBS NewsHour reported that half of all American renters do pay more than 30% of their income on rent and utilities. If you’re looking to save money on rent, however, there’s some good news. The price of a one-bedroom apartment has declined across 15 cities in the United States.

To determine which states have one-bedroom apartments that are getting cheaper, GOBankingRates used ApartmentList’s February 2024 data to find the one-bedroom rent for February 2023 and February 2024 in each U.S. state. From there, we were able to determine the year-over-year monetary and percentage changes in one-bedroom rent and rank the states with negative figures only.

In descending order, here are 15 states where a one-bedroom is becoming more affordable to rent.

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15. Colorado

• February 2023 1-bedroom rent: $1,441

• February 2024 1-bedroom rent: $1,440

• YoY change ($) in 1-bedroom rent: -$1

• YoY change (%) in 1-bedroom rent: -0.07%

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14. South Carolina

• February 2023 1-bedroom rent: $1,124

• February 2024 1-bedroom rent: $1,121

• YoY change ($) in 1-bedroom rent: -$3

• YoY change (%) in 1-bedroom rent: -0.27%

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13. Nevada

• February 2023 1-bedroom rent: $1,168

• February 2024 1-bedroom rent: $1,157

• YoY change ($) in 1-bedroom rent: -$11

• YoY change (%) in 1-bedroom rent: -0.94%

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12. California

• February 2023 1-bedroom rent: $1,857

• February 2024 1-bedroom rent: $1,833

• YoY change ($) in 1-bedroom rent: -$24

• YoY change (%) in 1-bedroom rent: -1.29%

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11. South Dakota

• February 2023 1-bedroom rent: $716

• February 2024 1-bedroom rent: $702

• YoY change ($) in 1-bedroom rent: -$14

• YoY change (%) in 1-bedroom rent: -1.96%

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10. Tennessee

• February 2023 1-bedroom rent: $1,035

• February 2024 1-bedroom rent: $1,014

• YoY change ($) in 1-bedroom rent: -$21

• YoY change (%) in 1-bedroom rent: -2.03%

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9. Utah

• February 2023 1-bedroom rent: $1,136

• February 2024 1-bedroom rent: $1,111

• YoY change ($) in 1-bedroom rent: -$25

• YoY change (%) in 1-bedroom rent: -2.20%

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8. North Carolina

• February 2023 1-bedroom rent: $1,151

• February 2024 1-bedroom rent: $1,124

• YoY change ($) in 1-bedroom rent: -$27

• YoY change (%) in 1-bedroom rent: -2.35%

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7. Texas

• February 2023 1-bedroom rent: $1,168

• February 2024 1-bedroom rent: $1,138

• YoY change ($) in 1-bedroom rent: -$30

• YoY change (%) in 1-bedroom rent: -2.57%

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6. Idaho

• February 2023 1-bedroom rent: $837

• February 2024 1-bedroom rent: $814

• YoY change ($) in 1-bedroom rent: -$23

• YoY change (%) in 1-bedroom rent: -2.75%

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5. Florida

• February 2023 1-bedroom rent: $1,344

• February 2024 1-bedroom rent: $1,307

• YoY change ($) in 1-bedroom rent: -$37

• YoY change (%) in 1-bedroom rent: -2.75%

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4. Alabama

• February 2023 1-bedroom rent: $817

• February 2024 1-bedroom rent: $794

• YoY change ($) in 1-bedroom rent: -$23

• YoY change (%) in 1-bedroom rent: -2.82%

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3. Oregon

• February 2023 1-bedroom rent: $1,267

• February 2024 1-bedroom rent: $1,225

• YoY change ($) in 1-bedroom rent: -$42

• YoY change (%) in 1-bedroom rent: -3.31%

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2. Arizona

• February 2023 1-bedroom rent: $1,191

• February 2024 1-bedroom rent: $1,150

• YoY change ($) in 1-bedroom rent: -$41

• YoY change (%) in 1-bedroom rent: -3.44%

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1. Georgia

• February 2023 1-bedroom rent: $1,287

• February 2024 1-bedroom rent: $1,238

• YoY change ($) in 1-bedroom rent: -$49

• YoY change (%) in 1-bedroom rent: -3.81%

Methodology: For this piece GOBankingRates used ApartmentList’s February 2024 data to find each state’s (1) February 2023 1-bedroom rent and (2) February 2024 1-bedroom rent. With these two figures GOBankingRates was able to find each state’s (3) year-over-year monetary change in 1-bedroom rent and (4) year-over-year percent change in 1-bedroom rent. Only those states with a negative figure for (3) and (4) were included in the final rankings. All data was collected and is up to date as of March 5, 2024.

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This article originally appeared on GOBankingRates.com: 15 States Where the Cost of a 1-Bedroom Has Gone Down in The Past Year