Rents are soaring across the U.S. — but not in these cities

Apartment rents in Oklahoma City, Oklahoma, and Austin, Texas, over the last year have soared more than 100%, reflecting a broader surge in the cost of housing. Yet in a handful of U.S. cities that are bucking the trend, rental costs are actually falling. 

As of April, rents had dropped almost 12% from a year ago for one-bedroom units in Baltimore, Maryland, and Cleveland, Ohio, according to a new study from Rent.com. During that same period, prices also fell about 11% in Toledo, Ohio; 10% in Kansas City, Missouri, and Milwaukee, Wisconsin; and more than 9% in Indianapolis, Indiana.

Other cities where rents for one-bedrooms have fallen significantly from last year include Las Vegas, Nevada; Virginia Beach, Virginia; Lubbock, Texas; and Norfolk, Virginia, Rent.com found. Prices for two-bedroom units have fallen year-over-year in Shreveport, Louisiana; Wichita, Kansas; and Scottsdale, Arizona.