Eight Submarkets in the Nation’s Largest Apartment Markets Have Rents Below $1,000

Some of the places with the lowest rents in market-rate, professionally managed apartments are in the South and Midwest. It’s no coincidence that the lowest price submarkets are in the nation’s lowest price markets. Of the 50 largest apartment markets in the U.S., 11 had average effective asking rents below $1,400 per month as of March. But in a few submarkets, specifically, rents were well below that level. Of the 706 submarkets within the 50 largest markets, eight had average monthly rents under $1,000 and only one had rents below $900, according to RealPage Market Analytics. At $839 per month, Cleveland’s Euclid submarket claimed the lowest rents nationally, followed by Northeast St. Louis County with rents of $907. Three of Memphis’ eight submarkets took the next three spots: South Memphis at $938, West Memphis at $949 and North Memphis at $969. Two submarkets in the Houston area had rents below $1,000: Sharpstown/Fondren Southwest at $982 and North Central Houston at $997. And the West San Antonio submarket had average monthly rents of $983 as of March. For comparison, at the opposite end of the spectrum, eight of New York’s 10 submarkets commanded the nation’s highest monthly rents nationally, with the Lower East Side topping the list at $6,213 a month.