According to recent data from Realtor.com, the median rental rates in March marked the 20th consecutive annual decline, with prices decreasing 1.2% for units with zero to two bedrooms in the 50 largest metropolitan areas. The national average rental rate in March was $1,576, per Apartments.com data.
The Realtor.com report also noted that the recently imposed 25% tariffs on imported steel and aluminum could significantly increase construction costs, which could impact the supply of multifamily housing.
Read Next: Renting vs. Owning a Home: Which Will Be Cheaper in 2025?
Check Out: How Middle-Class Earners Are Quietly Becoming Millionaires — and How You Can, Too
With the median asking rent price reaching $1,694, concerns have arisen that tariffs may lead to increased rental rates in some locations. Here are the metro areas that could be most impacted, as well as what renters can do to keep costs down.
Trending Now: Suze Orman’s Secret to a Wealthy Retirement–Have You Made This Money Move?
Which Metros Could Have More Expensive Rent Due to Tariffs?
The report explained that markets that saw rapid growth in permitted multifamily homes will likely be hit the hardest, as developers are likely to delay or even cancel new projects due to rising costs. With a limited supply, there is less available inventory and fewer options. The unfortunate reality is that the added costs are passed on to renters.
Here are some markets with fast-growing multifamily permits, as well as the current average rental prices for each, according to Apartments.com.
Explore More: Mark Cuban: Trump’s Tariffs Will Affect This Class of People the Most
Milwaukee-Waukesha, Wisconsin
-
Multifamily units permitted in 2024: 1,884
-
Average rent: $1,175
Oklahoma City
-
Multifamily units permitted in 2024: 581
-
Average rent: $915
Memphis, Tennessee
-
Multifamily units permitted in 2024: 1,089
-
Average rent: $1,042
Cleveland
-
Multifamily units permitted in 2024: 720
-
Average rent: $1,296
Columbus, Ohio
-
Multifamily units permitted in 2024: 7,195
-
Average rent: $1,151
Atlanta-Sandy Springs-Roswell, Georgia
-
Multifamily units permitted in 2024: 13,937
-
Average rent: $1,607
Cincinnati
-
Multifamily units permitted in 2024: 2,534
-
Average rent: $1,102
Birmingham, Alabama
-
Multifamily units permitted in 2024: 556
-
Average rent: $1,164
San Diego-Chula Vista-Carlsbad, California
-
Multifamily units permitted in 2024: 7,244
-
Average rent: $2,339
How Can Renters Keep Costs Down?
While it’s difficult to determine by how much rent could increase or what the exact financial impact of the tariffs will be, it’s critical that renters start planning in advance.
GOBankingRates reached out to experts to gather advice on how renters can keep costs down as tariffs threaten to increase rental rates in some major metro areas.
Sign a Long-Term Lease Now
“You’ll want to lock in a longer-term lease right now if it’s possible, so that you know how much you’ll be paying monthly,” said Rany Burstein, a real estate expert and founder of Diggz. “Even offering to sign an 18-24 month lease today could help renters avoid sharp hikes in 2025.”
Many landlords are looking for reliable and consistent tenants, so you could sign at your current rate for the long run to help you save money on future increases.
Find a Bigger Unit With More Tenants
“One option to potentially help keep costs down is to move into a bigger unit, but with more roommates,” explained Adam Hamilton, a real estate expert and co-founder of REI Hub. “Often, splitting a unit with three to four other people will end up costing you less than splitting a unit with one other person.”
Even though you could end up living with more people, you may end up with a larger space and better amenities.
Move to a Less Expensive Area in Advance
“If your rent is increasing and you believe it will continue to get more expensive, it might be time to move to an area with less expensive rentals,” said Melanie Musson, a finance expert with Clearsurance.com.
You can also try expanding your search radius by moving a few miles further from prime metro areas. You can consider emerging communities or secondary metro areas in advance to save money on rent.
Time Your Move
If you can hold off on moving immediately, it’s worth noting that moving in low-demand months can offer better deals and provide more room for negotiation. If you can wait until after the first summer months or a slower season, you can save money with a strategic move to a different location.
What If You Can’t Move or Lock In Lower Rates Right Now?
Here’s what you can do if you can’t move or lock in a lower rent before prices increase.
Bring on a Roommate
Splitting the rent can drastically ease the burden of increased rental rates, especially if you have the space to accommodate it. In big cities during the summer, there’s always an influx of interns desperately looking for a place to stay for a few months.
You can allocate the summer months to save some on your rent without committing to a full-time roommate.
Offer a Lease Takeover
Burstein noted that if the rent increase is significantly above what you can afford, you should consider subleasing your place for the remainder of the lease and moving to a lower-cost place. You don’t have to be stuck with a lease that you can’t afford, especially if it’s causing you stress that’s impacting your everyday life.
Offer To Work in Exchange for Lower Rent
You can try asking your property manager or owner if you can perform work on the rental units in exchange for a lower rent. “You could mow the lawn, shovel sidewalks and steps, paint exterior trim, and maintain landscaping,” Musson said.
If you live in a complex or have any handy skills, you could also offer to help out with projects.
Cut Back in Other Areas
If you’re unable to land an affordable rental rate, then you may have to consider cutting back in other areas of your life to adjust to the new cost. Some common examples include carpooling to work to save on fuel costs or canceling a subscription you rarely use.
Either way, do your best to plan accordingly if you suspect that your rent could rise in the coming months.
More From GOBankingRates
-
5 Luxury Cars That Will Have Massive Price Drops in Spring 2025
-
4 Things You Should Do if You Want To Retire Early
-
7 Wealth-Building Shortcuts Proven To Add $1K to Your Wallet This Month
-
5 Things You Must Do When Your Savings Reach $50,000
Sources
-
Realtor.com, “March 2025 Rental Report: Rents Continue To Fall, but Tariffs on Imported Steel and Aluminum Could Exert Upward Pressure on Prices.”
-
Apartments.com, “Apartments.com Rent Report for March 2025: Rent Prices Plateau, but Changes Are Expected.”
-
Rany Burstein, Diggz
-
Adam Hamilton, REI Hub
-
Melanie Musson, Clearsurance.com
This article originally appeared on GOBankingRates.com: Tariffs Could Make Your Rent More Expensive in These 9 Metros
