As rent growth slows nationwide, some markets are now more favorable for renters based on long-term pricing trends, according to researchers at Florida Atlantic University and two other schools. In such places, rents are trading at a slight discount, relative to their historical trend, according to the Waller, Weeks and Johnson Rental Index, a subsection of FAU's Real Estate Initiative, which measures what the average rent is in the 100-most populated metro areas compared to where rents should be based on historic rental pricing trends. 

For example, rental markets in Western states are seeing their rental premiums decline or return close to their historical trends. Case in point is Boise, Idaho, where the average rental is priced at a .04%. discount, relative to its historical trend, which would give renters a slight bargain on a typical unit in the area. In other nearby Western markets, the discounts and premiums hover near that. Sacramento, Calif., renters would probably get a 0.2% discount; in Las Vegas it would be a .39% premium; in Spokane, Wash., a .40% premium; in San Francisco, a .62% premium; in Stockton, Calif., a .66% premium; in Phoenix, a .99% premium; in Colorado Springs, Colo., a 1.55% premium, and in Seattle, a bigger 1.98% premium. In the Midwest, the same trend is happening in Minneapolis where there would be a .83% premium.

All these markets are the most ideal for a renter based on long-term rental pricing trends, according to Ken H. Johnson, Real Estate Economist with FAU's College of Business. "Since many of the rents in these areas are either below or close to long-term historical trends, renters in these markets are not overpaying," he said.