The housing market has been pretty unwelcoming in recent years, and not only to those looking to buy. According to Realtor.com, rental prices increased by about 25 percent between early 2020 to mid-2022, but, luckily for renters, rates are starting to drop—in some places anyway. In May, monthly rents dipped 0.5 percent year over year to a median of $1,739 in the 50 largest metropolitan areas, Realtor.com reports. However, rental price declines aren’t consistent everywhere, and these trends are largely regional and based on supply and demand.
As the Realtor.com rental report explains, rents in the West and in the South are starting to cool down, due in part to the steady labor market and the surge in newly constructed apartments, which has lessened the competition over units. Rental prices in the Midwest and Northeast, however, are still rising.
“With renters actively seeking more affordable places to live, it is expected that lower-rent markets, particularly those in the Midwest region, will experience relatively stronger rental demand, leading to accelerated growth in rents,” Jiayi Xu writes in the Realtor.com monthly rental report.
That said, there are still several metropolitan areas around the country where renters can find some relief in prices—even if it’s marginal. To identify these places, Realtor.com looked at rental units listed across the 50 largest metropolitan areas in the country. While you won’t find New York City or Los Angeles on this list, below are the top 10 U.S. cities where rental prices are currently dropping the most.
Las Vegas
Median rent price: $1,531
Year-over-year change: -6.0%
Riverside, Calif.
Median rent price: $2,302
Year-over-year change: -5.9%
Phoenix
Median rent price: $1,663
Year-over-year change: -5.7%
Austin, Texas
Median rent price: $1,641
Year-over-year change: -5.6%
Tampa, Fla.
Median rent price: $1,793
Year-over-year change: -4.0%
Charlotte, N.C.
Median rent price: $1,576
Year-over-year change: -3.5%
Atlanta
Median rent price: $1,660
Year-over-year change: -3.1%
Denver
Median rent price: $1,969
Year-over-year change: -3.0%
Seattle
Median rent price: $2,112
Year-over-year change: -1.8%
Virginia Beach, Va.
Median rent price: $1,436
Year-over-year change: -1.6%
