Advertiser Disclosure

10 US Cities Where Rent Prices Are Falling the Fastest

July 10, 2023

2 min Read

Written by Heather Taylor

Edited by Chris Cluff

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 YearsHelping You Live Richer

Reviewed by Experts

Trusted by Millions of Readers

For the first time in several years, rents are starting to cool off. New data from Realtor.com shows monthly rents dipped 0.5% year over year in May 2023. The median rent is now $1,739 in the 50 largest U.S. metropolitan areas.

Which cities are seeing the biggest rent declines? These are the 10 cities where rent prices are falling the fastest.

Virginia Beach, Virginia

Median rent price: $1,436
Year-over-year change: -1.6%

Seattle

Median rent price: $2,112
Year-over-year change: -1.8%

Denver

Median rent price: $1,969
Year-over-year change: -3.0%

Atlanta

Median rent price: $1,660
Year-over-year change: -3.1%

Charlotte, North Carolina

Median rent price: $1,576
Year-over-year change: -3.5%

Tampa, Florida

Median rent price: $1,793
Year-over-year change: -4.0%

Austin, Texas

Median rent price: $1,641
Year-over-year change: -5.6%

{{current_month-name}}’s Must-See Offers

Phoenix

Median rent price: $1,663
Year-over-year change: -5.7%

Riverside, California

Median rent price: $2,302
Year-over-year change: -5.9%

Las Vegas

Median rent price: $1,531
Year-over-year change: -6.0%

More From GOBankingRates

BEFORE YOU GO

See Today's Best
Banking Offers