5 Most Affordable Rental Markets for Families of Four in the South

Lack of affordable housing and high interest rates have put a major financial strain on Americans. The median price of a single-family home was $445,000 in June, according to Realtor.com — nearly 7.5 times the median salary for the same period, per the Bureau of Labor Statistics, and well out of reach of many Americans.

The good news is rent prices are dropping in the South, and a family of four can live comfortably in a safe neighborhood that’s budget-friendly.

“In May 2024, the markets with the most significant year-over-year declines were all located in the South,” according to Realtor.com. “This trend is not surprising, given the robust labor market and the substantial increase in new rental supplies in these areas.”

That trend continued in June, when Southern markets again experienced the steepest year-over-year declines.

Here are five Southern rental markets worth considering for their falling rents and family-friendly amenities, along with average rents from RentCafe. They include some of the safest and least expensive cities in the South.

• Average rent: $1,932
• YoY rent decline in June: 5.7%

Alpharetta, Georgia, is a walkable, family-friendly suburb of Atlanta that offers great schools, outdoor activities such as nice parks and hiking trails and plenty of good restaurants and coffee shops. There’s also no shortage of house and apartment rentals, and it costs 4% less than the national average to live there, according to Payscale.

• Average rent: $1,707
• YoY rent decline in June: 9.5%

With its vibrant culture and cool music scene, Austin has always been a fun place to visit, but now it’s a desirable destination to relocate to due to rent prices dropping. 

The tech boom has turned Austin into a hotspot and magnet for young professionals, and the public school system ranks high, which is ideal for families.

• Average rent: $1,559
• YoY rent decline in June: 2.4%

Over the last few years, more people are calling Dallas home. Just last year nearly 101,500 people moved into the Dallas-Fort Worth market, according to the Dallas-Fort Worth Telegram.

Renting in Dallas is a solid choice, with its proximity to several prominent schools, prices under $1,600 for housing and a thriving job market. 

• Average rent: $1,073
• YoY rent decline in June: 3.6%

Known for its rich history of music and cultural pop culture icons like Elvis, Memphis is Tennessee’s second most populous city. The “Birthplace of Rock ‘n’ Roll” offers top-rated schools, a growing job market in healthcare and major Fortune 500 companies and affordable living — the cost of living is 13% less than the national average, according to Payscale. Plus, no state income tax makes Memphis even more attractive for families. 

• Average rent: $1,910
• YoY rent decline in June: 8.17%

Franklin offers the best of both worlds — the small-town charm of suburban living and easy access to jobs, entertainment and culture in Nashville, which is about 20 miles away. Falling rents, low crime and a cost of living that’s slightly below the national average make Franklin a solid choice for families.