10 US Cities Where Rent Prices Are Falling the Fastest

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%
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%
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