The 10 Cities Where Rental Prices Are Falling Most
After three years of booming, prices in the rental market have finally started to cool down across much of the US, with a number of cities experiencing significant declines, according to the latest data.
Las Vegas took the top spot nationwide for cities where rental prices are tumbling the most, with a 6 percent drop in the year to May—the latest data available—according to Realtor.com. It was followed by Riverside, California, with a 5.9 percent decline in rental prices from May 2022 to May 2023 and Phoenix, Arizona, with a 5.7 percent slide in the same period.
These are the 10 cities where rental prices have fallen the most, according to Realtor.com data.
1. Las Vegas, NV (Median rent price: $1,531; year-on-year change -6.0 percent)
2. Riverside, CA (Median rent price: $2,302; year-on-year change -5.9 percent)
3. Phoenix, AZ (Median rent price: $1,663; year-on-year change -5.7 percent)
4. Austin, TX (Median rent price: $1,641; year-on-year change -5.6 percent)
5. Tampa, FL (Median rent price: $1,793; year-on-year change -4.0 percent)
6. Charlotte, NC (Median rent price: $1,576; year-on-year change -3.5 percent)
7. Atlanta, GA (Median rent price: $1,660; year-on-year change -3.1 percent)
8. Denver, CO (Median rent price: $1,969; year-on-year change