The 15 Major U.S. Cities Where Rent Is Plummeting the Most

close-up of a sign in front an apartment building — iStock

If you dread having to pay rent on the first of every month, you're certainly not alone. Half of renters in the U.S. are struggling to afford their rent right now, according to Harvard University's Joint Center for Housing Studies. But the chunk of change you're forced to hand over monthly can change dramatically depending on where you live. The Jan. 2024 Rent Report from research technology firm Rent. revealed that annual rent prices continued to decline nationally in December, with some cities seeing serious savings.

According to their research, the national median price for an apartment is now $1,964—making this the third month in a row that median rent prices have fallen below $2,000.

"December's modest price drop signals a return to normalcy in the market following the pandemic," Rent. author Anthony Gardner writes.

Of course, rents aren't falling everywhere. If you live in cities like New York or Los Angeles, you're certainly still feeling the burden of higher prices. But some areas have experienced significant declines: Read on to discover the 15 major U.S. cities where rent is plummeting the most right now.

15 Louisville/Jefferson County, Kentucky

Louisville downtown skyline view with a park with trees in the foreground. Picture taken during autumn. — iStock

Yearly decline in rent prices: 5.36 percent

Out of the 15 U.S. cities where rent is plummeting the most, the Louisville metro area in Kentucky might not have the biggest yearly decline, but it does have the cheapest median rent. The asking rent in Louisville/Jefferson County is currently $1,267‚ which is down 5.36 percent from the year prior.

14 Dallas, Texas

Dallas, Texas cityscape with blue sky at sunset, Texas — iStock

Yearly decline in rent prices: 5.60 percent

The current median rent in Dallas is $2,012. While that may still be a little higher than many can afford, a recent analysis by Zillow discovered that more landlords in this area are offering incentives like free months of rent or free parking in an effort to entice new tenants, Axios reported.

13 New Orleans, Louisiana

The city skyline of New Orleans, Louisiana, and surrounding metropolitan area along the banks of the Mississippi River shot from an altitude of about 1000 feet during a helicopter photo flight. — iStock

Yearly decline in rent prices: 6.04 percent

The median asking rent price in New Orleans fell 6.04 percent year-over-year to $1,646. The city was also just named the best place for those looking to buy a house, according to researchers at Florida Atlantic University and Florida International University.

12 Cleveland, Ohio

Skyline view of downtown Cleveland Ohio USA looking over the Marina by Lake Erie — Shutterstock

Yearly decline in rent prices: 6.19 percent

Further north, costs are also coming down in Cleveland. The asking rent in this city is now $1,471, which is an annual decline of 6.19 percent.

11 Nashville, Tennessee

The skyline of beautiful Nashville, Tennessee, known as "Music City" along the banks of the Cumberland River. — iStock

Yearly decline in rent prices: 6.52 percent

If you want to move to Nashville, now is the time. The median rent is currently down 6.52 percent to $1,962, but experts say you can likely find places much cheaper than that, too.

"Now is a great chance for any renters in Nashville to take advantage of the deals and specials that are being offered, because it may be a while before we see this type of environment again," Joel Sanders, founder and CEO of Apartment Insiders, told local ABC-affiliate WKRN in a recent interview.

10 Sacramento, California

High quality stock aerial view photo of Sacramento's Tower Bridge and the Sacramento River, looking towards the Capitol mall and building. — iStock

Yearly decline in rent prices: 6.65 percent

California cities are not known for their affordability. But in Aug. 2023, rent prices decreased in Sacramento for the first time in 13 years, Fox40 reported. Now, Rent.'s research indicates that the city's year-over-year rent has fallen 6.65 percent in December to a median asking price of $2,537.

9 Portland, Oregon

Yearly decline in rent prices: 6.72 percent

Also over on the West Coast, Portland's rent is similarly plummeting. The city experienced a -6.72 year-over-year percent change in December, with the current asking rent now $2,302.

8 Miami, Florida

Sunset aerial shot of Miami Beach. — iStock

Yearly decline in rent prices: 7.67 percent

Miami was the hottest rental market in the U.S. last year, according to RentCafe. But its prices came down during the year, too, falling 7.67 percent to $2,915 in December, per Rent.'s research.

7 Denver, Colorado

Yearly decline in rent prices: 7.69 percent

The asking rent price in Denver has declined 7.69 percent to $2,546 over the last year—and it seems to be somewhere people want to live as well. RentCafe discovered that Denver was the fifth most searched destination for renters in the U.S. in Aug. 2023, Denverite reported.

6 Memphis, Tennessee

skyline of Memphis, Tennessee — Shutterstock

Yearly decline in rent prices: 7.75 percent

Joining Nashville, the median rent dropped in Memphis last December, too. The year-over-year change was -7.75 percent, bringing the cost down to $1,402.

5 Houston, Texas

The skyline of Houston, Texas at sunset shot from an altitude of about 600 feet . — iStock

Yearly decline in rent prices: 8.74 percent

The asking rent in Houston is currently $1,592, down 8.74 percent annually. This city also has the fourth lowest living costs among the most populous U.S. metro areas, according to the C2ER Cost of Living Index.

4 Las Vegas, Nevada

Yearly decline in rent prices: 9.27 percent

Most of us see Las Vegas as a vacation spot, but it's actually becoming more affordable for renters. The median rent year-over-year fell 9.27 percent in December to $1,638.

3 Raleigh, North Carolina

The skyline of Raleigh, North Carolina — Shutterstock

Yearly decline in rent prices: 12.18 percent

If you're looking to live in North Carolina, you may want to consider Raleigh. This city saw a significant 12.18 percent decline on a yearly basis, so the median rent is now just $1,873.

2 Austin, Texas

Yearly decline in rent prices: 12.53 percent

A third Texas city has joined the ranks of major U.S. cities where rent is going down the most. Austin experienced a -12.53 percent year-over-year change in rent, bringing the median cost down to $1,985.

1 Salt Lake City, Utah

city skyline of downtown Salt Lake City, Utah at dusk — Shutterstock

Yearly decline in rent prices: 20.75 percent

But where are rents plummeting the most in the country? Salt Lake City, where prices have "dropped sharply" with a shocking 20.75 percent yearly decline. As a result, the asking rent in Salt Lake City is currently $1,788.

Kali Coleman Kali Coleman is a Senior Editor at Best Life. Her primary focus is covering news, where she often keeps readers informed on the ongoing COVID-19 pandemic and up-to-date on the latest retail closures.Read moreFiled UnderCities • Finance • Home • News • Saving MoneySources referenced in this article