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.
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15 | Louisville/Jefferson County, Kentucky
iStockYearly 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
iStockYearly 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.
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13 | New Orleans, Louisiana
iStockYearly 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
ShutterstockYearly 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
iStockYearly 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
iStockYearly 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.
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9 | Portland, Oregon
iStockYearly 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
iStockYearly 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
ShutterstockYearly 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
ShutterstockYearly 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.
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5 | Houston, Texas
iStockYearly 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
ShutterstockYearly 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
ShutterstockYearly 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
Shutterstock / Roschetzky PhotographyYearly 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
ShutterstockYearly 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.
