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 US metropolitan areas.
Which cities are seeing the biggest rent declines? These are the 10 cities where rent prices are falling the fastest.
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Virginia Beach, Virginia
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Median rent price: $1,436
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Year-over-year changes: -1.6%
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Seattle
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Median rent price: $2,112
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Year-over-year changes: -1.8%
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Denver
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Median rent price: $1,969
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Year-over-year changes: -3.0%
Atlanta
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Median rent price: $1,660
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Year-over-year changes: -3.1%
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Charlotte, North Carolina
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Median rent price: $1,576
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Year-over-year changes: -3.5%
Tampa, Florida
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Median rent price: $1,793
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Year-over-year changes: -4.0%
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Austin, Texas
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Median rent price: $1,641
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Year-over-year changes: -5.6%
Phoenix
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Median rent price: $1,663
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Year-over-year changes: -5.7%
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Riverside, California
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Median rent price: $2,302
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Year-over-year changes: -5.9%
Las Vegas
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Median rent price: $1,531
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Year-over-year changes: -6.0%
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This article originally appeared on GOBankingRates.com: 10 US Cities Where Rent Prices Are Falling the Fastest