10 US Cities Where Rent Prices Are Falling the Fastest

Sean Pavone/Getty Images/iStockphoto

Sean Pavone/Getty Images/iStockphoto

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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Davel5957 / Getty Images/iStockphoto

Davel5957 / Getty Images/iStockphoto

Virginia Beach, Virginia

  • Median rent price: $1,436

  • Year-over-year changes: -1.6%

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Sean Pavone/Getty Images/iStockphoto

Sean Pavone/Getty Images/iStockphoto

Seattle

  • Median rent price: $2,112

  • Year-over-year changes: -1.8%

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benedek / Getty Images/iStockphoto

benedek / Getty Images/iStockphoto

Denver

  • Median rent price: $1,969

  • Year-over-year changes: -3.0%

Sean Pavone/Getty Images/iStockphoto

Sean Pavone/Getty Images/iStockphoto

Atlanta

  • Median rent price: $1,660

  • Year-over-year changes: -3.1%

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Kruck20 / Getty Images/iStockphoto

Kruck20 / Getty Images/iStockphoto

Charlotte, North Carolina

  • Median rent price: $1,576

  • Year-over-year changes: -3.5%

Tampa, Florida

  • Median rent price: $1,793

  • Year-over-year changes: -4.0%

Learn More: 2023’s Housing Correction Could Be The Largest Since Post-WWII

RoschetzkyIstockPhoto / Getty Images

RoschetzkyIstockPhoto / Getty Images

Austin, Texas

  • Median rent price: $1,641

  • Year-over-year changes: -5.6%

Pgiam / Getty Images/iStockphoto

Pgiam / Getty Images/iStockphoto

Phoenix

  • Median rent price: $1,663

  • Year-over-year changes: -5.7%

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MattGush / Getty Images/iStockphoto

MattGush / Getty Images/iStockphoto

Riverside, California

  • Median rent price: $2,302

  • Year-over-year changes: -5.9%

lucky-photographer / Getty Images

lucky-photographer / Getty Images

Las Vegas

  • Median rent price: $1,531

  • 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