--- title: The 10 Cities With the Biggest Drops in Rent Prices Since Last Year description: The median U.S. rent dipped slightly in May for the first time in three years, with notable declines in cities like Las Vegas and Atlanta. authors: - name: Mary Ellen Cagnassola role: Reporter url: https://money.com/author/mary-ellen-cagnassola/ bio: Mary Ellen (M.E.) Cagnassola is a former Money reporter who specialized in U.S. rent and real estate, with a focus on market trends and affordability. education: Rutgers University, BA Journalism at_money_since: 2021 articles: 205 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes former_staff: true published: '2023-07-06T15:57:56.000Z' modified: '2023-07-06T15:57:56.000Z' section: Housing tags: - News - real estate word_count: 409 canonical: https://money.com/cities-with-biggest-rent-drops/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![News-City-Cheaper-Rent](https://img.money.com/2023/07/News-City-Cheaper-Rent.jpg) Rents dropped on an annual basis in May for the first time in three years, according to new analysis, particularly in Southern and [Western cities](https://money.com/best-places-to-live-in-the-west/?ref=/best-places-to-live-in-every-region/). A [report](https://www.realtor.com/news/trends/2023-cities-where-rent-prices-are-falling-the-most/) from Realtor.com found that the median U.S. rent fell slightly in May compared to the same time last year, indicating that prices are indeed [starting to come down](https://money.com/rent-prices-decline-march/) from record-breaking highs. And while the market is still a long way from pre-pandemic norms, rent declines are expected to continue in a welcome development for [inflation](https://money.com/inflation-financial-hardship-gallup-poll/)\-weary renters. Realtor.com analyzed its inventory for studio to two-bedroom apartments in the 50 largest U.S. cities and their surrounding areas. It found the median rent in those cities declined 0.5% year over year to $1,739 in May — a staggering $344 higher than 2019 levels, according to Realtor.com's [May rental report](https://www.realtor.com/research/may-2023-rent/), but down a bit from [July 2022](https://www.realtor.com/research/july-2022-rent/)'s peak of $1,879. ## Would you rather be building equity in a home than paying rent to a landlord? ### Work with a licensed Rocket Mortgage (NMLS #3030) representative today. Click on your state below to get started. [View Rates](https://money.com/pr/sca66d0d2e4e?ap_referrer=%2Fcities-with-biggest-rent-drops%2F) ## What the data says - Some regions are cooling off more than others. [Southern](https://money.com/best-places-to-live-in-the-south/?ref=/best-places-to-live-in-every-region/) and Western cities where prices skyrocketed due to pandemic-driven migration, like Phoenix, posted the biggest declines in rent. Newly constructed inventory is partially responsible for falling prices. - Renters shouldn’t get too excited — even though rents are dropping, they’re still high, and they’re probably going to stay that way. With [mortgage rates](https://money.com/current-mortgage-rates/) hovering around 6.8%, many would-be homebuyers are waiting on the sidelines, increasing rental demand. Realtor.com [predicts](https://www.realtor.com/news/trends/should-you-buy-or-sell-a-home-in-2023-heres-our-housing-forecast-for-the-rest-of-the-year/) that rents will only come down about 0.9% in 2023. - As Americans seek more [affordable](https://money.com/decrease-homes-middle-class-can-afford/) markets, rent prices in certain places, like the Midwest, are expected to see accelerated growth, according to Realtor.com. ## Top 10 cities where rent is falling the most These are the cities where median rents for studio to two-bedroom apartments declined the most between May 2022 and May 2023. 1. Las Vegas, Nevada ($1,531 median rent price) 2. Riverside, California ($2,302) 3. Phoenix, Arizona ($1,663) 4. Austin, Texas ($1,641) 5. [Tampa, Florida](https://money.com/best-places-to-live/tampa-florida/) ($1,793) 6. Charlotte, North Carolina ($1,576) 7. [Atlanta, Georgia](https://money.com/atlanta-georgia-best-places-to-live-2022/) ($1,660) 8. Denver, Colorado ($1,969) 9. Seattle, Washington ($2,112) 10. Virginia Beach, Virginia ($1,436) It’s worth mentioning that homebuyers — not just renters — are *also* flocking to a few cities where rent is falling. Phoenix, Las Vegas and Tampa are attracting homebuyers from [larger metropolitan areas](https://money.com/cities-homebuyers-fleeing-where-relocating/) like New York and Los Angeles, according to [a report](https://money.com/homebuyers-relocate-sun-belt-cities/) from real estate brokerage Redfin. ## If you want to become a homeowner but years of renting have drained your savings, there's a great option for you. ### Work with a licensed Rocket Mortgage (NMLS #3030) representative today. [View Rates](https://money.com/pr/u24af772e122?ap_referrer=%2Fcities-with-biggest-rent-drops%2F) ![](https://s3.consumersadvocate.org/prd/image/image/26681/medium_57f09f10-efb8-487d-a73e-5f7d605144eb.png) Imagine finally owning your dream home — Rocket Mortgage (NMLS #3030) can help! 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