--- title: Rent Is Finally Getting Cheaper — Especially in These 9 Cities description: Are astronomical year-to-year rent increases behind us? Areas where rent prices are down include Las Vegas and Riverside, California. 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: '2023-01-12T21:24:12.000Z' modified: '2024-01-10T13:22:44.000Z' section: Housing tags: - News word_count: 342 canonical: https://money.com/rent-getting-cheaper-cities/ 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/). ![Sacramento skyline and riverfront](https://img.money.com/2023/01/9-cities-where-rent-is-getting-cheaper.jpg) Although you probably shouldn't be holding your breath for significantly more affordable rents in 2023, here's a glimmer of good news: Some relief from unrelenting price increases is well underway. It still costs renters 20% more to [take out a new lease](https://money.com/is-it-better-to-rent-or-buy-a-house/) than it did three years ago, according to [a report](https://www.redfin.com/news/redfin-rental-report-december-2022/) from the real estate listing site Redfin. But data shows rents [continued cooling](https://money.com/rent-falling-major-cities/) into December after many consecutive months of double-digit year-over-year increases, even in some of the [hottest markets](https://money.com/cities-where-renting-cheaper-than-buying/). While that doesn’t mean renters should expect killer deals to surface in the new year, this month marked the smallest year-over-year increase in median asking rents (5%) since July 2021. Economists at another listing site, [Realtor.com](https://www.realtor.com/news/trends/rent-prices-are-declining-in-these-cities/), say that although they expect rental prices to continue climbing nationally, the trend of double-digit hikes is likely over. As of November, rentals in nine of the 50 largest [cities in the U.S.](https://money.com/best-places-to-live/) have posted year-over-year declines, particularly in the Sun Belt, West and South. December also brought about the seventh straight month of slowed rent growth, according to Redfin. Rents dropped 1.4% from November and 3.6% from their peak in August, when the national median asking rent was $2,053. Redfin’s latest rental market report puts the current U.S. median asking rent at $1,979. These are the nine U.S. metros where [rent](https://money.com/signs-its-time-to-stop-renting-and-buy/) prices are down compared to December 2021, according to Realtor.com. 1. Riverside, California Median rent as of November: $2,071 Year-over-year change: -5.5% 2. Las Vegas, Nevada Median rent: $1,481 Year-over-year rent change: -4.9% 3. Sacramento, California Median rent: $1,838 Year-over-year rent change: -4.8% 4. New Orleans, Louisiana Median rent: $1,371 Year-over-year rent change: -2.8% 5. Phoenix, Arizona Median rent: $1,600 Year-over-year rent change: -2% 6. Atlanta, Georgia Median rent: $1,689 Year-over-year rent change: -1.8% 7. Tampa, Florida Median rent: $1,783 Year-over-year rent change: -1.8% 8. Jacksonville, Florida Median rent: $1,454 Year-over-year rent change: -0.8% 9. Austin, Texas Median rent: $1,656 Year-over-year rent change: -0.6% [Is It Better to Rent or Buy a House?](https://money.com/is-it-better-to-rent-or-buy-a-house/) ['Sloppy' Background Checks Are Preventing Renters From Securing Housing](https://money.com/tenant-background-checks-problems-cfpb/) [Current Mortgage Rates Retreat Once Again](https://money.com/current-mortgage-rates/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/rent-getting-cheaper-cities/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Housing", "item": "https://money.com/housing/" }, { "@type": "ListItem", "position": 3, "name": "Renting", "item": "https://money.com/renting/" }, { "@type": "ListItem", "position": 4, "name": "Rent Is Finally Getting Cheaper — Especially in These 9 Cities" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/rent-getting-cheaper-cities/#webpage", "url": "https://money.com/rent-getting-cheaper-cities/", "name": "Rent Is Finally Getting Cheaper — Especially in These 9 Cities", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-01-12T21:24:12.000Z", "mainEntity": { "@id": "https://money.com/rent-getting-cheaper-cities/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/rent-getting-cheaper-cities/#breadcrumb" }, "dateModified": "2024-01-10T13:22:44.000Z" }, { "@type": "NewsArticle", "headline": "Rent Is Finally Getting Cheaper — Especially in These 9 Cities", "articleSection": "Housing", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/01/9-cities-where-rent-is-getting-cheaper.jpg", "width": 2880, "height": 1920, "caption": "9-cities-where-rent-is-getting-cheaper" } ], "author": [ { "@type": "Person", "name": "Mary Ellen Cagnassola", "url": "https://money.com/author/mary-ellen-cagnassola/", "@id": "https://money.com/author/mary-ellen-cagnassola/#author", "description": "Mary Ellen (M.E.) 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