The 11 major metro areas where rent is falling the most
In these major cities, rents are dropping — even if they're still higher than they were before the pandemic
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The rent may be "too damn high," but in some major cities, it’s actually declining.
That’s in line with trends across the country, where median rents are down year-over-year, according to Realtor.com.
But where you live has a lot to do with whether you’re seeing housing in your area become more affordable.
Realtor.com looked at the largest metro areas across the country and found the ones that are seeing the sharpest decreases. None of the drops are in the double digits, but they still represent significant amounts of money saved for tenants each month.
Continue reading to see which states made the list.
9th largest decrease — Tie: Sacramento metro area, California
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Rents in the Sacramento-Roseville-Folsom metro area fell 4.2% year-over-year. Rents there have still increased 25% in the last 6 years.
9th largest decrease — Tie: Louisville metro area, Kentucky and Indiana
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Rents in the Louisville/Jefferson County metro area fell 4.2% year-over-year. Rents there have increased 21.2% in the last 6 years.
8th largest decrease: Las Vegas metro area, Nevada
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Rents in the Las Vegas-Henderson-North Las Vegas metro area fell 4.6% year-over-year. Rents there have increased 19.8% in the last 6 years.
7th largest decrease: Riverside-San Bernardino-Ontario, California
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Rents in the Riverside-San Bernardino-Ontario metro area fell 4.8% year-over-year. Rents there have increased 15.5% in the last 6 years.
6th largest decrease — Tie: Jacksonville, Florida
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Rents in the Jacksonville metro area fell 4.9% year-over-year. Rents there have increased 24.6% in the last 6 years.
6th largest decrease — Tie: San Diego metro area, California
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Rents in the San Diego-Chula Vista-Carlsbad metro area fell 4.9% year-over-year. Rents there have increased 11.5% in the last 6 years.
5th largest decrease: Nashville metro area, Tennessee
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Rents in the Nashville-Davidson–Murfreesboro–Franklin metro area fell 5.1% year-over-year. Rents there have increased 21.0% in the last 6 years.
4th largest decrease: Raleigh-Cary, North Carolina
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Rents in the Raleigh-Cary metro area fell 5.9% year-over-year. Rents have increased 22.0% in the last 6 years.
3rd largest decrease: Phoenix metro area, Arizona
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Rents in the Phoenix-Mesa-Chandler metro area fell 6.2% year-over-year. Rents there have increased 19.6% in the last 6 years.
2nd largest decrease: Greater Austin, Texas
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Rents in the Austin-Round Rock-San Marcos metro area fell 6.5% year-over-year. Rents there have increased 12.9% in the last 6 years.
Largest decrease: Denver metro area, Colorado
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Rents in the Denver-Aurora-Centennial metro area fell 7.0% year-over-year. Rents there have increased 7.2% in the last 6 years.