10 Metros Where Rents Are Rising and Dropping the Most

Table of Contents


  • Nationwide, rent prices climbed 0.8% year over year to $1,653 – just below the record high
  • Residents in Washington, D.C. and Cincinnati saw the largest increases
  • Renters in Jacksonville and San Diego saw some relief

National rental market snapshot

According to Redfin, the median U.S. asking rent rose 0.8% year over year in May to $1,653, $47 below the record high set in August 2022. This is the second consecutive increase (rents climbed in April, too) following 11 months of decreases.

Apartment prices are strongly influenced by the supply of available units. During the pandemic, a surge in multifamily construction led to increased competition for tenants among building owners, which pushed rent prices down. Now, demand from young renters who are priced out of the homebuying market is pushing prices up. A sufficient rental inventory is keeping prices from rising substantially, though.

May 2024: U.S. metros where rents are rising

U.S. metro area Year-over-year change in median asking rent  Median asking rent
Washington, D.C. 11.1% $2,067
Cincinnati, OH 10.9% $1,372
Chicago, IL 10.8% $1,750
Minneapolis, MN 10.3% $1,676
Virginia Beach, VA 10.3% $1,587
New York, NY 9.2% $2,987
Boston, MA 7.4% $2,835
Indianapolis, IN 7.2% $1,447
Houston, TX 6.8% $1,275
Baltimore, MD 6.6% $1,599

Redfin analyzed 33 major U.S. metropolitan areas. See methodology for details. 

Why are rents rising in these metros?

Rents are rising in many Midwest metros because the region hasn’t been building as many apartments. The Midwest is also the most affordable region to live in, which helps boost demand at a time when housing affordability is strained across most of the country. 

May 2024: U.S. metros where rents are falling

U.S. metro area Year-over-year change in median asking rent  Median asking rent
Jacksonville, FL -10.1% $1,520
San Diego, CA -8.7% $2,820
Austin, TX -7.2% $1,559
Seattle, WA -5.9% $2,090
Phoenix, AZ -5.5% $1,541
Nashville, TN -5.3% $1,605
Tampa, FL -5.0% $1,757
Miami, FL -4.2% $2,486
Orlando, FL -4.0% $1,795
Charlotte, NC -3.8% $1,519

Redfin analyzed 33 major U.S. metropolitan areas. See methodology for details. 

Why are rents falling in these metros?

Rents are primarily falling in the Sun Belt, in part because the region has been building more apartments than other parts of the country. The influx of new construction was to meet demand brought on by the surge of people who moved in during the pandemic. Seattle similarly saw a surge in new construction. Now, though, the housing boom is fading, and property owners are facing vacancies, which is causing rents to fall. 

Methodology

Asking rent figures in this report cover newly listed units in buildings with five or more units. The median is calculated based on a rolling three-month period. For example, the median asking rent for May 2024 covers rentals that were listed on Rent. and Redfin during the three months ending May 31, 2024.

Metro-level data in this report covers 33 of the 50 most populous U.S. metropolitan areas. National figures are based on data for the entire U.S. 

Asking rents reflect the current costs of new leases. In other words, the amount shown as the median asking rent is not the median of what all renters are paying, but the median asking price of apartments available for rent.



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