Discover 10 Cities Where Rent Prices Are Plummeting in 2024

While most expenses tend to rise over time, rent has surprisingly followed a different trend recently.

According to Realtor.com’s September 2024 rental report, last month marked the 14th consecutive month of year-over-year rent decline for zero- to two-bedroom properties.

Although the average decline was modest—about $8 or -0.5% year-over-year—certain cities have seen more significant decreases.

Here’s a list of the 10 cities where rent prices have been dropping quickly:

1. Nashville, Tennessee

   • Median asking rent: $1,578
   • Year-over-year change: -4.8%

2. Dallas, Texas

   • Median asking rent: $1,475
   • Year-over-year change: -4.0%

3. Denver, Colorado

   • Median asking rent: $1,889
   • Year-over-year change: -4.0%

4. Austin, Texas

   • Median asking rent: $1,522
   • Year-over-year change: -3.7%

5. Birmingham, Alabama

   • Median asking rent: $1,251
   • Year-over-year change: -3.5%

6. Memphis, Tennessee

   • Median asking rent: $1,227
   • Year-over-year change: -3.5%

7. San Diego, California

   • Median asking rent: $2,828
   • Year-over-year change: -3.4%

8. Atlanta, Georgia

   • Median asking rent: $1,610
   • Year-over-year change: -3.2%

9. Miami, Florida

   • Median asking rent: $2,372
   • Year-over-year change: -3.1%

10. San Antonio, Texas

    • Median asking rent: $1,268
    • Year-over-year change: -3.1%

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With rents decreasing in these cities, it may be a good time for renters to explore their options.

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