18 Cities Where Rent Prices Have Fallen Most From Their Pandemic Peak: Report

Rents In The U.S. Fall For Third Month In A Row
An 'Apartments for Rent' sign hangs in front of a building on December 06, 2022 in Miami Beach, Florida. Reports indicate that apartment rents across the country dropped in November by the most in at least five years. National index of rents fell by 1%, the third straight month-over-month decline. Photo by Joe Raedle/Getty Images

Rental prices in more than a dozen cities in the United States have fallen from their pandemic highs, according to a new report.

In April 2024, the U.S. median rent across the top 50 metros declined by 0.7% from March for studio units and properties with one to two bedrooms. This is the ninth month in a row median rents declined year-over-year, per Realtor.com.

Nationally, the median rent for all units saw declines from their pandemic highs. Rents for studio units fell by $48 from its peak in October 2022. Rents for one-bedroom properties slipped by $53 from their peak in August 2022 while the rents for two-bedroom apartments dropped by $37 from their pandemic high.

Despite the decline in national rent prices, only 18 cities in the U.S. have experienced post-peak rent drops of at least 5%.

"Renters in specific markets have had the fortunate experience of more significant cost relief when comparing the current rent with the peak since March 2019," Realtor.com economist Jiayi Xu wrote in the report.

Here are the cities where rents dropped the most from their pandemic peak.

1. Austin, Texas

Current Median Rent: $1,494

Peak Rent During the COVID-19 Pandemic: $1,689

Change From Peak Rent: -11.5%

2. Las Vegas, Nevada

Current Median Rent: $1,481

Peak Rent During the COVID-19 Pandemic: $1,665

Change From Peak Rent: -11.1%

3. San Francisco, California

Current Median Rent: $2,766

Peak Rent During the COVID-19 Pandemic: $3,069

Change From Peak Rent: -9.9%

4. Charlotte, North Carolina

Current Median Rent: $1,513

Peak Rent During the COVID-19 Pandemic: $1,670

Change From Peak Rent: -9.4%

5. Nashville, Tennessee

Current Median Rent: $1,523

Peak Rent During the COVID-19 Pandemic: $1,681

Change From Peak Rent: -9.4%

6. Raleigh, North Carolina

Current Median Rent: $1,487

Peak Rent During the COVID-19 Pandemic: $1,640

Change From Peak Rent: -9.3%

7. San Antonio, Texas

Current Median Rent: $1,230

Peak Rent During the COVID-19 Pandemic: $1,353

Change From Peak Rent: -9.1%

8. Atlanta, Georgia

Current Median Rent: $1,611

Peak Rent During the COVID-19 Pandemic: $1,767

Change From Peak Rent: -8.8%

9. Phoenix, Arizona

Current Median Rent: $1,540

Peak Rent During the COVID-19 Pandemic: $1,684

Change From Peak Rent: -8.6%

READ MORE: Asking Rents Are Declining the Most in These Cities

10. San Diego, California

Current Median Rent: $2,888

Peak Rent During the COVID-19 Pandemic: $3,145

Change From Peak Rent: -8.2%

11. Orlando, Florida

Current Median Rent: $1,677

Peak Rent During the COVID-19 Pandemic: $1,810

Change From Peak Rent: -7.4%

12. Jacksonville, Florida

Current Median Rent: $1,539

Peak Rent During the COVID-19 Pandemic: $1,658

Change From Peak Rent: -7.2%

13. Memphis, Tennessee

Current Median Rent: $1,222

Peak Rent During the COVID-19 Pandemic: $1,316

Change From Peak Rent: -7.1%

14. Dallas, Texas

Current Median Rent: $1,491

Peak Rent During the COVID-19 Pandemic: $1,599

Change From Peak Rent: -6.8%

15. Miami, Florida

Current Median Rent: $2,382

Peak Rent During the COVID-19 Pandemic: $2,539

Change From Peak Rent: -6.2%

16. Baltimore, Maryland

Current Median Rent: $1,762

Peak Rent During the COVID-19 Pandemic: $1,872

Change From Peak Rent: -5.9%

17. Seattle, Washington

Current Median Rent: $2,017

Peak Rent During the COVID-19 Pandemic: $2,132

Change From Peak Rent: -5.4%

18. Richmond, Virginia

Current Median Rent: $1,477

Peak Rent During the COVID-19 Pandemic: $1,556

Change From Peak Rent: -5.1%

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