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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