Rent prices falling in most U.S. cities, report finds

Renters are getting a financial reprieve as the cost of rent dropped slightly in parts of the nation.

A Redfin report revealed that the median asking rent fell 1% year over year in May to $1,633, a dip of $72 from a record high in August 2022. 

According to Redfin, 28 of the 44 major U.S. cities saw rent prices decline last month—the highest number since September 2023.

Which cities had the biggest decline in rent costs?

Why you should care:

Rent prices fell the most in Austin, Texas, with a median decline of 8.8%, followed by Minneapolis, Minn. (-6.3%), Colombus, Ohio (-3.5%), Nashville, Tenn. (-3.4%) and Portland, Ore. (-3.4%) in the rest of the top five

Meanwhile, rent prices spiked in 16 of the 44 cities, with Cincinnati, Ohio having the biggest increase of 7.4%, followed by Tampa, Fla. (4.2%), St. Louis, Mo. (4%), Pittsburgh, (3.5%) and Washington D.C. (2.4%) 

Rent prices spiked in four cities

By the numbers:

 The report revealed that asking rent prices also jumped in four cities which are Chicago ($1,781), Cincinnati ($1,460), Memphis ($1,274) and Washington, D.C. ($2,104).

Two-bedroom rent costs fall 

Why you should care:

Rent costs for one-bedroom apartments dipped 0.7% year over year to $1,492. But for two-bedroom apartments, the price dropped 1.8% to $1,704, the largest decline since February 2024. Redfin noted that apartments with three or more bedrooms saw prices dip by 0.2% to $2,009, the smallest decline in a year.

Redfin collected statistics for its report by analyzing rent data for newly listed units in apartment buildings with five or more units. According to the report, the  median rent price is calculated based on a rolling three-month period, i.e., the median asking rent for May 2025 covers rentals that were listed on Rent.com and Redfin.com during the three months ending May 31, 2025. Redfin’s rental records date back to 2019.

ConsumerNews