U.S. inflation increased slightly in November, but there is one silver lining: Rents are coming down. 

What You Need To Know

  • Compared with a year earlier, thhe median asking rent dropped 0.7% in November to $1,595, according to a new analysis of rental listings on Rent.com and Redfin.com

  • Nationally, median rent is 6.2% less than August 2022, when it hit an all-time high of $1,700

  • Per square foot, asking prices for rentals dropped 2.2% in November compared with the same month in 2023, falling to their lowest level since December 2021

  • Rents fell the most in Austin, Texas (12.4%); Tampa, Florida (11.3%); Raleigh, North Carolina (8.4%); Jacksonville, Florida (7.5%) and Nashville, Tennessee (7.0%)

Compared with a year earlier, the median asking rent dropped 0.7% last month to $1,595, according to a new analysis of rental listings on Rent.com and Redfin.com. 

Nationally, median rent is 6.2% less than it was in August 2022, when it hit an all-time high of $1,700.

Per square foot, asking prices for rentals dropped 2.2% in November compared with the same month in 2023, falling to their lowest level since December 2021. Asking rents for apartments with at least three bedrooms fell the most (2.3%), followed by studios and one-bedrooms (1.7%) and two-bedroom units (1.1%).

Rents fell the most in Austin, Texas (12.4%); Tampa, Florida (11.3%); Raleigh, North Carolina (8.4%); Jacksonville, Florida (7.5%) and Nashville, Tennesse (7.0%). 

“Renters in areas where construction has boomed are in a sweet spot right now,” Redfin Senior Economist Sheharyar Bokhari said in a statement, noting that the Sun Belt has seen the highest levels of apartment building. “Affordability is improving as rents fall and wages rise, and there is increased choice with more and more new apartment buildings opening.”

More apartments were built in the second quarter of 2024 than at any time in the last 12 years, prompting vacancies in buildings with five or more units to increase and helping to decrease rental costs.

Some cities, however, saw rent costs rise. Cleveland led the major metropolitan areas that saw the highest rent increases in November, followed by Louisville, Kentucky; Baltimore; Washington; and Providence, Rhode Island.