19 cities where rent is falling fast, even as price hikes continue to frustrate consumers

• Rents roseate past quarter, according to a caller study of complete 750 US real-estate markets.
• Both tenants and homebuyers mislaid retired arsenic prices remained elevated.
• Here are 19 places wherever rents declined by astatine slightest 5%.

Renters mightiness not person galore reasons to observe aft all.

Landlords consistently accrued rents crossed nan US successful nan 3rd quarter, according to new information from real-estate tract Rentometer. The hikes were humble but unmistakable, rising 0.5% from nan 2nd 4th and 3% from 2023 — a spot supra past month's ostentation rate, which came successful hot.

That appears to conflict pinch caller rent reports from Realtor.com and rental listings tract Zumper, which recovered that flat prices successful nan largest US cities declined modestly successful September.

However, this isn't an apples-to-apples comparison, arsenic Rentometer's study encompasses each of nan 3rd 4th and 757 markets crossed six regions, alternatively of conscionable nan 50 aliases 100 biggest ones.

Just for illustration pinch inflation, location are astatine slightest 2 ways to construe this data. The glass-half-full position is that value increases for single-family rental units are alternatively low, astatine slightest compared to nan surges early successful nan pandemic. But while nan complaint of value increases is slowing, moreover from nan anterior quarter, renters are still coughing up much than they were past year, according to Rentometer's report.

Anyone who doesn't ain spot is caught betwixt a stone and a difficult place, arsenic rent is up but spot prices stay exorbitant. Mortgage rates are besides climbing again, moreover though they're down importantly from their highest past fall. That's why home income person continued to tumble.

Those affordability constraints "have kept galore would-be buyers successful nan rental market," researchers astatine Rentometer wrote successful their October 23 report. However, they noted that nan places pinch awesome home-price maturation besides had immoderate of nan fastest rent growth.

Softer request hasn't wounded location prices because of nan long-standing lodging marketplace shortage. There's a akin move going connected successful nan single-family rental market, according to Rentometer.

"While flat rents person softened due to a roar successful caller construction starring to accrued title and higher vacancy rates, location has been constricted caller building for single-family rentals," researchers astatine Rentometer wrote. "The immense mostly of single-family rentals travel from existing lodging stock."

Fewer single-family units to take from intends that tenants person little bargaining powerfulness and whitethorn beryllium forced to judge rent increases. Of course, spot owners aren't complaining.

19 cities wherever rent is quickly sliding

Although rent broadly is connected nan upswing, location are galore cities wherever single-family rental units are getting cheaper, moreover if they're admittedly fewer and acold between. Of nan 757 real-estate markets successful Rentometer's analysis, only 110 saw rents diminution successful nan 3rd quarter.

Savings connected single-family rental units were hardest to find successful nan Midwest and Northeast, wherever prices were each up complete 9% compared to nan 3rd 4th of 2023. Renters whitethorn person had amended luck successful nan Southeast and Southwest, wherever prices were up 3.6% and 2.2%, respectively.

However, those who look successful nan correct places tin still people deals. Business Insider analyzed Rentometer's information and recovered that rent fell by astatine slightest 5% successful 19 markets. Below are those places, on pinch their mean rent and rent maturation successful nan 3rd quarter, positive their region.