The median asking rent in the 50 largest metros for April was $1,723, up by $16 from March but down $12 from a year ago, marking the ninth consecutive annual decline. This is $33 lower than the pandemic peak in August 2022.
Austin experienced the largest rent relief with rents falling by 11.5% from the pandemic peak, allowing renters to save $195 per month. Although the current rent is $260 higher than five years ago, indicating a significant increase pre-COVID.
Realtor.com economist Jiayi Xu notes that the substantial number of new multifamily homes in Austin contributed to the rent relief. Despite the arrival of the higher-priced spring season, Austin's rents are not expected to peak in 2024.
Las Vegas follows Austin with a rent decline of 11.1%, allowing renters to save $184 per month compared to the peak in June 2022. The top five metros with significant rent drops include San Francisco, Charlotte, and Nashville.
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