The 11 U.S. cities where rent prices fell the most in January

U.S. renters are yet getting a interruption connected their rent, with prices dropping successful 11 large markets successful January, according to new information by online realtor Redfin.

Median asking rent dropped to $1,942 past month, down from a 2022 highest of $2,053. While year-over-year rent maturation is inactive up 2.4% overall, it's fallen considerably from a highest of 17.5% successful March 2022, according to Redfin's investigation of the 50 largest metro markets.

Only 4 cities posted double-digit rent maturation successful January 2022, compared with 38 successful January 2021. 

The fig of cities with terms drops besides continues to climb, from conscionable 2 a year agone to 11 successful January. Here's however overmuch rent decreased successful those places:

1. Phoenix: -6.7%
2. Oklahoma City: -6.3% 
3. New Orleans: -5.2%
4. Minneapolis: -5.1% 
5. Houston: -4.9% 
6. Baltimore: -4.6% 
7. Birmingham, Alabama: -3.4%  
8. Chicago: -3.0% 
9. Virginia Beach, Virginia: -1.8% 
10. Seattle: -1.0%
11. Austin, Texas: -0.4% 

Rent maturation has cooled mostly due to the fact that of slowing request and increasing supply, according to Redfin. 

Housing enactment — a measurement of however galore households are created — has slowed, too, likely owed to economical uncertainty and rising inflation. This means that less radical are moving retired connected their own, specified arsenic young adults who unrecorded with their parents to prevention money.

The inclination of slowing terms maturation could continue: The nationwide rental vacancy is expected to grow successful the coming months arsenic much rentals deed the market, which could enactment downward unit connected prices.  

"We're watching intimately to spot whether rents commencement falling twelvemonth implicit year. That would beryllium a invited alleviation for renters because it hasn't happened since the onset of the pandemic," says Redfin main economist Daryl Fairweather.

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