Nationwide, rents have declined for 19 straight months except in Manhattan, where they rose 7%. However, it’s important to keep in perspective that rents remain 14% higher nationwide than they were before the pandemic.
The ten metro areas where they have fallen the most include:
- Denver, CO – 6.4%
- San Diego, CA – 6.0%
- Birmingham, AL – 5.4%
- Austin, TX – 4.8%
- Riverside, CA – 3.6%
- Raleigh, NC – 3.5%
- Cincinnati, OH – 3.3%
- San Francisco, CA – 3.3%
- Phoenix, AZ – 3.1%
- Cleveland, OH – 3.0%