Rent is a top expense for many Americans, so increases may disproportionately affect their budget. Between February 2023 and 2024, inflation as a whole went up by 3.15%. While the average rent increase in U.S. major cities was at parity with inflation, some cities saw rent increase as high as 8.0% – and others actually saw rent drop.
To find where rent increased and decreased most, SmartAsset ranked 100 of the largest U.S. cities by the percent increase in the average rent prices over a one-year period.
Key findings
10 cities where rent decreased most
Data and methodology
Rental data comes from Zillow's Zillow Observed Rent Index (ZORI). We compared data from May 2022 and May 2023 that was smoothed and seasonally adjusted for all homes plus multifamilies for 100 of the largest U.S. cities.
This story was produced by SmartAsset and reviewed and distributed by Stacker Media.