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Renting is getting less expensive for people living in the largest US metropolitan areas.
In September, rents declined on an annual basis in more than half of the nation’s 35 largest markets, the first time in six years, according to data from Zillow. Portland, Oregon and Seattle, Washington saw the biggest drops at 2.7% and 2.2% respectively.
“For renters, slower rent growth is welcome news and will put more spending money in their already stretched pockets,” Zillow Senior Economist Aaron Terrazas said.
He added: “Rents remain high by historic standards, but September’s modest annual decline in rents should ease some of the pressure pushing higher-income renters to buy.”
Zillow’s conclusion is based on its Zillow Rent Index, which tracks monthly median rent in particular geographical regions based on a consistent stock of inventory.
The list below, based on the Zillow Rent Index, highlights the 11 cities in America where rents fell the fastest in September, ranking from the least to the most.
San Antonio, Texas
Sean Pavone/Shutterstock
September rent change YoY: -1.1%
September Zillow Rent Index: $1,330
Source: Zillow
Indianapolis, Indiana
Flickr / Serge Melki
September rent change YoY: -1.2%
September Zillow Rent Index: $1,195
Source: Zillow
St. Louis, Missouri
Steven Liveoak/Shutterstock
September rent change YoY: -1.2%
September Zillow Rent Index: $1,139
Source: Zillow
Kansas City, Missouri
Scruggelgreen/Shutterstock
September rent change YoY: -1.4%
September Zillow Rent Index: $1,264
Source: Zillow
Austin, Texas
Flickr/deneyterrio
September rent change YoY: -1.6%
September Zillow Rent Index: $1,683
Source: Zillow
Boston, Massachusetts
f11photo/Shutterstock
September rent change YoY: -1.6%
September Zillow Rent Index: $2,367
Source: Zillow
Philadelphia, Pennsylvania
Shutterstock
September rent change YoY: -1.7%
September Zillow Rent Index: $1,566
Source: Zillow
Chicago, Illinois
Nicholas Henderson/Flickr
September rent change YoY: -1.9%
September Zillow Rent Index: $1,635
Source: Zillow
New York, New York
Stig Ottesen/Unsplash
September rent change YoY: -1.9%
September Zillow Rent Index: $2,370
Source: Zillow
Seattle, Washington
Sorin Colac/Shutterstock
September rent change YoY: -2.2%
September Zillow Rent Index: $2,169
Source: Zillow
Portland, Oregon
Facebook/Travel Portland
September rent change YoY: -2.7%
September Zillow Rent Index: $1,833
Source: Zillow
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