Rents are falling the fastest in these 11 cities

In the past 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.

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In the past 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.
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Justin Sullivan/Getty Images

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

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Sean Pavone/Shutterstock

September rent change YoY: -1.1%

September Zillow Rent Index: $1,330

Source: Zillow


Indianapolis, Indiana

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Flickr / Serge Melki

September rent change YoY: -1.2%

September Zillow Rent Index: $1,195

Source: Zillow


St. Louis, Missouri

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Steven Liveoak/Shutterstock

September rent change YoY: -1.2%

September Zillow Rent Index: $1,139

Source: Zillow


Kansas City, Missouri

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Scruggelgreen/Shutterstock

September rent change YoY: -1.4%

September Zillow Rent Index: $1,264

Source: Zillow


Austin, Texas

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A view of 6th Street in Austin during the South by Southwest festival.
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Flickr/deneyterrio

September rent change YoY: -1.6%

September Zillow Rent Index: $1,683

Source: Zillow


Boston, Massachusetts

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f11photo/Shutterstock

September rent change YoY: -1.6%

September Zillow Rent Index: $2,367

Source: Zillow


Philadelphia, Pennsylvania

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Shutterstock

September rent change YoY: -1.7%

September Zillow Rent Index: $1,566

Source: Zillow


Chicago, Illinois

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Nicholas Henderson/Flickr

September rent change YoY: -1.9%

September Zillow Rent Index: $1,635

Source: Zillow


New York, New York

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Stig Ottesen/Unsplash

September rent change YoY: -1.9%

September Zillow Rent Index: $2,370

Source: Zillow


Seattle, Washington

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Sorin Colac/Shutterstock

September rent change YoY: -2.2%

September Zillow Rent Index: $2,169

Source: Zillow


Portland, Oregon

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Facebook/Travel Portland

September rent change YoY: -2.7%

September Zillow Rent Index: $1,833

Source: Zillow


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Alex Wong / Getty Images

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