REPORT: Austin tops list of largest rent dips year over year

AUSTIN (KXAN) — The Austin area saw the largest year-over-year decrease in rent prices among the country's largest metros, according to a Redfin analysis released Wednesday.

As of November, Redfin data found the median asking rent price in Austin rang in at $1,445, down 12.4% from November 2023. The Texas capital wasn't the only southern city to make the list, as communities throughout the Sun Belt metros saw the most substantial declines in Redfin's data deep dive.

The top 10 metros for median rent decreases include:

1. Austin, Texas: $1,445 median asking rent in November; down 12.4% year over year
2. Tampa, Florida: $1,740 median asking rent in November; down 11.3% year over year
3. Raleigh, North Carolina: $1,424 median asking rent in November; down 8.4% year over year
4. Jacksonville, Florida: $1,475 median asking rent in November; down 7.5% year over year
5. Nashville, Tennessee: $1,506 median asking rent in November; down 7.0% year over year
6. Denver, Colorado: $1,710 median asking rent in November; down 5.7% year over year
7. Seattle, Washington: $1,995 median asking rent in November; down 4.5% year over year
8. New York, New York: $2,798 median asking rent in November; down 4.2% year over year
9. Orlando, Florida: $1,703 median asking rent in November; down 4.1% year over year
10. Pittsburgh, Pennsylvania: $1,390 median asking rent in November; down 3.5% year over year

Nationally, Redfin's findings noted the median asking rent across the United States dropped 0.7% year over year in November, with a median price of $1,595. That figure marked the lowest level since March 2022, per Redfin analysts.

"Renters in areas where construction has boomed are in a sweet spot right now. Affordability is improving as rents fall and wages rise, and there is increased choice with more and more new apartment buildings opening," Redfin Senior Economist Sheharyar Bokhari said in the release. "As construction starts to slow, rents will eventually tick back up, but 2025 is shaping up as a renter’s market with potential for the affordability gap between buying and renting to widen."

On the flip side, areas that have seen lower levels of construction activity — such as the Midwest and the East Coast — reported the highest increases. Cleveland, Ohio, led the way with a 10.6% year-over-year median rent increase, at $1,360 in November.

The top 10 metros that saw the highest upticks in year-over-year rent increases include:

1. Cleveland, Ohio: $1,360 median asking rent in November; up 10.6% year over year
2. Louisville, Kentucky: $1,236 median asking rent in November; up 10.2% year over year
3. Baltimore, Maryland: $1,597 median asking rent in November; up 9.4% year over year
4. Washington, D.C.: $2,044 median asking rent in November; up 9.4% year over year
5. Providence, Rhode Island: $2,120 median asking rent in November; up 9.3% year over year
6. Buffalo, New York: $1,315 median asking rent in November; up 6.9% year over year
7. Detroit, Michigan: $1,395 median asking rent in November; up 6.8% year over year
8. Virginia Beach, Virginia: $1,600 median asking rent in November; up 6.8% year over year
9. Chicago, Illinois: $1,736 median asking rent in November; up 6.5% year over year
10. Memphis, Tennessee: $1,222 median asking rent in November; up 6.3% year over year

The full analysis is available online.