US Rent Prices Decline for 11th Consecutive Month

Despite the drop, renters still face significantly higher costs compared to pre-pandemic levels.

Median rent in the 50 largest US metros fell to $1,743 in June, down $7 from the previous year.
Austin, TX, saw the largest decrease, with rents dropping 9.5% year-over-year.
Renters are still paying $300 more per month on average than they did in 2019.
Southern cities like San Antonio and Nashville also experienced notable rent declines.
San Francisco is the only major city where current rents are lower than pre-pandemic levels.