Austin tenants saw some relief from spiraling rent costs at the end of 2023, with some of the steepest declines in the nation. A recent Rent.com report puts the city's median rent in December 2023 at $1,985 — a 12.5 percent decrease from the $2,270 the listings and data site reported in December 2022.
Only one major U.S. metro, Salt Lake City, saw year-over-year declines in December; rents there dropped 21 percent. Austin experienced the second largest decline among metros in the study, with a 13 percent drop year over year to $1,985.
Nationally, median monthly rents declined by 2 percent in November compared to the prior year — from $2,009 in 2022 to $1,967 a year ago. Median rents peaked in August 2022 at $2,054.
In Portland, Oregon, rents dropped by 6.72 percent year over year, with rents currently at $2,302. In Miami, rents, currently at $2,915, experienced a downslide of 7.67 percent on a yearly basis. Despite the drop, Miami remains the most expensive metro in the U.S. South.
Elsewhere in the South, rents have dropped in Raleigh, Houston, Memphis, Nashville, and New Orleans between 6 and 12 percent yearly.
Rent.com analyzed rental property prices in December 2023, the last full month of data, from its available inventory to identify its median rent prices at the national, state and metro levels. The analysis combines inventory and bedroom types into one simple median that covers all available rental units at the time.
