5 US Cities Where Rent Is Finally Cooling — And What It Means for Your Move
It might seem like no matter where you move, the rent will always be high. But the truth is, some hot real estate markets have significantly cooled in the past five years. The cities you felt were too expensive to move to when you last checked might be within your price range.
Here are the expert takes on U.S. cities where rent has gone down.
Even You: 50 Fastest-Growing ZIP Codes That Are Still Affordable for the Middle Class
Try It: Start Growing Your Net Worth With Smarter Tracking
1. Austin, Texas
At one point, Austin was one of the hottest real estate markets in America. According to Pew, rents increased in Austin nearly 93% from 2010 to 2019 and they kept rising. In December 2021, the median rent was $1,546, which was 15% higher than the rest of the country. In January of this year, the city’s median rent had fallen to $1,296. The country’s median rent is currently around $1,370 — a higher rate than Austin’s — according to Apartment List.
“A renter may have felt priced out on 2021 or 2022, but now there is more room to negotiate, especially in new buildings competing for tenants,” said Chris Murphy, the founder of Waterfront Homes.
And cheaper rent isn’t the only reason to move to Austin.
“Austin is a good choice for people who are looking for energy, jobs, food and music,” he said.
2. Phoenix
Looking for a city that feels like a mini vacation? Murphy recommended Phoenix.
“Phoenix is good for renters who want sunshine, space and access to hiking, golf, spring training and quick trips to Sedona or Flagstaff," he said.
In 2021, Phoenix’s median rent was $1,800, according to AZ Housing for All, right on par with the nation. Now, the median rent is currently around $1,431, Realtor.com reported.
Enter for a Chance To Win $500 in MoneyLion's Summer Break Giveaway (No pur. nec. Ends 7/4/26. See official rules at mlion.info/summerbreakofficialrules)
3. Memphis, Tennessee
“Memphis feels a lot more reasonable for renters now than it did during the 2022 housing surge,” said Federico Zimerman, CEO and property revenue manager of RevFactor.
That surge Zimerman is referring to is when the median rent in Memphis was $1,757 in 2022. Now, as Realtor.com reported, it has fallen to $1,672. Those moving to Memphis can enjoy ample job opportunities and things to do.
“Prices backed off from those peak levels but the city still has steady hiring in healthcare and logistics and places like Cooper-Young give people restaurants, live music and walkable streets without the price tag of bigger cities,” Zimerman said.
4. Pittsburgh
Renters in Pittsburgh saw a 10.1% increase in 2021, according to Realtor.com. That put the median rent in 2021 at $1,781. Now the median rent in Pittsburgh for all types of residences is $1,695, according to RentHop. Zimerman said that the dip in rents isn't related to a decrease in the number of jobs available.
“At the same time, the city kept adding demand through healthcare, universities and tech employers,” Zimerman said. “Lawrenceville especially has become one of those neighborhoods people move to because they like being there, not simply because it costs less.”
5. Jacksonville, Florida
From 2020 to 2021, Jacksonville saw a 32% increase in rent. The average rent in December of 2021 was $1,625, according to Acorns. Now the average rent in the city is $1,600, Zillow reported, a slight bump from recent lows of $1,588.
“What makes it a serious consideration is that the rent drop there comes packaged with a lifestyle and job market most similarly priced cities simply can't match,” said Andrew Brown, the founder and owner at Immediate Movers & Storage. “It sits on the coast, has no state income tax and an economy that's based on healthcare, finance and logistics, which provides relocating families with more than just a lower apartment rent.”
Summer spending adds up fast. Enter MoneyLion's Summer Break Giveaway for a chance to win $500 — and give your budget a break. (No pur. nec. Ends 7/4/26. See official rules at mlion.info/summerbreakofficialrules)
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
More From MoneyLion: