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Over the last several years, rent prices have soared. Many Americans have found it difficult to keep up with the rising cost of everything. However, some cities are finally seeing a shift in a positive direction. There are some locations in the United States where rent prices are actually going down. So, if you are looking to find a more affordable place to live, you might consider making the move to one of these seven cities.
1. Austin, Texas
Austin has been a fairly popular place to live in recent years as a result of the booming tech industry. In 2025, there will be a significant drop in the prices of rentals. It was reported that the city saw a 4.2% decrease in rental prices at the end of 2024. That trend is expected to continue. While the cost of living remains relatively high, declining rents make it a more appealing option for young professionals. If you’ve been priced out before, now might be the time to consider Austin.
2. Nashville, Tennessee
Nashville is another city that is seeing some relief in terms of rent prices. The music city saw skyrocketing rent prices over the past few years, but increased construction is driving rates down. Investors overbuilt in popular neighborhoods, creating a surplus of available units, which has led to a 5.2% decrease in prices. Renters looking for deals in a vibrant city should check out Nashville this year.
3. Las Vegas, Nevada
Viva Las Vegas! Although Vegas is known for being a tourist city, it is becoming one of the cheaper places to live. The city saw a rental price dip of nearly 5% due to the construction boom that has left many rental properties vacant. Additionally, the cost of living in Vegas is still relatively affordable compared to major metros, making it a prime destination for budget-conscious renters.
4. Oakland, California
Oakland has always been a more affordable alternative to San Francisco. Now, the city has seen a steep decrease in rental prices. In 2024, Oakland saw rent prices drop 8.8% from the previous year. Many remote workers are moving to states with no income tax, leaving a surplus of available units. New housing developments have also added inventory, reducing rental competition.
5. Denver, Colorado
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Denver is another spot that was red-hot in the rental market until recently. More people are choosing to move out of the city, leading to a 5.6% decrease in rent prices last year. High mortgage rates have slowed home purchases, keeping more people renting, but not enough to keep prices up. Employers adopting flexible work policies have reduced the need for downtown housing. Renters looking for outdoor access and a thriving cultural scene at a lower price will find Denver an attractive option.
6. Memphis, Tennessee
Nashville isn’t the only Tennessee city that is seeing a decrease in rental prices. Memphis has always been one of the more affordable places to live in the U.S. Believe it or not, prices have gone down even further. The city saw a 5.4% decrease in cost for rentals last year. Many young professionals are opting for larger cities, decreasing competition for housing. The low cost of living and Southern charm still make Memphis an appealing place to settle.
7. Dallas, Texas
In addition to Austin, Dallas is another seeing notable rent price declines. Prices dropped 4.3% in 2024 and are expected to continue to go down. This is due to the rapid expansion of apartment complexes in recent years, which led to an oversupply. On top of that, suburban areas are becoming more attractive, drawing renters away from the city center.
Is Now the Time to Move?
Anyone who has been waiting for rent prices to drop can look forward to significant changes in pricing in the coming months. So, if you’re going to be moving, you may want to consider relocating to one of these cities. The prices are dropping and they’re becoming more affordable by the day.
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Drew Blankenship is a former Porsche technician who writes and develops content full-time. He lives in North Carolina, where he enjoys spending time with his wife and two children. While Drew no longer gets his hands dirty modifying Porsches, he still loves motorsport and avidly watches Formula 1.
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