10 U.S. Metropolitan Areas Where Rent Prices Decreased Most

In this article, read and find out the 10 metropolitan areas in the U.S. where prices of rent have decreased the most. The real estate markets in these areas had the biggest percentage decrease from the second half of 2021 to the second half of 2022.

House For Rent in Florida [Photo: ShuffieldLowman]

Memphis, Tennessee

Average rent in 2021: $1,800

Average rent in 2022: $1,695

Rent decrease: -5.8%

Port St. Lucie, Florida

Average rent in 2021: $2,800

Average rent in 2022: $2,650

Rent decrease: -5.4%

Cape Coral, Florida; Fort Myers, Florida

Average rent in 2021: $4,000

Average rent in 2022: $3,795

Rent decrease: -5.1%

Palm Bay, Florida; Melbourne, Florida; Titusville, Florida

Average rent in 2021: $2,300

Average rent in 2022: $2,200

Rent decrease: -4.3%

Phoenix; Mesa, Arizona; Chandler, Arizona

Average rent in 2021: $2,350

Average rent in 2022: $2,300

Rent decrease: -2.1%

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Hard to Predict

In an article from Realtor, a rental report revealed that the average rental price in the U.S. by December 2022 was $1,712. This amount is almost $800 cheaper than the monthly cost of a starter home. A recent report from a real estate analysis firm, Attom, also stated that renting a three-bedroom house is more affordable than owning an average-priced property in most places in the U.S. However, executive vice president of market intelligence at Attom, Rick Sharga, adds that in 2022, it was cheaper to purchase a house than to rent in 60% of the real estate markets. This means that it is hard to predict in case the economy heads for a recession because it may change financial priorities.

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