Median rent is on the decline across the U.S. According to the October 2024 Apartment List National Rent Report, rent declined by 0.5% in September, which is seasonally aligned with past years. Year-over-year rent growth is also down 0.7%.
Rents are down month-over-month in 80 of the 100 largest cities, while 51 cities witnessed year-over-year declines.
Tulsa, Okla., had the fastest month-over-month rent growth at 0.8%. Oklahoma City and Birmingham, Ala., were each at 0.1%. New Orleans, La., was the slowest rent growth metro at -1.4%. Cleveland saw rent growth decline by 1.2% month-over-month.
Tulsa was also home to the fastest year-over-year rent growth at 5.7%. Cleveland was slightly behind at 5.2% rent growth. Hartford, Conn., was the only other city with at least 4% rent growth. Meanwhile, the Sun Belt was home to much of the rent growth slowdown. Austin, Texas, was at -7.2% year-over-year. Raleigh, N.C., and Jacksonville, Fla., also experienced above 4% rent growth declines.