Home Rents Fall in 28 Major US Metros

Falling rents and high costs of buying homes are pushing many people to stick with renting.

A sign posted in front of an apartment building in San Francisco on June 9, 2023. Justin Sullivan/Getty Images

Median residential asking rents declined in 28 out of 44 major metros in the United States last month on an annual basis, the highest number since September 2023, real estate brokerage Redfin said in a June 4 statement.

Austin, Texas, saw the largest percentage decline in May among the 44 metros analyzed by the company, with the median asking rent dipping 8.8 percent to $1,385 year over year. It was followed by Minneapolis; Columbus, Ohio; Nashville; and Portland, Oregon.