Renting is getting less expensive for people living in the largest US metropolitan areas.
In September, rents declined on an annual basis in more than half of the nation’s 35 largest markets, the first time in six years, according to data from Zillow. Portland, Oregon and Seattle, Washington saw the biggest drops at 2.7% and 2.2% respectively.
“For renters, slower rent growth is welcome news and will put more spending money in their already stretched pockets,” Zillow Senior Economist Aaron Terrazas said.
He added: “Rents remain high by historic standards, but September’s modest annual decline in rents should ease some of the pressure pushing higher-income renters to buy.”
Zillow’s conclusion is based on its Zillow Rent Index, which tracks monthly median rent in particular geographical regions based on a consistent stock of inventory.
The list below, based on the Zillow Rent Index, highlights the 11 cities in America where rents fell the fastest in September, ranking from the least to the most.