7 top cities where renters can score significant savings despite persistent inflation

Renters looking for studios were in luck, as those units cost 1.9% less than in 2023 at $1,449, while one-bedroom setups slid 1.1% to $1,612 and two-bedroom fixtures fell 0.7% to $1,925.

But upon closer examination, tenants do not have much to celebrate.

Apartment prices were higher than in April, as is common in the busy spring moving season. And while dozens of cities were cheaper compared to 2023, rent was only down materially in a few. Rent has steadily fallen throughout 2024, but the pace of declines has slowed dramatically.

Slight affordability improvements are appreciated, but they're barely moving the needle since rent is up 21.5% in the last five years as part of a broader surge in inflation. And while price growth is down from its peak, it's still higher than hoped, so renters may not even notice cost savings.

Even more alarming is that smaller rent declines may cause inflation to persist longer than expected, said Danielle Hale, the chief economist at Realtor.com, in a statement for the report.

7 cities where rent is getting much cheaper

Rent fell year-over-year in 28 of the 50 biggest US cities in May, though only seven markets saw apartment prices fall by at least 5% — down from 18 locations last month.

The most substantial affordability improvements were in southern cities, including popular spots like Austin, Texas, and Nashville.

Below are the seven metropolitan areas where apartments were at least 5% cheaper in May than in the prior year, along with the median rent and year-over-year and month-over-month changes for each, according to Realtor.com.