The Brief

Rent prices fell slightly in the month of May.

Austin, Texas saw the biggest decline in rent costs.

Chicago and Washington, D.C. were among four cities that experienced spikes in rent prices.

Renters are getting a financial reprieve as the cost of rent dropped slightly in parts of the nation.

A Redfin report revealed that the median asking rent fell 1% year over year in May to $1,633, a dip of $72 from a record high in August 2022.

According to Redfin, 28 of the 44 major U.S. cities saw rent prices decline last month—the highest number since September 2023.

Which cities had the biggest decline in rent costs?

Why you should care:

Rent prices fell the most in Austin, Texas, with a median decline of 8.8%, followed by Minneapolis, Minn. (-6.3%), Colombus, Ohio (-

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