Austin, TX – Rental prices across the U.S. showed little change in January, with the median asking rent settling at $1,599—down 0.1% from the previous year, according to a new Redfin report. While rents remain steady nationwide, some cities are experiencing dramatic shifts.
Austin saw the steepest decline among major metros, with median asking rents dropping 16% year over year to $1,399, now $400 below its August 2023 peak of $1,799. Tampa, Salt Lake City, Jacksonville, and New York also recorded notable declines.
Meanwhile, Los Angeles renters faced rising costs, particularly for three-bedroom units, which surged 3.9% to $3,950—partly driven by wildfires displacing families. The overall median rent in L.A. remains $2,780, ranking among the highest in the country.…