Rent Relief Spreads Across Several U.S. Cities

Rents are easing in parts of the South and Mountain West, with Austin posting the largest decline and several other cities seeing 2–5% drops, while some metros like the Bay Area, Chicago, and St. Louis see gains in certain areas. Nationally, the median rent for new leases is down about 1.5% year over year but remains roughly 20% above pre‑pandemic levels at around $1,400, and Harvard notes more renters are spending over 30% of income on housing costs as homeownership remains out of reach.