The 15 Cities with the largest rent declines
What was once a red-hot rental market is now ice-cold one. Below are the 15 cities that in July experienced the largest YOY declines in median asking rents for 1-BR apartments. At the top is Nashville, which had been a red-hot rental market until this year when market forces pulled the ripcord. Also note Houston and Dallas on the list — and another formerly red-hot market, Portland:
| City | 1-BR $ | Y/Y % | 2-BR $ | Y/Y % |
| Nashville, TN | 1,170 | -14.6% | 1,350 | -6.9% |
| Baltimore, MD | 1,180 | -14.5% | 1,420 | -15.0% |
| Columbus, OH | 700 | -10.3% | 1,100 | 3.8% |
| Houston, TX | 1,150 | -10.2% | 1,400 | -12.5% |
| Buffalo, NY | 990 | -8.3% | 1,180 | -15.7% |
| Portland, OR | 1,350 | -8.2% | 1,700 | -1.7% |
| Lincoln, NE | 670 | -8.2% | 890 | -7.3% |
| Philadelphia, PA | 1,380 | -8.0% | 1,700 | 0.0% |
| Bakersfield, CA | 730 | -6.4% | 900 | 1.1% |
| Madison, WI | 1,200 | -6.3% | 1,320 | -7.0% |
| Des Moines, IA | 810 | -5.8% | 860 | -7.5% |
| Chesapeake, VA | 990 | -5.7% | 1,220 | 1.7% |
| San Diego, CA | 1,750 | -5.4% | 2,400 | -2.4% |
| Dallas, TX | 1,230 | -5.4% | 1,700 | -4.5% |
| Lexington, KY | 750 | -5.1% | 980 | 4.3% |