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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:

City1-BR $Y/Y %2-BR $Y/Y %
Nashville, TN1,170-14.6%1,350-6.9%
Baltimore, MD1,180-14.5%1,420-15.0%
Columbus, OH700-10.3%1,1003.8%
Houston, TX1,150-10.2%1,400-12.5%
Buffalo, NY990-8.3%1,180-15.7%
Portland, OR1,350-8.2%1,700-1.7%
Lincoln, NE670-8.2%890-7.3%
Philadelphia, PA1,380-8.0%1,7000.0%
Bakersfield, CA730-6.4%9001.1%
Madison, WI1,200-6.3%1,320-7.0%
Des Moines, IA810-5.8%860-7.5%
Chesapeake, VA990-5.7%1,2201.7%
San Diego, CA1,750-5.4%2,400-2.4%
Dallas, TX1,230-5.4%1,700-4.5%
Lexington, KY750-5.1%9804.3%
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