R
ents for single-family rental units rose slightly in the third quarter, according to a study of over 750 US real-estate markets. Despite this increase, prices remained elevated, affecting both tenants and homebuyers. Here are 19 places where rents declined by at least 5%.

    Rentometer's data shows that landlords consistently raised rents across the US, with modest but noticeable hikes of 0.5% from the second quarter and 3% from 2023. This growth rate is slightly above last month's inflation rate.

    The glass-half-full view is that price increases for single-family rental units are relatively low compared to earlier in the pandemic. However, renters are still paying more than they were last year. The affordability constraints have kept many would-be buyers in the rental market, researchers at Rentometer noted.

    There's a similar dynamic going on in the single-family rental market, where limited new construction means tenants have less bargaining power and may be forced to accept rent increases. Of the 757 real-estate markets analyzed, only 110 saw rents decline in the third quarter.

    Savings on single-family rental units were hardest to find in the Midwest and Northeast, where prices rose over 9% compared to the third quarter of 2023. However, renters may have had better luck in the Southeast and Southwest, where prices increased by 3.6% and 2.2%, respectively.

    Here are 19 cities where single-family rental units are getting cheaper:

    1. Newport, Rhode Island - Average rent: $3,471; Rent growth: -16%

    2. Anderson, Indiana - Average rent: $1,216; Rent growth: -12%

    3. Long Beach, New York - Average rent: $4,149; Rent growth: -11%

    4. Bozeman, Montana - Average rent: $2,944; Rent growth: -11%

    5. San Marcos, Texas - Average rent: $1,961; Rent growth: -9%

    6. Wilton Manors, Florida - Average rent: $4,746; Rent growth: -8%

    7. Fort Smith, Arkansas - Average rent: $1,311; Rent growth: -7%

    8. Lehigh Acres, Florida - Average rent: $2,089; Rent growth: -7%

    9. Bonita Springs, Florida - Average rent: $4,522; Rent growth: -7%

    10. Harker Heights, Texas - Average rent: $1,651; Rent growth: -7%

    11. Missoula, Montana - Average rent: $2,235; Rent growth: -7%

    12. Naples, Florida - Average rent: $4,538; Rent growth: -6%

    13. Yuma, Arizona - Average rent: $1,664; Rent growth: -6%

    14. Live Oak, Texas - Average rent: $1,646; Rent growth: -6%

    15. O'Fallon, Missouri - Average rent: $2,022; Rent growth: -5%

    16. Oviedo, Florida - Average rent: $2,374; Rent growth: -5%

    17. Manor, Texas - Average rent: $2,025; Rent growth: -5%

    18. Lake Charles, Louisiana - Average rent: $1,434; Rent growth: -5%

    19. New Bern, North Carolina - Average rent: $1,444; Rent growth: -5%