Rent Has Gone Down in These 6 Metro Areas — But Are They More Affordable?

A report from Realtor.com indicates that median asking rent prices in the largest U.S. metropolitan areas fell by 0.2% annually in January, while RentCafe noted a slight increase in available apartments. Despite this, demand remains high, with seven tenants competing for each vacancy, leading to affordability issues. Many areas still see renters spending over 30% of their income on housing due to a significant supply-demand imbalance, restrictive zoning laws, and rising construction costs, making these markets challenging for renters.