Brandon Bell
- Metros in the Sun Belt are notching the steepest rent declines in the country, Redfin reported.
- The pandemic-era demand that led to accelerated construction has since subsided, leading to more vacancies.
- These declines are happening as rent rises nationwide.
The country's steepest rent declines are happening in metro areas across the Sun Belt as pandemic-era demand spikes subside, Redfin reported Friday.
Leading the regional trend is Austin, Texas, where rent fell 6.6% on an annual basis last month. Runner-ups included Nashville, Tennessee, Jacksonville, Miami, and San Diego.