Austin had the largest decline in median asking rent of 44 major U.S. metros analyzed by Redfin in January. The Texas city saw rents sink 16% year over year to $1,299 last month, putting the market at 22.2%, or $400, below its August 2023 record high median rent of $1,799, according to Redfin.

Asking rents are falling quickly in some Texas and Florida markets where an abundance of construction is increasing competition for tenants. Florida also is grappling with intensifying natural disasters, which has made some people hesitant to live there, said Redfin. Rents in Tampa and Jacksonville fell 8.2% and 6.4% respectively.

Other markets where rents fell sharply were Salt Lake City, which dropped 6.5%, and New York, where rents fell by 5%. Meanwhile, Cincinnati saw a sharp increase in median rents at 15%, followed by Providence, Rhode Island, at 13.4%, Louisville, Kentucky, at 10.5%, Baltimore at 10.2% and Washington, D.C., at 8.8%.