Austin, Texas (-4.7%), Memphis, Tenn. (-4.4%), St. Louis (-4.0%), Atlanta (-3.7%), Miami (-3.6%), and Phoenix (-3.2%) lead the nation with the largest rent drops Rents declined in March for the eighth consecutive month, with year-over-year prices dropping by -0.3% and declines seen across all unit sizes, according to the Realtor.com® Rental Report released today. Even so, the median rent of $1,722 was only $36 less than the peak seen in August 2022 and was $313 more than in March 2019, before the pandemic, pointing to a resilient rental market. Top 10 markets with the largest yearly rent price declines include: Austin-Round Rock, Texas (-4.70%); Memphis, Tenn.-Ms.-Ark.(-4.40%); St. Louis, Mo.-Ill. (-4.00%); Atlanta-Sandy Springs-Roswell, Ga (-3.70%); Miami-Fort Lauderdale-West Palm Beach, Fla. (-3.60%); Phoenix-Mesa-Scottsdale, Ariz. (-3.20%); Nashville-Davidson–Murfreesboro–Franklin, Tenn. (-2.90%); Orlando-Kissimmee-Sanford, Fla (-2.80%); Tampa-St. Petersburg-Clearwater, Fla. (-2.50%); and Cleveland-Elyria, Oho (-2.50%). “Rising shelter costs have been a major driver of overall inflation, a top…