Rent in the 50 largest U.S. cities is now cheaper than it was a year ago, with significant decreases in southern cities that were real estate hotspots during the pandemic, including Austin, Las Vegas and Phoenix. Median rent prices in these cities dropped by 0.5% in the last year, according to an analysis by Realtor.com. For renters, the decrease is a much-needed break after rent prices soared by nearly 25% from 2020 through most of 2021.

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