Rent prices have been a lone bright spot amid high inflation, as one-bedroom homes in many cities are cheaper than they were a year ago.

All of the 15 U.S. cities with the biggest year-over-year drops in price are in the Sun Belt, which stretches across southern and southwestern states, according to a rent report from online realtor Zumper published Tuesday.

The drop in rental costs are part of a broader cooling trend, as roughly half of the 100 largest cities have posted declines since last year. The national median price for a one-bedroom unit is $1,504, as of May — exactly the same as a year ago.

While one-bedroom rental prices ticked up 1.2% on a monthly basis in May, they've been mostly flat in 2024. Stalling prices have provided much needed breathing room for Americans feeling squeezed by high inflation, especially for housing, which is typically the largest expense in a monthly budget.

The decline in rental prices in southern cities is largely due to increased construction of rental units, but also population loss in some cities, especially in California, Zumper's study says.

One-bedroom prices in Greensboro, North Carolina, are down 11.9% in the last year — the highest of all major cities. The city has encouraged new construction through property annexation and zoning reform, adding thousands of rental units in 2023.

Here's a look at the 15 U.S. cities with the largest drops in one-bedroom rental prices for the year ending May 24, according to Zumper's data.

1. Greensboro, North Carolina

• Year-over-year price decrease: 11.9%
• Median one-bedroom rent price: $960

2. Gilbert, Arizona

• Year-over-year price decrease: 10.5%
• Median one-bedroom rent price: $1,450

3. Fort Worth, Texas

• Year-over-year price decrease: 10.3%
• Median one-bedroom rent price: $1,220

4. Raleigh, North Carolina

• Year-over-year price decrease: 9.8%
• Median one-bedroom rent price: $1,290

5. Durham, North Carolina

• Year-over-year price decrease: 9.60%
• Median one-bedroom rent price: $1,420

6. Oakland, California

• Year-over-year price decrease: 9.1%
• Median one-bedroom rent price: $2,000

7. Sacramento, California

• Year-over-year price decrease: 8.1%
• Median one-bedroom rent price: $1,470

8. Irving, Texas

• Year-over-year price decrease: 8%
• Median one-bedroom rent price: $1,270

9. Scottsdale, Arizona

• Year-over-year price decrease: 7.6%
• Median one-bedroom rent price: $1,710

10. Tallahassee, Florida

• Year-over-year price decrease: 7.3%
• Median one-bedroom rent price: $1,020

11. Glendale, Arizona

• Year-over-year price decrease: 7.1%
• Median one-bedroom rent price: $1,180

12. Houston

• Year-over-year price decrease: 6.9%
• Median one-bedroom rent price: $1,210

13. Dallas

• Year-over-year price decrease: 6.9%
• Median one-bedroom rent price: $1,350

14. Austin, Texas

• Year-over-year price decrease: 6.3%
• Median one-bedroom rent price: $1,500

15. Augusta, Georgia

• Year-over-year price decrease: 5.9%
• Median one-bedroom rent price: $960

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