Everyone says they want to tackle the housing affordability crisis. But in the top 65 metro areas, we’re already seeing some cities where rental costs are falling dramatically.

Data from Five Star Cash Offer, a real estate investment firm, shows cities that have recently enacted pro-housing policies are seeing significant year-over-year decline in rental prices.

Sarasota, Florida has seen a 43% drop (from $3,290 to $1,886) in average rent during 2024. This came after the city eased restrictions on mixed-use and higher-density developments in 2022.

Providence, Rhode Island saw a 19% drop in monthly rent, from $2,513 to $2,030, during 2024. The year before, the state streamlined permitting for land use and eased restrictions on converting existing structures into housing.

Allowing more multifamily housing units also drove rents down significantly in cities from Austin, Texas, to Cape Coral, Florida.

All this demonstrates that the best short-term move to ease the affordability crisis in housing is a simple one: let developers build new residential buildings, and then never, ever impose rent controls.