Rent prices are declining in seven major U.S. cities due to a surge in new apartment construction creating an oversupply. Austin leads with a 6.6% drop, followed by Denver (4.8%), Jacksonville (4.2%), Phoenix (4.0%), San Diego (3.5%), Las Vegas (3.0%), and Miami (2.7%). Increased vacancies and competition among landlords offer renters better deals, incentives, and negotiation power.