Austin, TexasBrandon Bell Metros in the Sun Belt are notching the steepest rent declines in the country, Redfin reported. The pandemic-era demand that led to accelerated construction has since subsided, leading to more vacancies. These declines are happening as rent rises nationwide. The country's steepest rent declines are happening in metro areas across the Sun Belt as pandemic-era demand spikes subside, Redfin reported Friday.