Rents are falling more slowly in U.S. suburbs than in cities. Here's why.

For decades, one of the draws to moving to the suburbs included renting a place for less than what you'd find in the city. But that may not be the case for much longer as the price gap between the two is steadily shrinking.

According to new rental property research from Apartment List, rent increases in suburban areas in the early years of the pandemic outpaced price growths in 28 of the nation's largest metropolitan areas. In the years since, year-over-year rent declines in core cities have fallen faster than suburban ones, minimizing the price gap in average rent prices between the two areas.

Here's what led suburban rents to surge during the pandemic and why they're falling more slowly than rents in the city.