Some welcome news for renters: The US median rent in May fell from May 2022, the first annual rent decline in at least three years, according to a report.
In May, the national median asking rent was $1,739, which was up a skosh from April but down 0.5% from May 2022. It’s the first decline since Realtor.com started tracking the year-over-year data in March 2020. “This is yet another sign that rental-driven inflation is likely behind us, even though we may not see this trend in official measures until next year,” Danielle Hale, Realtor.com’s chief economist, said in a statement.
“If they were to move this year, even though market rents are declining, they may see a higher rent payment.” The West and the South recorded year-over-year rent declines in May of 3% and 0.7%, respectively, whereas the Midwest and Northeast are still seeing rents climb higher, according to the report. For the Midwest, that’s likely because cities in those areas remain largely affordable and are experiencing low unemployment.
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