Rents continued to fall around the country as more rental units hit the market.
September marked the fifth month in a row of year-over-year rent declines, with prices decreasing 0.7%, according to a recent Realtor.com® report. The median asking rent dropped to $1,747 in September. That was a $5 dip from August 2023 and a $29 decrease from July 2022, when rental prices peaked.
Renters are still paying more than pre-pandemic times, however. September 2023 rents were $338 — a whopping 24% — higher than September 2019.
The report looked at rents for studios and one-bedroom and two-bedroom apartments, condos, townhomes, and single-family homes in the 50 largest metros. (Metros include the main city and surrounding towns, suburbs, and smaller urban areas.)
The recent rent declines are a welcome trend for renters, says Realtor.com® senior economist Jiayi Xu.
So why are so many people complaining about their rent going up?
NOT here on Del MarVa !!! Rents UP !!!
$1800.00 month in D’Bury !!!! Try paying that on $14 to $18 an Hour !!!!!
I don’t know where anyone has gotten the idea that rents are down! They are up and climbing.