Rents Fall for the Sixth Month in a Row
For the sixth consecutive month, rents have fallen, according to the monthly Realtor.com Rental Report. While still 18.3% higher than four years ago, prices are down 0.3% compared with January 2023.
The median asking rent for studio to two-bedroom units in the 50 largest metros declined to $1,712, down $5 from the previous January and $46 below its August 2022 high. Across unit sizes, median rents were mixed, Realtor.com notes.
Down 3.8% from its October 2022 peak but still 11.9% higher than four years ago, the median asking rent for studios fell by 1% in January, while asking rents for two-bedroom units declined by 0.6% to $1,892. Larger units saw the highest growth in rent prices over the past year at an increase of $321, or 20.4%, according to the report.