Tag Archives: Rent declines

The median asking rent was down from last month, according to Realtor.com's November 2023 Rental Report, with rental supply outpacing demand in the West and South, causing prices to cool.

"Rents have registered steady declines for the past four months and, while they remain well above pre-pandemic levels, when you factor in the impact of record-high mortgage rates and high home prices, it's understandable that many would-be homebuyers are choosing to remain on the sidelines," said Danielle Hale, Chief Economist at Realtor.com.

While concerns surrounding affordability and economic uncertainty continue to slow overall homebuying activity, a new report from CoreLogic showed annual single-family rent growth returned to pre-pandemic rates in May.

The median rent in the West remains 3% lower than a year ago and is projected to decline further, while rents in Midwest markets continue to see faster growth due to greater affordability, according to Realtor.com's May 2023 Rental Report.

According to a new report from Redfin, the nationwide median asking rent inched upward just 1.7% in February, marking the smallest increase in nearly two years, and the lowest level in 12 months.