For the first time since the onset of the COVID-19 pandemic, the median rent price across the United States has seen a decrease.
May’s data from Realtor.com reveals a year-over-year dip of 0.5%, bringing the median monthly rent down to $1,739, $38 less than the peak witnessed in July of the previous year.
The most significant rent reduction was observed in Las Vegas, with a year-over-year decrease of six percent. Riverside, California; Phoenix, Arizona; and Austin, Texas, all followed suit, posting declines of more than five percent. Conversely, some metropolitan areas experienced hikes in rent prices, led by Columbus, Ohio, which saw a 9.3% increase compared to last year. St. Louis, Missouri; Cincinnati, Ohio; Indianapolis, Indiana; and Louisville, Kentucky, each recorded increases exceeding seven percent. Jiayi Xu, an economist with Realtor.com, noted that these are still affordable regions attracting individuals seeking cost-effective homes, leading to a surge in demand and subsequent price increases.
Realtor.com projects a continued decline in rent prices, predicting a 0.9% decrease by year’s end compared to 2022. “This is a great relief for renters who have faced financial hardships over the years,” Xu commented, adding that the drop might enable renters to explore new job opportunities in different locations without worrying about excessive relocation costs.
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