Apartment Rents See Single-digit Annual Growth: Realtor.com

Originally published on May 18, 2023, by Realtor.com.

The Realtor.com® April Rental Report found that the U.S. rental market experienced single-digit growth for the ninth month in a row after 15 months of slowing. Median rent across the top 50 metros was up just 0.3% year-over-year, the lowest growth rate since the onset of the pandemic. The median asking rent was $1,734, up by $4 from last month, but down by $43 from the peak.

"In April, we continued to see rising rent prices and a moderating growth rate. This is promising news for renters, suggesting that the pandemic peaks are behind us, and that the challenging affordability picture may begin to improve," said Realtor.com® Chief Economist Danielle Hale. "We've seen record-high new construction occurring in the multi-family space, which is creating more units, helping to reduce competition and in turn helping to ease prices."

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