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Rents dropped on an annual basis in May for the first time in three years, according to new analysis, particularly in Southern and Western cities.
A report from Realtor.com found that the median U.S. rent fell slightly in May compared to the same time last year, indicating that prices are indeed starting to come down from record-breaking highs. And while the market is still a long way from pre-pandemic norms, rent declines are expected to continue in a welcome development for inflation-weary renters.
Realtor.com analyzed its inventory for studio to two-bedroom apartments in the 50 largest U.S. cities and their surrounding areas. It found the median rent in those cities declined 0.5% year over year to $1,739 in May — a staggering $344 higher than 2019 levels, according to Realtor.com's May rental report, but down a bit from July 2022's peak of $1,879.
