Rent prices are dropping in various parts of the U.S. due to a recent construction boom that increased apartment supply. This increase allows landlords to lower rents to remain competitive. Despite renters having higher incomes in 2024, they still struggle with affordability as their median income remains below the required amount to comfortably afford rent. Many are considered 'cost burdened,' spending too much of their income on housing. Variations in rental market conditions exist across the country, influencing costs and availability.
The majority of renters are rent burdened, meaning tenants are spending more of their income than they should be on rental housing.
There are more apartments for rent now because there was a bit of a construction boom during the pandemic.
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