"The median asking rent in the 50 largest metros registered at $1,720, down $23 from last month and $40 from its August 2022 peak, notes Realtor.com economist Jiayi Xu in the October 2024 Rental Report."
"Chalk the general rise in rents over the past few years up to inflation. Over the past five years, the real estate inflationary rate has grown by 18.8%."
"Regionally, all four areas saw a significant increase in multifamily completions in 2024, driven by surges in new starts from prior years," says Xu.
"While the drops have been modest-this month saw just a $9 dip year over year -it's a welcome relief for anyone searching for a place to call home."
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