"With new rental constructions continuing to work through the pipeline, national rent has been cooling down," says Realtor.com economist Jiayi Xu.
"However, rents are still up 19.6% from pre-COVID-19 pandemic levels. Median rents are $286 higher than in 2019," says Xu.
"Those increases are nothing compared with how home purchase prices have shot up. Since 2019, there's been a 50.8% increase in the median price per square foot of for-sale home listings."
"The most affordable markets are in the South and Midwest, where you can find not only better rent prices but also strong job opportunities."
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