It hasn’t been easy to be a renter in the last five years. Rental prices surged in the aftermath of the pandemic, outstripping wage growth. But recently, renters have notched a small win: In much of the country, rents are falling.
Median monthly rent on units with up to two bedrooms fell 1.7% year-over-year in October to $1,696, according to Realtor.com. They’re now down about 3.6% from their 2022 peak.
Those lower prices are a win for many renters, and in some cases, they’re an incentive to keep renting for longer. While rents are falling, the cost of homeownership has continued to climb. M