US Median Rents Fall for Eighth Month on Boom in New Apartments
- Orlando, Austin, Dallas see biggest declines in rent prices
- December rents remain 22% higher than before the pandemic
The recent relief was helped by a jump in apartment supply, which reached the highest in 36 years last year.
Photographer: Joe Raedle/Getty ImagesThis article is for subscribers only.
US median rents dropped for an eighth straight month in December as a surge in new units provided some relief on asking prices and suggested further declines in 2024.
Metro areas in the West such as San Francisco and Los Angeles continued to experience year-on-year price declines, but the most significant drops were seen across big cities in the South as multifamily completion rates jumped 32% from January to October, according to a report by Realtor.com Thursday.