For the sixteenth consecutive week, rental prices have fallen nationwide. In the 50 largest metro areas, the median rent in November was $1,703, down $17 from October and $57 below it’s high in August 2022.
Generally, smaller properties saw the largest percentage of decline with studio apartments down 1.6% year over year.
It’s important to remember, however, that current rents are significantly higher than before the pandemic (18.1%) which, while steep, pales in comparison with 49.7% increase in price per square foot home sales.