Rents are … falling?!

For the first time since the pandemic – yes, 2020 – rents dropped 0.5% year over year in May in the 50 largest metro areas according to And, while the forecast for the remainder of 2023 is a modest 0.9% decrease, it is certainly welcome relief for many renters.

Moreover, it’s anticipated that more rental units will be available this year and next as would-be buyers wait out the housing market.

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