Mortgage and rent prices are expected to decrease this year
Newsy
Median asking rents grew more than 20% over three years, spiking to more than $2,000 a month twice in the past two years.
Mortgage rates are widely expected to fall this year, which would make it easier for potential homebuyers. But renters are also likely to feel some much-needed relief, after grappling with years of high prices. Since the pandemic took hold in 2020, Rent.com says year-over-year rent rose for 37 months.
Median asking rents grew more than 20% over three years, spiking to more than $2,000 a month twice in the past two years, before finally starting to drop last fall.
In December, rental platform Zumper found rent prices dropped in 55 cities in 2023, with prices staying flat in 17 other areas.
Holden Lewis, a housing and mortgage expert with Nerdwallet, predicts rent prices will keep dropping through the first half of 2024.
"I think you're going to see less upward pressure on rents. And the reason is that there has been this record number of apartments under construction all year," said Lewis.
