Rents fall nationwide for third straight month as demand cools, report shows
CBSN
Millions of Americans are getting a measure of relief when it comes to keeping a roof over their head: After skyrocketing during the pandemic, rent is falling nationwide.
According to a new report from apartment marketplace Rent.com, the national median rent for residential properties fell 0.78% in December of 2023 compared to a year ago — the third consecutive month in which rental prices have fallen across the U.S. The median rent countrywide was $1,964 in December, or $90 less than its peak in August 2022, the report shows.
That modest drop-off comes amid a rise in homes for sale, luring buyers who otherwise would've rented back into the residential real estate market. That means less competition for renters, who can leverage the softening market to get better deals, Rent Director Kate Terhune Director told CBS MoneyWatch.
