Here’s where the price of rent is dropping in the US

Rents continue to cool, dropping for the sixth month in a row nationwide, providing a bit of relief to renters.

Rents continue to cool, dropping for the sixth month in a row nationwide, and providing a bit of relief to renters. The national median price of rent for apartments ranging from studios to two-bedroom apartments fell 0.3% year-over-year to in January. That’s down $5 from a year ago and $46 below the high in August 2022, according to Realtor.com. Still, prices are over 18% higher than pre-pandemic levels, due to continued strong demand and limited supply in some markets. “Rental prices are declining, especially in places where new units are entering the market, but there’s still plenty of demand driven by the large population of renters, including potential first-time homebuyers who remain on the sidelines for now,” saidDanielle Hale, chief economist at Realtor.com, in a release. She said she anticipates the rental market will only cool slightly this year. That’s because, on one hand, Hale said, a multifamily building boom in some places over the past few years has reduced competition for apartments and kept rent from rising as fast as it has in recent memory.