U.S. residential rent prices were down 1% year-over-year in June, according to new data from Realtor.com.
June marked the first year-over-year decrease in rent for one-bedroom units since 2020, following the first such drop in rent for two-bedroom units in May. Although the median asking rent in the 50 largest metros increased to $1,745 last month, up by $7 from May, it was down $31 from its July 2022 peak.
“The downward trend in rent prices continued in June, providing a much-needed respite for renters and an opportunity to regain some control over their housing expenses,” said Realtor.com Chief Economist Danielle Hale. “With our midyear forecast update calling for slowing inflation, better-than-expected labor market performance, and an increase in multi-family supply, we’re seeing some encouraging signs for renters’ budgets as we enter the second half of the year.”
Still, rents are 24.1% higher than in pre-pandemic June 2019 and the median rent for studio apartments hit $1,445 last month, up by $14 (1%) year-over-year and up by $229 (18.8%) from four years ago.
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