Source: The Motley Fool —
At a time when many consumers have been facing skyrocketing prices at the pump, supermarket, and just about everywhere, rents have been soaring, thereby adding to that burden. But Realtor.com just released some positive news regarding rents.
In September, rent growth fell to its lowest annual pace since June of 2021. And the median U.S. rental price declined from the previous month for the second month in a row.
Some much-needed relief for renters
During the pandemic, many landlords were barred from evicting tenants who couldn’t pay their rent. That caused landlords to fall behind on their own expenses. And so once the general economic situation improved and the demand for rentals started to soar, landlords understandably took advantage by raising prices.
That’s been a source of struggle for tenants, especially since, at this point, the rental assistance programs that were put into place earlier on in the pandemic have largely run out. But now that rent growth is slowing, tenants may be able to breathe a sigh of relief.
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