As the new year kicked off, the wild run-ups in rental prices that terrorized tenants last year appear to have leveled off.
January was the 12th month in row where rent growth slowed, according to the Realtor.com® monthly rental report. Monthly rents were down $80 from the peak in August, but they were still up 2.9% year over year, to hit a median $1,726 a month in the nation’s 50 largest metropolitan areas.
(Realtor.com looked at rents for studios, one-bedroom and two-bedroom apartments, condos, townhomes, and single-family homes in the 50 largest metros. Metros include the main city and surrounding towns, suburbs, and smaller urban areas.)
“The biggest takeaway is while the rental growth is slowing, the affordability concerns continue,” says Realtor.com Senior Economist Jiayi Xu.