Rent Relief: Cities Where Prices Have Plummeted
Renters may finally be getting a break.
Median Asking Rent Falls
The median asking rent across all bedroom counts fell year-over-year in July — the first time that’s happened since the the peak of the COVID-19 pandemic back in June 2020, according to real estate company Redfin.
Housing Costs Continue to Climb
Rent prices have been outpacing wages for decades, and the trend was exacerbated by the pandemic: Rent prices are 26% higher than they were in early 2020, the researchers found.
A Glimmer of Hope
Despite the extreme lack of affordable housing, Redfin’s data signals that renting in some areas may be getting easier.
Cities Where Rental Prices are Falling the Most
- Austin, Texas (down 16.9%)
- Jacksonville, Florida (down 14.3%)
- San Diego, California (down 12.7%),”
- San Francisco, California (down 7.6%),”
- Tampa, Florida (down 5.9%)
Rents Finally Steady
The nationwide median asking rent actually rose slightly (0.4%) year-over-year in July to $1,647. But it was down 0.2% from June of this year, and it’s still $53 below August 2022’s all-time high.
Renters Are Snagging Concessions
More property managers are offering “concessions” like free weeks of rent or parking to sweeten lease deals, according to a separate report released this week by real estate company Zillow.
