National Rents Fall for 6th Month but Remain Elevated; Midwest and Coasts See Diverging Trends
• National median rent prices dropped for the 6th straight month in January, providing some relief for renters, though prices remain over 18% higher than pre-pandemic.
• Rents grew in the Midwest, with Chicago up 4.2% from a year ago, but the region remains relatively affordable compared to coastal cities.
• The South saw rents fall 1.2% from last year as new construction came online, with declines seen in Memphis, Atlanta, Austin, and St. Louis.
• Rent rebounded in some Western cities like Los Angeles and Seattle due to high demand from frustrated would-be homebuyers priced out of the ownership market.
• Rents continue rising in major Northeast metros like New York and Boston where labor markets are strong but building new apartments is difficult.