Rent Prices Drop for 5 Months Straight as New Construction and High Home Prices Shift Demand
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Rent prices have dropped for 5 straight months, with the median rent in major metros down to $1,747 in September 2022.
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It's now cheaper to rent than buy a starter home in 47 of the top 50 metros, as home prices and mortgage rates climb.
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More multifamily construction is driving rent declines, especially for smaller units like studios and 1-bedrooms.
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Newly built apartments are seeing fast absorption rates, showing strong renter demand exists.
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Some metros like Austin and San Francisco have seen big annual rent drops, while Midwest cities lead rent growth.