US Rents Drop for 7th Month but Remain Well Above Pre-Pandemic Levels, Tempering Housing Affordability
• US median rent is only $50 less than its peak in August 2022, but 17.3% higher than early 2020 • Renting has become more affordable than buying starter homes in the 50 largest US metro areas • Median US rent fell 0.4% in February 2023, the 7th straight monthly decline • Austin, Seattle, Phoenix have the biggest monthly rental savings vs buying a starter home • Renting lacks the housing wealth gains of owning, an important long-term consideration