Rents Continue to Drop as New Supply Rises, Down 0.7% Year-Over-Year

Rents fell for the 5th straight month in Sept, down 0.7% year-over-year according to Realtor.com data. Median asking rent across 50 major metros was $1,747.

Biggest rental price drops were in Austin (-7.3%), Dallas (-6.2%), and Orlando (-5.4%).

New multi-family construction is boosting rental supply, with 61% of new units occupied within 3 months.

Rents fell in 24 of the 50 largest metros, signaling high demand remains.

Largest metros like SF, LA, SD saw rents fall 2-5% as prices moderate from pandemic highs.