Rents Finally Cooling in Some Western States After Years of Rapid Increases During Pandemic

Rents in Western states like Montana, Idaho, Utah, and Nevada saw some of the biggest declines in the U.S. in recent months.

High demand but increased supply of rental units has started slowing rent growth after years of big increases during the pandemic.

Affordability remains a concern as rents are still significantly higher than pre-pandemic levels in many areas.

Utah rents rose steadily for a decade but have started to slow, though the state still faces a housing shortage.

The cooling national rental market is expected to pick back up as demand stays high and new construction slows.