Housing rents in the United States have fallen year-over year for the first time in three years in May and the downward trend is expected to continue, the comprehensive real estate service website Realtor.com said in a report on Monday
WASHINGTON (Pakistan Point News / Sputnik - 26th June, 2023) Housing rents in the United States have fallen year-over year for the first time in three years in May and the downward trend is expected to continue, the comprehensive real estate service website Realtor.com said in a report on Monday.
"In May, we saw the first year-over-year decline in rents, a sea-change from the double-digit growth that renters contended with in much of 2021 and 2022. This is yet another sign that rental-driven inflation is likely behind us, even though we may not see this trend in official measures until next year," Realtor.com Chief Economist Danielle Hale said in a statement on the report. "Although still modest, a decline in rents combined with cooling inflation and a still-strong job market is definitely welcome news for households."
According to the organization's rental report for May, the median asking monthly rent in the 50 largest US metropolitan areas has decreased 0.5% year-over-year to $1,739.
Across the United States, rent prices increased $3 from last month, but were down $38 from the July 2022, the statement said, citing the report.
The organization forecasts that rents will continue to decrease 0.9% on average from 2022, the statement said.
"While rental declines are a positive sign for household affordability, it is important to note that rents are still $344 (+24.7%) higher than the same time in 2019, before the pandemic began," the statement added.
