Finally there is good news for tenants

Tenants are clearly fed up with double-digit annual increases in their monthly payments.

Slowing demand and growing supply helped the average asking rent in the top 50 metropolitan areas fall 1.4% to $1,734 in October, compared to $1,759 in September. Rent is down 2.6% from its July peak of $1,781, according to Realtor.com.

July’s drop is 8% annualized.

Rents rose 4.7% year over year in October, marking the ninth straight month of slowing rent growth and the third straight month of single-digit increases. But that’s still almost 1.5 times faster than the growth rate just before the pandemic broke out in March 2020.



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