. In some cities, average rents have dropped slightly, and in areas that were previously unaffordable, rents may finally be stabilizing.
Renters in some large cities may be the most fortunate, as rents have decreased year-over-year. San Francisco, Los Angeles, and San Diego all saw rents decreased by 1 percent to 3 percent. Even in cities where rents have increased, such as Washington D.C., the increases in rents are more modest than in the past.
Renters in smaller and mid-sized cities may also benefit, as rents have remained steady or decreased year-over-year. In these markets, rental stability is driven in part by a decrease in the number of new units coming onto the market as the demand for rental homes in these areas may not have caught up with the supply.
Overall, renters across the nation may finally get a break as rents appear to be stabilizing or decreasing in many major metropolitan areas. These changes in rental prices may be driven in part by an overall slowdown in the economy and changes in the demand for rental homes. But whatever the cause, renters should check for rent specials or other rental discounts in their area. They may find that they’ll be able to move to more desirable neighborhoods and even save money in the process.
