Rent Growth in Midwest Surpasses New York, Offering Relief to Renters

Rent prices in the United States continue to rise, with the national median rent price reaching $2,038 in July, just $15 less than the peak in August 2022. Rental growth has slowed since last September but has still increased by 14% over the past two years. While rental markets vary by state and region, South Dakota saw the highest year-over-year increase in rent prices at 23%. The Midwest and South experienced moderate rent growth, with New York State being the only outlier among the top 10 yearly gainers. Among the 50 most populous metropolitan areas, the Midwest had the largest share of rent gainers, while some areas in the West saw declines in rent prices.