Rent Prices Decline Nationwide, Making Renting More Affordable Than Buying

Rent prices in the US have dropped for the fifth consecutive month, making it more affordable to rent than buy in nearly every major market, according to a report by Realtor.com. Median asking rents in the 50 largest metropolitans fell to $1,747 in September, down from the peak in July last year. Rental affordability has improved due to an increase in multifamily construction rates, resulting in a decline in rents for studios, one-bedroom, and two-bedroom apartments. The report found that renting was more affordable than buying in 47 of the top 50 metros. However, despite the recent decline, rent prices are still considerably higher than pre-pandemic levels.