Here’s some good news for renters: Rent prices are still moving in the right direction—and have fallen for the 15th consecutive month.
The median asking rent in the 50 largest metros registered at $1,720, down $23 from last month and $40 from its August 2022 peak, notes Realtor.com economist Jiayi Xu in the October 2024 Rental Report.
While the drops have been modest—this month saw just a $9 dip year over year—it’s a welcome relief for anyone searching for a place to call home.
Still, even with this downward trend, rents remain higher than they were before the COVID-19 pandemic. Compared with October 2019, the median asking rent is $272 more, showing just how much the rental market has transformed over the past few years.
Yet that might change due to a boon in housing stock.