BREAKING: US rent prices fell -1.5% YoY in February, to an average of $1,357, the 2nd-lowest since February 2022 and largest annual decline since the 2020 pandemic.
Since the August 2022 peak, the national median rent price has fallen -5.9%, or -$85 per month.
Despite the pullback, rent prices remain +18% higher than at the start of 2021.
This comes as units are now taking an average of 40 days to get leased, +4 days longer than a year ago and more than double the pace seen in mid-2021.
Meanwhile, MoM, prices rose +0.2% last month, the first increase since July.
Looking ahead, seasonal patterns suggest rents will continue rising into the summer as moving activity picks up.
Rents are falling, but affordability is still nowhere near pre-pandemic levels.