Rents Keep Dropping as Supply Continues to Surge

“Rents decreased again in October, falling -0.8%, or $14, to $1,720. This marks the 15th consecutive month of year-over-year drops, with smaller-sized units seeing the biggest declines, according to Realtor.com.

October’s year-over-year median asking rent is just $40, or -2.3%, lower than its August 2022 peak and is $272, or 18.8%, higher than the same period in 2019.“