Many tenants who were considering the purchase of a home have been forced to postpone their dreams because increased rents are preventing them from saving for a downpayment – a problem compounded by high interest rates. At the same time, despite an influx of new inventory, rental demand is still so high that independent landlords are not feeling pressure to lower rents significantly.

These are the findings of a new Realtor.com Avail survey of landlords and renters. "Independent landlords" refers to those who typically own 20 units or less. They own and manage about three-quarters of all the rentals in the U.S., according to Sara Wiskerchen, Realtor.com's director of corporate communications.

"The surge in rents and the sheer number of renters, many of whom have held off on buying in recent years, continue to minimize any potential price impacts that increased rental inventory could have on the market," said Danielle Hale, the company's chief economist. "The median asking rent in 2024 is expected to drop only slightly below its 2023 level (-0.2%)."