Rents continued their downward slide in March for the eighth successive month, though the drop was relatively small and the median remained higher than it was in the peak month of August 2022.

Year-over-year prices fell by -0.3% and every size of unit was affected. "Even so, the median rent of $1,722 was only $36 less than the peak seen in August 2022 and was $313 more than in March 2019, before the pandemic, pointing to a resilient rental market," according to a new report from Realtor.com.

The sharpest annual drops occurred in the Austin, Memphis, St. Louis, Atlanta, Miami, Phoenix, Nashville, Orlando, Tampa, and Cleveland metros. The declines ranged from 4.7% in Austin to 2.5% in Cleveland. They offer some good news for renters in many areas at a time when the Fed is worried about the rising cost of shelter as a component of inflation. Benefits are most likely to be felt outside expensive metro markets in the West and Northeast, the report noted. However, it warned of continuing cost pressures as interest rates remain high, and potential homebuyers opt to continue renting.