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Analysis

Latest Rental Trends Show a Mixed Picture of Affordability

Here are where apartments are most and least affordable.

The Realtor.com August Rental Report reveals a complex landscape of rental affordability across the United States. Despite a slight year-over-year decline in nationwide median rent, the picture varies significantly from one metro area to another.

In August 2024, the national median rent dropped by $5 (-0.3%) compared to the previous year, settling at $1,753. This marks the 13th consecutive month of year-over-year declines, indicating a trend of easing rental prices. However, the current median rent remains just $7 (-0.4%) below the peak observed in August 2022, suggesting that the rental market is far from a full correction.

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Erika Morphy

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