US saw a 0.5% decline in rent for the 1st time since 2020

Posted on July 3, 2023   |  

In May, the average national rent fell by 0.5% from a year ago, the first drop in 12 months since 2020, giving renters some relief.

The average rent for an apartment with 2 bedrooms was $1,739, down from a high of $1,777 in July of 2022, the rent is 25% higher compared to 2019.

However, rental price drop is not everywhere, in the Midwest, in May, rents grew by 4.5% from a year ago. 

In Columbus, Ohio rents grew by 9.3%, in St. Louis, Missouri, by 7.7%, and in Cincinnati, by 7.7%.