Summary
Rent prices in the U.S. have been decreasing for the 25th month in a row as of August, with a notable drop in cities like Las Vegas, Atlanta, and Austin. These price reductions come after a significant increase during the pandemic, when many people moved to different areas. Despite these declines, rents are still generally higher than they were before the pandemic.
Key Facts
- U.S. rent prices have been dropping for 25 consecutive months as of August.
- The median rent for small properties in major metro areas was $1,713 in August, down 2.2% from a year earlier.
- Las Vegas, Austin, and Atlanta saw the largest rent declines since the pandemic.
- In Las Vegas, rent dropped from $1,671 in June 2022 to $1,443 in August 2023.
- Domestic migration has slowed, and more housing options have become available, contributing to rent declines.
- Rent prices also fell in cities like Denver, Phoenix, and Raleigh.
- In contrast, rents increased in Chicago, Kansas City, New York, and San Jose.
- The U.S. median rent is still 17% higher than it was in August 2019 despite recent decreases.
