Rents in America are falling for the first time in 3 years
The average rent in the US marked the first decline in at least three years in May of this year, according to a Realtor.com report published this Monday.
In May, the national average asking rent was $1,739, down 0.5% from May 2022.
"This is another sign that rent-driven inflation is likely to be left behind," Danielle Hale, chief economist at Realtor.com, said in a statement.
Although still modest, a decline in rents combined with lower inflation and a still strong job market is certainly welcome news for American families.
Rents have gradually declined from a peak reached in July 2022, with an average value of $1,777, but they remain nearly 25% higher than in 2019.