US Rental Market Shows Mixed Trends as Rents Fluctuate Across Regions

Data reveals contrasting rental price movements in different parts of the country, with some areas experiencing increases while others see declines.

Median asking rent in May rose 0.8% year-over-year to $1,653, the highest since October 2022.
Rents increased significantly in cities like Washington D.C., Cincinnati, and Chicago, with rises over 10%.
Sunbelt cities such as Jacksonville and San Diego saw notable rent declines, some over 8%.
High demand and new apartment construction are influencing rent trends, with the Midwest seeing spikes and the South experiencing drops.
Stagnating rent prices could indicate persistent high inflation, affecting household budgets, especially for lower-income families.