The median rent is now 6.2% lower than when it hit an all-time high of $1,700 in August 2022.
Highlighting improved rental affordability, November marked the 19th consecutive month where the median asking rent price per square foot (PPSF) fell year over year, down 2.2% to $1.79. That’s the first time the median PPSF has been below $1.80 since November 2021.
Source: Asking Rents Fall 0.7% to Lowest Level Since March 2022
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