Jan 25, 2024 - Economy
Charted: Rent relief
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U.S. median rent fell on a year-over-year basis in December for the eighth straight month as newly constructed apartments drive up supply.
Why it matters: Rent and home price increases had been a major source of inflation, Nathan writes.
By the numbers: Median rent declined 0.4% in December in the 50 largest metropolitan areas, compared with a year earlier, according to Rent.com:
- Studios: $1,437.
- One bedroom: $1,593.
- Two bedrooms: $1,896.
The bottom line: "The influx of record-high new multi-family homes exerted downward price pressure on median asking rents" in 2023, according to Rent.com.
