Realtor.com® May Rental Report: Slower Decline in Rents Indicates Inflation May Persist
Median asking rent fell -0.7% in May, with declines across all unit sizes and pockets of increases in certain Midwest and Northeast markets
SANTA CLARA, Calif., June 11, 2024 /PRNewswire/ — Rents dropped in May for the tenth consecutive month, though the pace of the decline has slowed since earlier this year, suggesting potential challenges for further reductions in overall inflation, according to the Realtor.com® Rental Report released today. This could potentially complicate the Fed’s policy decisions and also underscores the need for more housing construction, particularly in some markets where a lack of rental supply is contributing to higher prices.