Asking rents are down 1% nationally, though they're still rising in some regions.
In Chicago, a lack of affordable housing, unwilling landlords and overstretched nonprofits can make the wait for an apartment a long one.
Tenants are celebrating the falling rents, but record vacancies could eventually upend the market.
In Monday's Consumer Price Index report, rent prices rose 8.7% year-over-year in May. That sounds like a lot, but here's why that number isn't a reliable indicator of where rental prices are headed.
As of 2020, people living alone made up 27% of new households. That trend has been accelerating.
That's good news if you're looking to buy in Philadelphia, Detroit, Cleveland or Houston, but what about the rest of us?
Rising mortgage rates have kept would-be buyers renting — straining the supply of available apartments and pushing prices up.
A recent survey found people expect rents will rise faster than home prices. But recent data have shown the opposite trend.
Rents at the bottom of the market, where supply is tighter relative to demand, have risen faster than those of higher-priced properties.
Errica Jamil moved seven times in about as many years, earning her free or reduced rent. Now she owns a home of her own.