Redfin’s November rent report is out, showing that median rent prices declined by 2.1% year over year. This is the biggest decline since 2020, and renters nationwide will breathe a sigh of relief. Landlords and investors? Perhaps not so much, although there are regional variations that are worth exploring if you’re planning on investing in real estate in 2024.
Asking rent prices have been dropping steadily since May 2022, when the median U.S. rental price shot up to above $2,000 per month. At that point, rents were growing at a monstrous rate of 15% year over year as a result of the pandemic-induced scarcity of available rental homes.
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