In September 2023, rental prices decreased by 0.7% year-on-year, dropping to a median of $1,747, a $5 decrease compared to the same period last year, and a $29 decrease from the peak rental prices in July 2022.

Despite the decrease in rent, renters are still paying 24% more in rent compared to September 2019. This indicates that the current rent levels are still relatively high, but the recent decline in rents is a positive trend for renters. This means that the urgency of buying a home is reduced, and renting becomes more advantageous.

Rental prices for single rooms, one-bedroom, two-bedroom apartments, condos, townhouses, and detached houses in the 50 largest cities were surveyed. Rental prices in Austin, Texas, saw the most significant year-on-year decline at 7.3%. Other cities such as Dallas, Portland, Orlando, and Atlanta also experienced price decreases.

According to Xu Jiayi, the decline in rents is influenced by various factors, including increased supply, the number of new apartment buildings reaching near-historic highs, and rapid rental turnover. This has led to an imbalance in supply and demand in the rental housing market and a decline in rents.

Regarding the issue of declining rents, Xu Jiayi stated that as long as there is appropriate rental housing supply, rents will continue to decline. Even in areas where rents have been rising, it is less likely for rents to increase rapidly.

For cities experiencing rising rents, Richmond, Virginia, and Louisville, Kentucky, saw a 4.6% year-on-year increase in rents in September. Rents in New York City, Birmingham, and Washington, D.C. also increased, possibly due in part to employees returning to major cities, influenced by changes in remote work policies.