According to the latest report, rental prices in the United States continue to decline in most areas, providing relief for a large number of renters. Particularly, in the nation's 50 largest metropolitan areas, rents have declined for the eighth consecutive month. Compared to December 2022, rents have dropped by 0.4%, with a median of around $1,713 per month.

This trend is reassuring for many renters. Economist Jiayi Xu from Realtor.com states that the affordability of the rental market is slightly improving, giving renters the opportunity to save more money.

However, not all cities are experiencing rent decreases. In some of the largest and most expensive cities in the United States, such as Boston and New York, prices are still rising. Despite expectations of continued declines, renters may find it difficult to obtain significant discounts due to continued strong demand.

The report shows that studio apartments saw the largest decrease in prices, dropping by 1%. One-bedroom rents fell by 0.7%, while two-bedroom rents decreased by 0.4%. These data indicate that landlords are reducing prices more significantly for smaller units compared to larger ones.

Geographically, with few exceptions, the largest declines in prices are generally observed in the western and southern regions of the United States. Builders have been constructing more apartment buildings and complexes, especially in the southern regions. The addition of new units has increased competition among landlords, leading to lower rents. With more units being introduced, rents are likely to continue to decline.

However, even with new units coming onto the market, demand for these properties remains strong. Many tenants rent for extended periods due to insufficient purchasing power, thus the demand for rentals still exists.

The report also highlights that the Orlando metropolitan area in Florida experienced the largest decline in rents, dropping by 6.2%. This was followed by Portland, Oregon (down 6%), Austin, Texas (down 5.4%), Dallas (down 4.7%), and Atlanta (down 3.9%).

However, for some areas, rental prices are still rising. Especially in some of the most expensive cities in the Northeast, limited land resources and limited opportunities for the construction of new and rental housing have led to a shortage of existing housing. The Boston metropolitan area and New York City saw the largest increases in rents, rising by 6.3% and 6.3%, respectively.