According to Realtor.com's latest report, national rent prices in January decreased by 0.3% year-on-year, with a median price of $1712 per month. This means that compared to last year, rental prices have decreased slightly, but not significantly. The largest decrease in prices is seen in studio apartments, while the prices for two-bedroom and one-bedroom apartments have fluctuated less.

(Aaron Schwartz/Xinhua via Getty Images)

One of the reasons for the decrease in rental prices is the booming development of apartment construction. With more rental units coming into the market, some landlords have had to lower prices to attract more tenants. Economists at Realtor.com point out that due to the increase in supply, it is expected that rental prices will not see a significant increase this year, which is good news for renters.

However, not all regions are experiencing the same trends in the rental housing market. Some western markets are beginning to show signs of a rebound in prices, while in some high-priced cities in the Midwest and Northeast, rental prices are on the rise, which may put some pressure on renters.

The Memphis, TN, metro experienced the steepest decline, with prices down 5.5% year over year in January.(Getty Images)

Among the areas where rental prices are rising, the Chicago metropolitan area has seen the largest increase, followed by Indianapolis, Kansas City, San Jose, and Houston. The rise in rental prices in these areas is mainly influenced by various factors, including rising costs, changes in tax policies, etc., with landlords passing on these additional costs to renters.

On the other hand, some areas have seen a decrease in rental prices. The Memphis metropolitan area has experienced the largest drop in rents, followed by Phoenix, Atlanta, Austin, and St. Louis. The decline in rental prices in these areas may be related to adjustments following the surge in housing prices during the pandemic, as well as the economic conditions and supply-demand dynamics specific to these regions.