But the worst may be over for tenants, thanks to slowing rent growth.
U.S. renters looking for housing in April faced median asking prices $348 higher than the same period in 2019, with rental costs 25.1% above where they were four years earlier, a new report shows.
Though rental-housing costs are increasing at a far slower rate than they were earlier in the pandemic — the median asking price for a studio to two-bedroom rental property across the country’s top 50 metro areas rose by just 0.3% on a yearly basis in April to reach $1,734, marking the lowest growth rate since the pandemic’s onset — tenants might still find themselves struggling to afford a place, according to a Realtor.com report out Thursday.
Rental vacancy rates have also reached their highest point since early 2021 — and, at 6.4% in the first quarter of this year, are approaching the 7.2% rate that was “the 2013-2019 norm,” Realtor.com said. Rents typically rose about 3% annually before the pandemic, one researcher previously told MarketWatch, so tenants have indeed faced bigger-than-usual hikes over the past few years.
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