Here's where rents are rising — and where they're falling

Rents in the housing market have experienced a shift due to various factors. Multifamily rents in April were 0.8% lower compared to the same period last year. This decline can be attributed to the influx of new housing supply entering the market. While apartment rents have increased slightly for the third consecutive month, the growth remains minimal at 0.5%. Despite the usual rise in rents during spring, the current year’s increase is lower than usual. The national median rent in April was $1,396. On the other hand, single-family rents have seen a stronger increase of 3.4% in March compared to last year. However, this growth has been decreasing as more rental properties become available. The demand for single-family rentals suggests that homebuyers unable to afford purchasing homes are opting for rental alternatives.