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Rent was 1 percent lower in June 2023 than a year earlier, according to a report released Tuesday by Realtor.com.

It was the latest signal that relief is on the way for renters who have been squeezed by high prices since early in the COVID-19 pandemic.

The typical rent was $1,745 a month in June, down $31 from its record high in July 2022, Realtor.com said.

Danielle Hale | Realtor.com

“The downward trend in rent prices continued in June, providing a much-needed respite for renters and an opportunity to regain some control over their housing expenses,” said Realtor.com Chief Economist Danielle Hale.

The slowdown is expected to continue, according to this and other recent reports about rent changes in the U.S.

“With our midyear forecast update calling for slowing inflation, better-than-expected labor market performance, and an increase in multifamily supply, we’re seeing some encouraging signs for renters’ budgets as we enter the second half of the year,” Hale said.

According to the Zillow Observed Rent Index, which tracks the price of rentals nationwide, rent is 30 percent higher this month than it was four years earlier.

Regional slowdowns

The Western U.S. continues to lead the way in falling rent, Realtor.com’s new report confirms.

Realtor.com
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