While

rent
prices
remain
elevated
compared
to
pre-pandemic
levels,
the
median
asking 
rent
price
fell
$29
from
the
July
2022
peak,
to
$1,747, 
according
to


Realtor.com. 

“As
rents
ease
and
both

home
prices
and

mortgage
rates
continue
to
climb,
it’s
become
more
economical
to
rent
than
to
buy
in
nearly
all
major
markets,”
Danielle
Hale,
chief
economist
at
Realtor.com
said
in
a
statement.
“However,
even
with
an
influx
of
new
apartment
units
coming
onto
the
market
and
putting
a
lid
on
rent
growth,
renters
are
claiming
these
new
apartments
faster
than
prior
to
the
pandemic.”

The
Wall
Street
Journal
reported
on
Sunday
that
the
premium
on
buying
a
home
versus
renting
one
is
at
its
highest
level
since
1996.
The

average
monthly
mortgage payment
in
September was
52%
more
expensive
than
the
average
apartment
rent,
according
to
data
from
real
estate
firm

CBRE.

An
influx
of
new
multifamily
units
on
the
market
drove
prices
down,
improving
affordability
for
units
of
all
sizes.

In
September,
the
annual

completion
rate
of
multifamily
buildings
with
five
or
more
units
increased
10.1%
month-over-month
and
15.0%
year-over-year. The
addition
of
new
apartments
to
the
market
prompted
prices
to
decline,
improving
affordability.

On
a
yearly
basis,
median
asking
rents
fell 
for
two-bedroom
units(-0.7%),
for
one-bedroom
units
(-0.3%)
and
for
studios
(-0.5%),
while
remaining
well
above
pre-pandemic
levels.

As
prices
ticked
down,
renters
flocked
to
affordable
units,
the
Realtor.com
report
found.
Indeed,
within
three
months
of
completion,
69.8%
of
the
affordable
rental
units
(renting
for
$1,850
or
less)
were
taken.
Meanwhile,
during
the
same
timeframe,
57.2%
of
units
worth
over
$1,850
were
rented. 

Midwest
metros
led
growth
in
rent
prices

Compared
to
other
regions,
metros
in
the
Midwest
posted
faster
year-over-year
growth
in
rent
prices.
Among
the
top
10
metros
experiencing
the
fastest
rent
growth
on
a
yearly
basis,
four
were
in
the
Midwest:
Milwaukee
(3.9%),
Cincinnati
(3.6%),
Cleveland
(3.2%),
and
Indianapolis
(3.0%).
The
six
remaining
metros
were
sprinkled
throughout
the
South
and
the
Northeast:
Louisville/Jefferson,
Kentucky-Indiana
(4.6%),
Richmond,
Virginia
(4.6%),
New
York,
(4.5%),
Birmingham,
Alabama.
(4.4%),
Washington,
DC
(4.2%),
and
Boston
(4.0%). 

Meanwhile,
the
median
rent
in
the
West
fell
by
-3.1%
year-over-year,
with
big
metros
such
as
San
Francisco
and
Los
Angeles
posting
4.8%
and
3.4%
declines. The
South,
on
the
other
hand,
hosted
the
top
three
metros
with
the
biggest
yearly
rent
declines:
Austin
(-7.3%)
and
Dallas
(-6.2%)
in
Texas
and
Orlando,
Florida
(-5.4%).