Housing Market Update as Rental Prices Drop

The rising number of new apartments being built across the U.S. is causing rent prices to finally cool down, according to the latest data, in what's the best news tenants have received in the past three years.Rents, very much like home prices, skyrocketed during the pandemic years, soaring by the double digits. But as the number of new listings increases and landlords have to grapple with rising vacancies, rents are finally cooling down.

If rents are only now leveling off and are still far from dropping, as tenants might wish for, it's because high mortgage rates continue to fuel demand for rented properties and because landlords are finding alternative ways of attracting tenants. According to the Redfin report, some landlords are offering one-time discounts rather than lowering rent.

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