Rent prices fell slightly overall in January, but rose in some parts of US
foxbusiness.comThe Conference Board chief economist Dana Peterson says the LEI is great for the goods economy on Making Money.
The asking prices for rent edged down overall in the U.S. for the sixth consecutive month in January, but not enough for renters to feel any relief given how much prices have surged in recent years – and in some places, rent is still climbing.
Realtor.com's January Rental Report released Thursday found median rents decreased 0.3% year-over-year last month, but noted that prices are still 18.3% higher than they were four years ago.
A «For Rent» sign in front of a building on Dec. 6, 2022, in Miami Beach, Florida. (Joe Raedle / Getty Images)
The median rent for studio apartments fell by 1% to $1,434, but remain up 11.95% from the same month four years prior, and the price of two-bedroom units dipped by a mere 0.6% to $1,892. The cost of a two-bedroom is up 20.4% from January 2020.
Rent for one-bedroom units actually rose last month by 0.1% on an annualized basis to $1,591, which is 17.9% higher than four years ago.
PARENTS, FINANCIALLY DEPENDENT ADULT CHILDREN REVEAL UNIQUE STORIES ABOUT WHAT IT IS LIKE LIVING TOGETHER
The report said prices in the Western U.S. fell by 0.3%, led by decreases in cities such as Phoenix (-4.0%), Riverside, California, (-2.6%) and Las Vegas. But some larger metros in the region saw rents climb, including Los Angeles (0.2%) and Seattle (1.3%), which saw rents increase last month year-over-year after eight months of declines.
Rent prices dipped in the West and South last month, but rose in the Midwest. (R.J. Johnston/Toronto Star via / Getty Images)
The Southern U.S. saw prices fall overall, too, where median asking rent dropped by 1.2%, led by year-over-year declines in Memphis,
Read more on foxbusiness.com
