Rents fell in August for the first time since 2021, but they remain sky-high in these major U.S. cities

Rents fell in August for the first time since 2021, but they remain sky-high in these major U.S. cities

For the first time since November 2021, U.S. median monthly rents failed to notch a new record high and even fell a little compared to the previous month — by $10, to $1,771, according to a report on August rental conditions from Realtor.com. While the pace of year-over-year rent increases appears to be slowing — last month marked the first period of single-digit annual rent growth in 13 months, as well as the first slide in median asking rents since last November — tenants are still struggling under higher-than-usual housing costs. The median rent growth for 0-2 bedroom units over the 50 metropolitan areas examined by Realtor.com slowed to 9.8% year over year, but rents still grew three times as fast as before the pandemic.