Rent prices have dropped for the first time in six months. The cheapest since April! That’s according to new data from Rent., in its October report. The national median price now stands at $2,011.
The 2.02 percent decrease brought the national median rent down by $40. However, yearly, rent prices went up by 0.40 percent, an $8 bump in the national median.
Monthly, the data was more pronounced, with prices dropping over 2 percent. This marks the first month-over-month decrease since April, the most significant monthly drop since September 2022. Although prices have been gradually climbing since February, with a total increase of $74 or 3.82 percent, this recent drop may signal a return to more typical seasonal changes.
In the longer term, rent prices remain high. Over two years, they surged by 9.29 percent, adding an extra $171 per month. The three-year change is significant at 19.56 percent, with annualized growth rates over these periods surpassing historical norms at 4.65 and 6.52 percent. Throughout the pandemic, prices rose by nearly 22.5 percent, adding $368 to monthly bills.
Indiana’s year over year increase sits at 6.25%. Indianapolis’ median rent is $1566 which is 5% higher than a year ago.
Comparatively, costs in the Midwest remain more affordable staying about $200 less than rents in the South and nearly $1,000 less than both the Northeast and West.
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