Is the Rental Market Beginning To Normalize? Priced-Out Tenants Sure Hope So (Getty Images) writes, "renters haven’t had much good news lately as landlords have jacked up monthly rents to previously unthinkable amounts across the country.

However, the rental market may be returning to something more seemingly normal. In September, the median monthly rent in the 50 largest U.S. metropolitan areas dropped for a second straight month, to $1,759, according to a recent report from®. That’s $12 lower than last month and a $22 drop from the peak in July.

Rents were still up 7.8% from September of last year. However, it’s the lowest year-over-year price increase since May 2021.

The report looked at apartments, condos, townhomes, and single-family homes advertised for rent in September on in the 50 largest metros. Only studios and one- and two-bedroom units were included. Metros include the main city and surrounding towns, suburbs, and smaller urban areas.

“September provided us consistent evidence of a rental market cooldown,” says Jiayi Xu, an economist at

Prices typically slow or drop seasonally around this time of year, she explains. “Typically, when we enter fall and winter, the market is kind of slow.”

That small dip in prices is significant, though, as it comes after nearly two years of consistent rental price hikes.

And even with the recent drops, asking rent is still $275, or 22.8%, more a month for a studio apartment and $355, or 22.4%, higher for a two-bedroom unit than in September 2020. Year-over-year growth has slowed from its red-hot peaks, falling into single digits over the past two months.


Written by: Alex Galbraith 

Published: October 13, 2022

Posted by Grossman & Jones Group on


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