Renters Catch a Break as Asking Rents Dip Slightly in September

While rental prices are still higher compared with pre-pandemic levels, the median asking rent fell by $29 in September 2023 from the July 2022 peak, reaching $1,747. The premium of buying a home versus renting is the highest it's been since 1996, according to HousingWire. In September, the average monthly mortgage payment was 52% more expensive than apartment rent, but that gap varies by region.

Metros in the Midwest saw the fastest rent growth on an annual basis, led by Milwaukee (3.9%), Cincinnati (3.6%), and Cleveland (3.2%).

“As rents ease and both home prices and mortgage rates continue to climb, it’s become more economical to rent than to buy in nearly all major markets,” Danielle Hale, chief economist at Realtor.com said in a statement. “However, even with an influx of new apartment units coming onto the market and putting a lid on rent growth, renters are claiming these new apartments faster than prior to the pandemic.”

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