Realtor

10 US Cities Where Rent Prices Are Falling the Fastest

Sean Pavone/Getty Images/iStockphoto

Sean Pavone/Getty Images/iStockphoto

For the first time in several years, rents are starting to cool off. New data from Realtor.com shows monthly rents dipped 0.5% year over year in May 2023. The median rent is now $1,739 in the 50 largest US metropolitan areas.

Which cities are seeing the biggest rent declines? These are the 10 cities where rent prices are falling the fastest.

Read: More Americans Can Afford To Buy a Home in These 20 Cities
Discover: How To Build Your Savings From Scratch

Davel5957 / Getty Images/iStockphoto

Davel5957 / Getty Images/iStockphoto

Virginia Beach, Virginia

  • Median rent price: $1,436

  • Year-over-year changes: -1.6%

See:

Realtor

Housing affordability isn’t improving soon as the market faces a decade of undersupply, Realtor.com economy says

homeownership expensive

John M Lund/Getty Images

  • Housing affordability isn’t improving anytime soon, Realtor.com economist Danielle Hale says.

  • Hale expected home prices to dip just 0.6% this year, while mortgage rates might only ease to 6%.

  • The tightness in the market can be chalked up to a decade of housing undersupply.

Housing affordability isn’t improving soon for prospective home buyers, thanks to the high cost of borrowing and the undersupply of homes built over the past decade, Realtor.com’s Danielle Hale says.

In an interview with CNBC on Friday, the chief economist pointed to the precarious state of the housing market, with demand far

Realtor

Home Prices Expected to See a Slight Decline

Published: Jun. 22, 2023 at 6:00 AM EDT|Updated: 18 hours ago

Mortgage rates could drop to 6% by year-end, but the total count of home sales is likely to be the lowest since 2012

SANTA CLARA, Calif., June 22, 2023 /PRNewswire/ — Mortgage rate lock-in will continue to be a major challenge for the housing market in the remainder of 2023, according to the Realtor.com® 2023 Forecast Update. While prices have eased slightly, higher mortgage rates are hurting affordability, and many of those who already own a home are not incentivized to list.

Realtor

Journal Club 06-16-23 – Passive Income MD

Here’s Journal Club 06-16-23! Every week, I hold a JOURNAL CLUB. After filtering through the articles on the web, I present a few that impacted my life this week. Be safe and stay well!


  • Ever wonder how millionaires store and grow their wealth? Do they stash it in hidden places or invest it in various assets? After all, understanding the financial habits of wealthy people can offer valuable insights into our own financial well-being. Would you agree? On that note, The Physician on FIRE shares different strategies millionaires employ to protect and expand their fortune in the article –
Realtor

Chiefs star Patrick Mahomes has put KC home up for sale. Take a look inside the house

A year ago, Chiefs quarterback Patrick Mahomes mentioned on a talk show that he was building a new home in Kansas City.

The work must be finished at the new Casa Mahomes, because he has put his other home on the market.

The three-bedroom, 3 1/2-bath house is 4,759 square feet and sits on a 1.4 acre lot, according to Realtor.com. It’s being sold for $2.9 million.

Here is a description from Realtor.com: “Right off of Country Club Plaza, this stunning ranch style home is in the sought after subdivision of Sunset Hill. Sitting on over an acre of land,

Realtor

Hockey Hall of Famer Brendan Shanahan Selling $13M NYC Condo

Professional hockey players get bashed against the board, grinding it out week after week in the NHL.

But when the skates are hung up after practices and games, they look forward to relaxing in quiet comfort.

The Park Avenue pad owned by legendary forward Brendan Shanahan is precisely that type of elegant perch.

Huge by Manhattan standards, the five-bedroom, 4.5-bath condo offers 4,200 square feet of living space. But it’s the location that truly sells the residence. It sits smack dab in the middle of the Upper East Side near all the great museums, fancy boutiques, and Central Park.

Building