Renters are enjoying some relief as U.S. rental prices decline, but experts warn the trend may not last. The median asking rent fell to $1,695 in December, down 0.5% from November and 1.1% from a year earlier, according to Realtor.com. Increased apartment construction has boosted supply, forcing some landlords to lower rents.
However, this renter-friendly market may fade soon. Multifamily housing construction is slowing due to economic concerns, rising costs, and uncertainty over tariffs and immigration policies. “This construction boom is probably going to be over, and rents will probably start going up again,” said Redfin’s chief economist, Daryl Fairweather.
Experts suggest renters act now by negotiating multiyear leases or saving for homeownership. With builders shifting focus to single-family homes, affordability could tighten. “Pay attention to changing markets,” advised Realtor.com’s Joel Berner. For now, renters should seize the opportunity before prices climb again.
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