Rent prices are changing thanks to ‘apartment-building boom’ – what renters should expect

Rent hit a high of $2,052 in August 2023 and was down to $1,967 by November last year, according to Rent.com data, thanks in large part to a slew of new units coming to the market. Another factor: Demand has slowed because people aren’t moving as much as they were during the pandemic. Also, fewer households are forming, possibly due to worries about inflation.

Source: https://www.livenowfox.com/news/rent-prices-us-apartment-building-boom-2024-redfin-chief-economist