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A Sunbeam Emerges in the Residential Rental Market

A Sunbeam Emerges in the Residential Rental Market
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Renting did not represent much of an escape from high home prices and rising mortgage rates during the pandemic. Rents have increased along with home ownership costs.

On the rental side, however, some good news has emerged.

The median asking for rent for zero to two-bedroom properties fell 0.6%, or $10, to $1,771 in August from July. According to Realtor.com. This is the first drop since November for the top 50 cities.

“As we’ve seen in recent sales data, perhaps it’s a sign that more typical seasonal cooling is back in the rental market,” wrote Realtor.com economists Jiayi Xu and Danielle Hale.

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