Finds Rents Declined in March, Again

(Image courtesy of, Santa Clara, Calif., found rents declined in March for the eighth straight month, with year-over-year prices down 0.3%.

However, the median rent of $1,722 was only $36 less than the peak reached in August 2022. Compared with pre-pandemic levels, it was more than $300 above March 2019’s level.

“Rising shelter costs have been a major driver of overall inflation, a top concern for the Fed as it meets this week,” said Danielle Hale, Chief Economist at “There is some good news for renters with prices falling in many parts of the country, especially outside expensive metro markets in the West and Northeast. However, we expect cost pressures to continue as interest rates remain high and would-be buyers opt to rent instead and keep demand high. New housing construction is needed, especially in major markets in the Northeast and West, to alleviate the home supply shortage. Softer rents in the South are evidence that more supply helps tame rising costs.”

All types of units saw some rent declines in March.

The median asking rent for two-bedroom units fell 0.5% year-over-year, also the eighth consecutive month of declines. However, larger unit rents had the highest growth rate over the past five years, up by 24.2%.

The rent for one-bedroom units fell 0.1% year-over-year.

The asking rent for studios fell by 1.4%, the seventh straight month of annual declines.