Rental markets in some of the hottest US cities are showing early signs of cooling down.
After surging 11.4% over the past 12 months, the median national rent for a one-bedroom apartment rose just 0.5% in June compared to a month earlier, while the median two-bedroom rent fell 2.9%, according to data from rental marketplace Zumper.
The decline in prices for two-bedrooms is the “most significant drop we’ve seen since pre-pandemic times,” according to Crystal Chen, a spokeswoman for Zumper. “Renters are sending a clear message to property owners that they’re not able to pay sky-high rents, and they anticipate a recession.”
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