US Median Rent Falls to $1,667, Lowest in 4 Years After 30 Months of Declines

The US median rent dropped to $1,667 in February 2024, marking the 30th consecutive month of decline and the lowest level since March 2022. This sustained decrease reflects increased multifamily housing supply, especially in Southern cities like Atlanta, Phoenix, and Las Vegas, which have seen steady rent reductions. Going forward, while many markets continue easing, some California metro areas still report rent growth, highlighting a divergent rental market trend.