Rent prices down 0.5% year-over-year, their first drop since the start of Realtor.com^® rental data trend tracking in 2020

SANTA CLARA, Calif., June 26, 2023 /PRNewswire/ -- The Realtor.com^®May Rental Report found that renters are beginning to see some relief, with the median asking monthly rent in the 50 largest U.S. metros decreasing -0.5% year-over-year to $1,739. Nationally, rent prices increased $3 from last month, but were down $38 from the July 2022 peak. Realtor.com^®'s 2023 Forecast Update predicts that rents will continue to drop, averaging -0.9% from 2022.