Largest Metros See Rent Relief

Across 50 major metros, median listed rents ↓~2% yearly in Early-Q2, marking 33 consecutive mo of yearly rent easing for renters watching budgets.
A construction boom from 2021 to ~2024 added rental supply, and that extra inventory is still shaping today's rent landscape across markets.
Sun Belt markets felt this most: pandemic-era movers chased limited rentals, pushing rents higher before added supply and softer demand changed leverage.
Demand also cooled as household formation contracted, partly tied to immigration restrictions and more young adults staying with parents or roommates longer.
Higher costs may affect units delivered years from now, especially fuel costs, while renters already feel cost pressure through utilities, not just rent.