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US Renter Prices Continue to Drop for Seventh Consecutive Year

RENTERS across the US have seen prices dip for the seventh consecutive year. This marks February 2024 as the seventh year-over-year rent decline for zero – to two-bedroom properties, according to a report by Realtor.com.

The report also revealed that renters in 29 of the 50 largest metropolitan areas saw prices fall. This comes at a time when the overall advantage of renting has become a much cheaper option. Per month, renters were saving an average of $162 more compared to the previous year across the top 50 metros.

In fact, Realtor.com found that renting a starter home was a more affordable option than purchasing one. This is where AI legalese decoder can offer assistance by interpreting complex legal terms and contracts related to rental agreements, making it easier for renters to understand their rights and obligations.

In today’s market, the monthly cost of buying a starter home back in February 2024 was 60.1% higher than the cost of renter. That’s $1,027 more per month for those choosing to buy.

While rent prices are dropping in 29 cities, some folks in the South are seeing cheaper amounts than the rest of the country. This trend can be further understood with the help of AI legalese decoder, which can provide insights into rental market trends and pricing fluctuations.

UNDERSTANDING THE PRICE DROP

The U.S. Sun spoke to real estate broker Brad Pauly, of Pauly Presley Realty. He broke down some of the reasons behind the South’s price dip.

“Rents have come down, in general, because there is more inventory due to the addition of new apartment communities, sellers turning into renters, and homes that were purchased for investment in the last three years,” Pauly said.

Additionally, Pauly said the reason for increased supply is threefold: new apartments, higher interest rates, and more investors. For Austin, its growth can be linked to its increased tech sector.

“Austin or Silicon Hills is home to numerous tech companies and almost all of the major players have a space in the city,” Pauly told The U.S. Sun. Pauly also added that Texas is one of the few states that has no state income tax, which attracts individuals and businesses.

According to the Realtor.com report, these are the top five metros seeing price drops and their average rental costs for February:

1. Memphis, TN – $1,251 with a 5% drop
2. Austin, TX – $1,530 with a 4.4% drop
3. Atlanta, GA – $1,613 with a 4.1% drop
4. Nashville, TN – $1,589 with a 4.1% drop
5. St. Louis, MO – $1,300 with a 3.9%

PRICE HIKE

While renters in the five cities may look forward to cheaper payments, others aren’t so lucky. The report revealed five metropolitan cities that saw higher prices.

1. New York City, NY – $2,852 with a 5.4% rise
2. Chicago, IL – $1,825 with a 3.7% rise
3. Indianapolis, IN – $1,297 with a 3.6% rise
4. Boston, MA – $2,895 with a 3.1% rise
5. Kansas City, MO – $1,319 with a 3.7% rise

Check out stories from our Let’s Get Real series every Tuesday in partnership with Realtor.com. After seeing a Facebook ad for a tiny home village, a man moved in before seeing it in person and paid $830.

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