The latest Realtor.com Rent Report said the national median asking monthly rent for 0–2 bedroom properties fell to USD 1,667, the lowest level since March 2022. It reported that the market has logged 30 consecutive months of year-over-year rent declines, with the national median rent down 5.1% from the summer 2022 peak. Among the 50 largest US metros, 15 markets had median asking rents at least 10% below their pandemic-era peaks, including Austin at 18.2% below peak and Phoenix at 15.6% below peak. The report also identified five metros within 3% of their all-time highs, including Virginia Beach at 1.7% below peak and San Jose at 2.5% below peak.

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