Realtor.com has released a new report examining how falling rents are reshaping renter behavior across U.S. cities. The report finds that lower rents are prompting many renters to move for more space, better affordability, or improved amenities. Among cities in the U.S., Denver has shown the highest decline in rent.
Highlights
- Realtor.com’s latest report examines the recent drop in rents and how it’s affecting renter behavior nationwide
- Denver has witnessed the biggest year-over-year rent drop in the past year.
- A need for a larger space and better affordability are among the top reasons for renters moving.
Denver Tops List of Cities Where YoY Rents Have Dropped
The home rental market has seen changes since the pandemic era. With rents going up and down, renter behavior has also changed significantly. This situation was recently studied through Realtor.com’s rental data.
According to a report on Realtor.com, there was a decline in the home rental market in the past two years. Experts attribute the decline to factors like housing oversupply and economic pressures, giving renters more options and negotiating power. It has also led to renters negotiating for larger spaces or changing neighborhoods.
While the shift challenges real estate agents, renters are taking advantage of lower prices to move to neighborhoods that better fit their needs and plan for future homeownership. When this change comes, it will shift the market as renters become potential buyers…