Tag Archives: Average rent prices

As rental activity remains steady across the U.S., the Midwest was ranked the most popular region for renting this year, according to a new RentCafe report, revealing the hottest markets to keep an eye out for in 2024.

“Renting is more affordable in the majority of markets, despite rental rates continuing to rise over the past year,” said Rick Sharga, EVP of Market Intelligence for ATTOM.

“Rent growth is likely to continue cooling,” said Redfin Economics Research Lead Chen Zhao.

“Demand for rentals is slowing because economic uncertainty is prompting many renters to stay put, and persistent inflation is shrinking renter budgets. That’s causing rent growth to cool,” said Taylor Marr, Redfin’s Deputy Chief Economist.

While mortgage rates are discouraging buyers' homeownership goals, quickly rising interest rates continue to hamper renters’ already limited buying power in the nation’s most expensive markets.