"With a record number of new units coming onto the market driving rent prices down, those who may have given up hope of homeownership may be able to leverage more affordable rental options—including downsizing to a smaller unit or considering a roommate for the near term—to help build savings for a future home," said Jiayi Xu, Economist at Realtor.com.
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Western Markets Experiencing the Largest Rent Drops Nationwide
While rents remain nearly 25% higher compared to the same time in pre-pandemic 2019, rent prices in the expensive West are seeing the largest year-over-year declines, according to Realtor.com's May 2023 Rental Report.
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