Institution: U.S. asking rents have recorded year-on-year declines for 33 consecutive months

Glonghui, May 14th｜According to data from Realtor.com, U.S. asking rents have recorded a year-on-year decline for the 33rd consecutive month, with strong growth in new multi-family residences, indicating that tenants may continue to benefit in the future. The report states that in April, the median asking rent in the 50 largest metropolitan areas in the U.S. fell by 1.7% year-on-year to $1,673. Danielle Hale, Chief Economist at Realtor.com, said that over the past three years, many tenants have already seen significant relief. Although the pace of completions has slowed, leading indicators still favor renters. In the first quarter of this year, new multi-family housing starts surged nearly 20%, which typically takes one to two years to come onto the market, meaning the supply pipeline will continue to put downward pressure on rents until 2027.