Rent continues to head in the right direction for apartment dwellers, though gains in affordability are slower and less substantial than many would hope.The going rate for an apartment with two or fewer bedrooms in a top-50 US market fell for a sixth straight month in January to $1,712, according to Realtor.com's latest rent report.However, that figure is only $1 lower than last month and $5 less than in early 2023, which is hardly news worth celebrating.
2% in the Midwest in January and also held firm in the Northeast, according to Realtor.com.A healthy labor market is translating to resilient rent prices nationwide despite some notable regional differences. The unemployment rate in the Midwest was a robust 2.9% in December, Xu and Hale wrote, which is a full percentage point less than the West's 4.1%.Another factor working in landlords' favor is the continued strength of the housing market.
Source: News Formal (newsformal.com)
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