In May 2023, the U.S. rental market saw its first year-over-year decline in rent prices since trend data began in 2020, down 0.5% for 0-2 bedroom properties across the top 50 metro. The median asking rent was $1,739, down by $38 from July 2022’s peak but still up by $3 from last month. This decline in rent will bring a sense of relief to renters who have been grappling with financial challenges throughout the past years and may even encourage some to explore regions abundant with job opportunities. While the decline is something worth celebrating among renters, it