Median new-lease rent ↓1.5% yearly across the country, offering renters relief. Some Mountain West markets saw bigger drops, reaching ↓5% yearly in places. City declines cited: Denver ↓5% AZ areas ↓4-5% Salt Lake City ↓2.5% LV ↓3.5% Boise ↓~1% Despite declines, rents stayed above pre-COVID levels from ~6 yr ago. Building boom shifted supply-demand, giving renters a small edge for deals. Builders increasingly construct single-family homes explicitly for rent, estimated at >10%.