MICHIGAN, USA — A new study shows median rent prices in the United States have been declining since August of 2023, but rent prices continue to remain well above what they were this time last year.
Rent.com published its January 2024 rent report, highlighting which states and major metropolitan areas are seeing increases or declines in rent prices year-over-year and month-over-month.
The study shows that rent prices are trending downward in most states and markets, but the prices still are higher than this time last year for many areas.
Michigan saw one of the highest increases in rent prices from January 2023 to January 2024 with a 12.47% year-over-year increase. Michigan also saw a slight month-over-month increase of 0.17%. Michigan's median rent price is listed as $1,507.
The study tracked regional rent prices between the Northeast, West, South and Midwest. While the Midwest has the lowest median prices, it is the only region that hasn't seen a continual decline in prices over the last few months.
Rent.com also monitored rent prices in the top 50 metro markets in the country, which includes Detroit. Detroit ranks 12th in year-over-year percent change in rent prices, increasing by 4.45% since January 2023. Detroit's median rent price is listed as $1,671.
Top 5 states with largest increase in asking rents, year-over-year
- Mississippi: +14.67%
- New Hampshire: +12.81%
- Michigan: +12.47%
- Minnesota: +11.65%
- North Dakota: +10.76%
Top 5 states with largest decrease in asking rents, year-over-year
- Florida: -9.21%
- Idaho: -5.76%
- Oregon: -5.08%
- Washington: -4.04%
- Utah: -4.01%
Find the complete study and an explanation of the methodology here.
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