National Average Rent Drops For First Time In 2 Years As US Property Market Sags

Here's the latest sign that the US housing market is in the early phases of a nation-wide retreat: For the first time in two years, average national monthly rents declined on a QoQ basis - even as the national average rent continued to climb (up 3.2%) on a YoY basis.

Corresponding with the summer slowdown (a period when the rental market is at its slowest), the national average rent decreased for the first time since February 2017, declining by 0.1% - or $1 - from last month to $1,471, according to Rent Cafe's quarterly report on the American market for rental housing.

The decrease might seem insignificant, but combined with the slowest year-over-year hike in the past 13 months - 3.2% ($45) - it suggests a slight wind-down in rent prices against the backdrop of a more volatile financial climate, according to Yardi Matrix.

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