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https://www.wsj.com/articles/first-annual-drop-in-rents-since-pandemic-began-redfin-says-caeebeb5

First Annual Drop in Rents Since Pandemic Began, Redfin Says

‘There are fewer people willing to splurge on rentals right now,’ economist says

Photo illustration: Elizabeth Smelov

By Joseph Pisani

and Talal Ansari

April 14, 2023 3:44 pm ET

Rental prices are easing after years of soaring during the pandemic.

Median rent fell 0.4% to $1,937 in March from a year ago, according to a report released Friday by Redfin Corp. It was the first annual decline since March 2020, when the pandemic began, the real-estate company said. The drop brought rents to their lowest level in 13 months.