As we prepare for the year ahead, and what to expect in the U.S. rental market in 2024, it is helpful to reflect on the rental roller coaster the U.S. has experienced since the pandemic. After rents spiked in 2021 and early 2022, the dominant theme of 2023 was a rental market cool down. The recent rent dips can’t erase the gains of prior years, considering the national median rent is still 20 percent higher than it was at the onset of the pandemic, but it does signal that the market is cooling. We expect 2024 rental rates to stabilize in some markets, and cool-off in others, due to increased supply entering the market.
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