Rent Reversal

Median rent fell 0.4% Y-o-Y in March to $1,937, the first decline since 3/20. Rents are 19.9% higher than they were in 3/20. The biggest decline was in Austin, where rents fell 11% to $2,104, followed by Chicago where they fell 9% to $2,206. Rents rose the most in Raleigh, up 17% to $2,080, followed by Cleveland where they rose 15% to $1,530. NY’s median rent is tops at $4,022.