RENTAL REVIVAL

The national median residential rent is down 0.8% Y-o-Y to $1,390/month, the smallest Y-o-Y decline since 7/25. Moreover, Y-o-Y median rent growth has increased four months running after declining 12 straight months and bottoming at -1.6% Y-o-Y in 4/26. Still better, median rent increased 0.1% M-o-M in August, the first August increase since 2022. These are signs the rental market is turning the corner. Rents peaked in 8/22 at $1,442.