US Rents Fall for 33rd Straight Month as Multifamily Construction Surges

A vacancy sign is posted in front of an apartment in San Francisco on June 13, 2018. Justin Sullivan/Getty ImagesU.S. renters may continue to save money as the national median asking rent fell for the 33rd consecutive month to $1,673 in April, according to a new report. At the same time, a surge in multi-family construction indicates a healthy supply of apartments could continue into the next few years.Realtor.com’s April Rental Report, released on May 13, shows median rents for all apartment sizes across the top 50 metro areas declined by 1.7 percent year over year, saving the average renter about $29 a month. More than three-fourths of these metro areas recorded an annual decline in rents.