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Published: Sep 28, 2022 5 min read
Photo Collage of an upside down house in the sky with a rent sign
Money; Shutterstock

Renters are finally catching a break after almost two years of non-stop price increases and record-high costs — but don't plan on throwing a goodbye party for your roommates anytime soon.

Several new studies show that rent prices either fell slightly or remained flat at the end of the summer, breaking a pattern of cost increases month after month throughout the pandemic.

Even so, the overall picture is bleak for renters. Costs for rentals are at or around all-time highs, and prices are significantly more expensive than they were a year ago. Demand for rentals is still strong partly because mortgage rates are high and buying a home is unrealistic for many in today's pricey housing market.

It also remains to be seen whether the recent price decreases are part of a normal seasonal slowdown or the beginning of a sustained trend lowering costs for renters.