--- title: Rents Are Primed to Fall 'Nearly Everywhere in the Country,' Says Housing Expert description: Rent price growth is slowing due to waning demand, leading renters to regain the upper hand in bargaining with their landlords. authors: - name: Sarah Hansen role: Senior Writer url: https://money.com/author/sarah-hansen/ bio: Sarah Hansen is a senior writer at Money covering all things personal finance. Previously, she covered economic policy and capital markets on the breaking news desk at Forbes. education: Northwestern University, New York University at_money_since: 2021 articles: 347 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes social: - https://www.linkedin.com/in/sarah-m-hansen/ former_staff: true published: '2023-02-09T17:37:42.000Z' modified: '2023-06-29T14:14:45.000Z' section: Housing tags: - News word_count: 356 canonical: https://money.com/rent-to-fall-nearly-everywhere/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Photo collage illustration of house rooftop, juxtaposed against a downward arrow](https://img.money.com/2023/02/News-2023-Rent-Prices-Decrease.jpg) It seems like almost everything is more [expensive](https://money.com/things-getting-more-expensive-inflation/) now than it was a year ago — especially when it comes to [housing](https://money.com/rent-prices-drop-affordability-problem/). But now there’s finally some good news for renters. ## What the data says [Data](https://www.redfin.com/news/redfin-rental-report-december-2022/) from real estate brokerage Redfin shows that, in December, national rent prices rose 4.8% (to a median of $1,979 per month) on an annual basis, while overall housing costs rose 7.5%. That’s the first time in over a year that rent prices have increased by a smaller margin than housing costs — and there’s good reason to think that trend will continue. Redfin attributes the slowing rent price growth to waning demand, thanks in part to the fact that soaring prices last year discouraged many renters from seeking out new leases. On top of that, new apartment construction and an increase in the number of homeowners renting out their homes — rather than selling them — means there’s a bigger supply of rental properties on the market. ## Would you rather be building equity in a home than paying rent to a landlord? ### Work with a licensed Rocket Mortgage (NMLS #3030) representative today. Click on your state below to get started. [View Rates](https://money.com/pr/sca66d0d2e4e?ap_referrer=%2Frent-to-fall-nearly-everywhere%2F) ## What the experts say “Rental prices are likely to fall from here nearly everywhere in the country, so it may also be worth waiting a few months if you’re not in a hurry to sign a new lease,” Redfin Senior Economist Sheharyar Bokhari said in a [blog post](https://www.redfin.com/news/gen-z-millennial-renters-lower-inflation/) this week. Your calculations about whether to rent a home or buy one could also change in the near future, he says, because [mortgage rates](https://money.com/current-mortgage-rates/) and home prices are dropping in many cities, too. Bokhari added that potential renters may have more leeway to bargain with landlords and management companies now that demand has decreased and prices are falling. That could mean perks like free parking or a free month’s rent. ## Keep in mind Rent prices have already dipped [significantly](https://money.com/rent-getting-cheaper-cities/) in some parts of the country, according to a recent report from Realtor.com. Riverside, California; Las Vegas, Nevada; and Sacramento, California, have seen the largest drops. ## Buy your new home with more convenience and less hassle ### A Mortgage Expert at Rocket Mortgage (NMLS #3030) can lend you a hand for a smoother process. Your dream home is possible. Click below to make it happen. 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