<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=1UKs4a_0wEmqX1O00" alt="https://img.particlenews.com/image.php?url=1UKs4a_0wEmqX1O00" width="1470" height="800" ></figure>SANTA CLARA, CA — The latest Realtor.com Rental Report highlights a significant regional divide in the rental market, with contrasting trends between the Midwest and the South. While rent prices decreased in many parts of the country, eight out of ten Midwestern markets experienced year-over-year rent increases in September. In contrast, Southern markets saw some of the steepest declines, largely due to a surge in new multi-family housing developments.Danielle Hale, chief economist at Realtor.com, noted the influence of housing supply and demand on these patterns. “Increased multi-family inventory in Southern markets is easing competition among renters, leading to lower prices. Meanwhile, the Midwest is seeing rising rents as demand continues to surpass supply,” she explained. This national stability in rent prices could lead to slower shelter inflation, easing one of the primary drivers of recent price hikes.The Midwest benefits from strong affordability and employment opportunities, contributing to its rent growth. Cincinnati topped the list with a 3.4% increase in annual rental growth, followed by St. Louis at 2.6% and Minneapolis at 1.9%. Only Chicago and Detroit saw declines, with decreases of 2.6% and 0.3% respectively.In the South, Nashville reported the largest rent drop at 4.8%. Other Southern cities, including Dallas, Austin, Birmingham, and Miami, also experienced significant declines. The rapid development of new multi-family housing in these areas is helping to cool the rental market, providing relief to renters.Nationally, September marked the 14th consecutive month of rent declines for units with 0 to 2 bedrooms. The median asking rent fell by 0.5% from the previous year, landing at $1,743. Despite this decrease, the median rent remains just slightly below its August 2022 peak, highlighting the lingering effects of earlier inflationary trends.Rent reductions were observed across all unit sizes, with studios facing the largest declines at 2.3%, and larger units like two-bedrooms dropping by 0.4%. Over the past five years, two-bedroom units have seen the highest growth rate at 21.4%.This regional divergence underscores the complexities of the current rental market, shaped by local economic conditions and housing supply dynamics. As new developments continue to impact the market, renters can expect varying trends based on their location.For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.</div></body>

Mountain View, CA

NewsBreak

Regional Divide Marks September Rental Market Trends

SANTA CLARA, CA — The latest Realtor.com Rental Report highlights a significant regional divide in the rental market, with contrasting trends between the Midwest and the South. While rent prices decreased in many parts of the country, eight out of ten Midwestern markets experienced year-over-year rent increases in September. In contrast, Southern markets saw some of the steepest declines, largely due to a surge in new multi-family housing developments.