Minneapolis CNN —Some welcome news for renters: The US median rent in May fell from May 2022, the first annual rent decline in at least three years, according to a Realtor.com report released Monday. In May, the national median asking rent was $1,739, which was up a skosh ($3) from April but down 0.5% from May 2022. “For renters who maybe have stayed put over the past couple of years and haven’t moved, they might not be at the market rent level,” Hale said in a follow-up interview with CNN. “If they were to move this year, even though market rents are declining, they may see a higher rent payment.”The West and the South recorded year-over-year rent declines in May of 3% and 0.7%, respectively, whereas the Midwest and Northeast are still seeing rents climb higher, according to the report. The metro areas with the largest year-over-year rent jumps include Columbus, Ohio (9.3%); St. Louis, Missouri (7.7%); and Cincinnati, Ohio (7.7%).

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Persons: Realtor.com, ” Danielle Hale, Hale, haven’t, ” Hale, —, Anna Bahney Organizations: Minneapolis CNN, CNN Locations: Minneapolis, Midwest, Northeast, Columbus , Ohio, Louis , Missouri, Cincinnati , Ohio, Las Vegas, Riverside, San Bernardino, California