U.S. rental prices stabilized this month and showed some signs of cooling down, while month-over-month average price levels remain mostly unchanged, according to Rent.com’s July Report. Nationwide, rent prices largely remained stable at a 16-consecutive-month record high with one- and two-bedroom apartments still up year-over-year 25.3 percent and 26.5 percent, respectively.
Rent.com states an average apartment is costing $1,701 a month, while Realtor.com reports $1,876.
One reason behind the stable prices is that tenants in some cities saw their monthly leasing fees drop over the previous month, with one-bedroom apartments dropping 0.1 percent.
Year-over-year, two-bedroom units at the state level saw a decline of 13 percent, while one-bedroom units saw a 7.1 percent drop….