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In other economic news, rent prices in the United States are beginning to fall back to 2022 levels. The median asking rent is now at $1,594, reflecting a significant drop from the record highs experienced in late 2022. As new rental units flood the market amid increasing vacancy rates, prospective tenants are finding themselves in a renter's market.
Notably, cities like Austin, Texas, are seeing some of the most drastic declines, with asking rents dropping by 23% from all-time highs. However, while many regions face decreasing rents, others in the Northeast are still experiencing rising prices, indicating a mixed picture across the country.