PHOENIX (3TV/CBS 5) — A new report from Rent.com shows improvement in rental prices across the United States. The report says that after nearly two years of rental price increases, the national median for rent prices was less in May than a year ago. The median rate dropped by 0.57% last month compared to May 2022. While it may not seem like much, it shows a change in trends.The report showed improvement in the rental market in Arizona. Our state had the 5th largest drop year to year for median prices at 3.57%. Only Nevada, Idaho, Washington and Texas had larger decreases in price. The Phoenix metro area median rental price dropped 6.46%, the 6th largest drop for a city and surrounding area.Jon Leckie is a researcher for Rent.com. He says the rent in the Valley soared because so many people moved here during the pandemic. “These are areas that rose much faster than everywhere else,” he said. “There was a period of at least 11 months where we were seeing double-digit year increase month after month after month.”99% of homes in metro Phoenix are cheaper to rent than to purchase.He says we aren’t seeing that trend anymore. Prices bottomed out during the winter but have been rising since. The growth rate is back to a normal rate, which would be between 2 to 4 percent increases year to year. Leckie says rents rose by as much as 8% per year before the trends started returning to normal earlier this year. “Finally, in May, we went negative. That’s a real significant milestone in terms of getting away from those trends of extreme growth,” he exp …
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