According to data from Realtor.com’s most recent rental report, as of November, rental prices in nine of the 50 largest metropolitan areas are showing year-over-year declines. That’s up from seven of the 50 largest metros just one month prior.
The data for the report comes from the rental listings on their websites. Here is an example of what this means. For number 1 Riverside, median rent in November was $2,071. A discount of 5.5% is $114. That would make rent $1957. See below for the full list of cities mentioned in the article.
To be honest, none of the changes mentioned in the list seem quite significant to me. The other thing to note is that the median is not the average. The median is the middle number in a data set. For example, if there are 3 numbers, the second number is the median because it’s the middle number. It’s important to understand the trends overall and especially with the rents in an area you’re considering investing in.
If you’re interested in gaining knowledge that will help you invest in real estate, definitely tune into my show, Black Real Estate Dialogue. You can watch on Youtube and you can listen on Apple Podcasts or Spotify.
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