“Two years of gradual rent declines have given renters a bit more breathing room,” Danielle Hale, chief economist at Realtor.com, said.
“Still, even as a typical household spends a smaller share of income on rent than a year ago, affordability remains stretched in major markets, particularly along the coasts.”
Coastal cities remain out of reach for many renters
The share of income spent on rent dropped to 23.4% in September, down from 24.9% a year earlier. This improvement reflects both modest rent declines and income growth, according to the report.
Year-over-year, rents fell across all unit sizes, with one-bedroom units seeing the largest decrease at 2.3%. The median asking rent for a one-bedroom was $1,582, for a two-bedroom $1,885, and for a studio $1,426.
However, the nation’s most expensive rental markets remained out of reach for many. Renters in Miami, Los Angeles, and New York continued to devote over a third of their income to housing, despite slight improvements from last year.