Renters see relief as rents fall, but affordability remains elusive in key cities

Rents in the U.S. fell for the second consecutive month, with the median asking rent for 0–2 bedroom units dropping 2.1% year-over-year to $1,703. Renters now spend 23.4% of income on rent, down from 24.9% last year, though affordability remains tough in coastal cities like Miami, LA, and New York. More supply in southern and western markets has improved affordability, offering renters better options and potential paths to homeownership.