Rent prices in March rose slightly due to seasonal patterns and increased demand during warmer months. However, some markets, like those in the Sun Belt and inner mountain areas, including Arizona, are experiencing rent decreases due to increased supply. While prices have increased overall, they remain lower than in 2021 and 2022 due to a return to seasonal patterns and factors like supply and demand. Markets in the Midwest and Northeast continue to see high rent prices due to undersupply.
The rental market is becoming competitive as spring approaches, with rent prices rising nationwide. Potential renters should research different types of properties available, including traditional rental buildings, condos, and housing cooperatives. While rental buildings may have lower upfront fees and be subject to rent regulations, condos and co-ops often have high fees and restrictions on renting. Co-ops, in particular, have a more rigorous application process and may have rules limiting how long a renter can live in the unit.
