Colorful cafe bars at the iconic Beale Street music and entertainment district of downtown Memphis, Tennessee.
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Despite broad hikes in rental prices, competition is easing in some U.S. markets as inventory grows, according to a new report from national real estate brokerage HouseCanary.
At the end of 2022, the median U.S. rent was $2,305, which was nearly 5% higher than a year earlier. But median rents ended 2022 almost 6% lower compared to the start of the year, the report shows.
Although rent prices have cooled in some markets, others have continued to grow, including metros along the East Coast and through the industrial Midwest, HouseCanary found.
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