Despite a large decline in rent since its pe﷽ak in A🅷ugust 2022, renters are still paying $300 more than they were before the pandemic.

Median rent for apartments with up to two bedrooms fell by $7 in June compared to last year, according to a study by Realtor.com. This marks the 11th straight m▨onth of rent declines, though it remains 21% higher than in 2019.

“I don't think it is likely rents will go to pre-pandemic levels,” said Danielle Hale, chief economist at Realtor.com. “As long as incomes continue to grow, we're likely to see rents remain relatively high."

Where Is Rent Increasing?

Some markets have boomed since the pandemic, raising the average rent across the country. Five of the markets with the highest rent increases were 💮in the South, with Tampa, Fla., at the top, with a nearly 40% rise.

Other markets in the South saw the biggest decreases in prices🦹 over the past 💮year. Austin, Tex., had the biggest decrease, falling 9.5%.

“Supply and demand are really the key factors in whether rents are growing in a market or shrinking,” Hale said. “These areas have also seen the biggest increase in the number of rental units that have b🍌een compܫleted in the last year.”

Rents increased over th😼e past year 💜in the Midwest, while the coasts had mixed results.

Smaller apartments seem to be decreasing in price m🦩ore, as studios and one-bedrooms both saw declines of more than 1% while two-bedrooms only decreased by 0.3%.

“With wages growing, I do think that it helps make rent affordable,” Hale said. “If wages are growing, and if rents are staying steady, which is kind of roughly what we're seeing at the national level, it gives people's incomes a chance to catch up to that higher rent.”