DARK SECRETS: Where rents are falling or rising most | Rare Historical Photos

A building boom across the South and Mountain West has cooled rents — but that relief could fade as new construction slows.

Why it matters: Housing is unaffordable for many. Although the median U.S. rent for new leases is down 1.5% from a year ago, it's still roughly 20% above pre-pandemic levels, at $1,400 a month, per Apartment List.