February average asking rent: $2,030, ↓2.8% yearly and ↓1.3% MoM.
National rents at lowest in 33 months, ↓7.4% compared with two years ago.
Despite declines, average asks still ↑2.3% versus three years ago after a post-pandemic surge.
Increased housing supply arrived just as demand slowed, creating rare affordability opportunities for renters.
February averages: apartments $2,030, condo rentals $2,082, houses and townhomes $2,009.