But now, the rental market is finally softening. “Looking nationally at the rental market, we’ve seen a wave of new multi-family supply, and we’ve seen rental demand slip because of economic uncertainty,” says Peyton Whitney, a JCHS research analyst who worked on the report. May marked the 34th consecutive month of declines for studio to two-bedroom apartments across the nation’s 50 largest metros, according to Realtor.com’s Rental Report. The median rent across those areas is now $1,686, down 4.4% from its peak in the summer of 2022. Current, a consumer fintech banking platform, shares a few key tips for peak rental season:Information is your friend.