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Rent prices took off this year. And Leckie expects this slowdown to continue into 2023 despite the “blip” of rising prices in November. Rents skyrocketed during the past two years as the number of new households increased and rental vacancies decreased. This created what some in Michigan described as a cutthroat market where yearly rent increases neared 20%. “We’ll start to get back to normal yearly increases that we saw before the pandemic but don’t expect rent levels to go pre-pandemic rent,” Leckie said.

Rent prices are starting to level after months of steep increases. Here’s where rent stands in several Michigan cities according to Zumper:Detroit: Median rent - $1,095 for a one-bedroom, $1,050 for a two-bedroom Yearly change – One-bedroom rents stayed flat, two-bedroom rents dropped 5% Monthly change – One-bedroom rents down 3%, two-bedroom rents down 5%Grand Rapids: Median rent – $1,340 for a one-bedroom, $1,400 for a two-bedroom Yearly change – One-bedroom rents up 5%, two-bedroom rents up 17% Monthly change – One-bedroom rents down 1%, two-bedroom rents stayed flatAnn Arbor Median rent - $1,595 for a one-bedroom, $1,900 for a two-bedroom Yearly change – One-bedroom rents up 23%, two-bedroom rents up 6% Monthly change – One- and two-bedroom rents stayed flatKalamazoo Median rent - $934 for a one-bedroom, $1,071 for a two-bedroom Yearly change – One-bedroom rents up 9%, two-bedroom rents up 7% Monthly change – One-bedroom rents up 6%, two-bedroom rents down 1%Flint Median rent - $638 for a one-bedroom, $750 for a two-bedroom Yearly change – One-bedroom rents down 2%, two-bedroom rents up 2% Monthly change – One-bedroom rents up 1%, two-bedroom rents down 4%There’s a few reasons why rent is stabilizing. So as the housing market cools, the rental market will also cool,” Leckie said. Rent prices in a pre-pandemic world tended to slow in the fall and winter and tick back up in the spring and summer. Millennials are looking for dream homes, but Michigan’s competitive housing market keeps them out of reach

The cost of rent dipped slightly in September, the first decrease in several months.

In some metro areas around the country, the cost of renting a one-bedroom apartment has fallen more than 20%.

In some metro areas around the country, the cost of renting a one-bedroom apartment has fallen more than 20%.

Finding a new place to rent can be challenging, and skyrocketing rents have made it especially hard this year.

Rents are starting to come down after spiking to record levels this past summer, but experts are uncertain if the slowdown will continue.

"I'd never have expected that there'd be a bidding war for a 12-month lease."

Rents have soared nearly 40% over the last year, with the typical 2-bedroom fetching more than $2,100 a month.

"People are paying more than $1,000 a month additional now compared to a year ago," one expert says.

The cost of renting a place to live is falling in a handful of metro areas around the country. Here's why.

The Biden administration has extended the federal eviction moratorium through June 30, 2021 – a reprieve again for renters behind in their payments.

DETROIT – If you’re looking to buy or rent a house in Metro Detroit, you already know you need to act fast and be ready to pay. There are some major factors leading to a booming rental market, especially in the suburbs of Detroit. But there’s also nuance to consider, as the entire housing market is changing right before our eyes. “The market is kind of wacky right now,” Carberry said. I guess the weirdest thing about Detroit right now is it’s following a normal trajectory we would expect in a non-pandemic year.”Many renters are searching for a new home and finding the process infuriating.