Rent is falling for 1st time in years

COLUMBIA, S.C. (CNN)— Good news for renters! Rent is falling for the first time in years.

According to new data released today from Realtor.com, the U.S. median rent in May fell half a percent from May of last year.

It’s the first annual rent decline in at least three years.

Experts expect rent prices to continue to soften through the remainder of this year and into next year.

According to the report, the largest year-over-year declines are in Las Vegas, the Riverside and San Bernardino areas of California, and Phoenix.

But cities in the Midwest and Northeast are seeing the opposite with rent prices increasing.