Affordable Housing Development Opens

This is a Manhattan news story, published by USA Today, that relates primarily to COVID-19 news.

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rental market

USA Today

•

Business

Business & Economics

Rents remain far above pre-COVID levels. Use this tool to check prices in your area

Summary

Nutrition label

82% Informative

Rents remain far above pre-COVID levels, but for millions of renters, the typical rent still remains dramatically higher than it was before the COVID-19 pandemic began.

In May , Manhattan , Kansas , led other metros as the fastest-growing market in rental prices.

Housing market experts say that the rental market might have settled on a new baseline, meaning prices might not go back down to what they were in 2019 .

Rental prices in Austin are down 6.4% compared with a year ago .

Housing inflation has dropped from its peak of over 8% in early 2023 , but costs have not fallen as quickly as overall inflation.

Labor Department : Rent inflation was at 3.8% in May , the smallest annual increase since January 2022 .

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Informative language

Neutral language

Article tone

formal

Language

English

Language complexity

Offensive language