US rent growth easing, but remains a burden for many tenants

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — The cost of renting an apartment is easing after skyrocketing in recent years, though it remains painfully high for many Americans. The U.S. median rent rose 2.4% in January from a year earlier to $1,942, the lowest annual increase since June 2021, according to data from Rent, which tracks listings for apartment and rental houses. The median rent, which peaked in August at $2,053, fell 2% from December, its fourth decline in five months. Still, other data show the national average rent-to-income ratio reached 30% in the fourth quarter, just above the threshold of what the government considers affordable housing.