The rental market is cooling, but not down to pre-pandemic levels, according to Mike Lapsley, the president of “Rentometer,” a rent analysis website.
Although some areas may see a decrease in rent prices, Lapsley believes it will take time before the rental market sees significant drops.
Rental supply is constrained, particularly in the single-family home market.
For apartments, Lapsley suggests shopping around and negotiating, given the constraints on inventory.
Renters in Savannah, Bluffton, and Hilton Head have seen significant rent increases since 2018, with two-bedroom, two-bathroom apartments increasing by $400-$1,026 over the past five years.