According to Realtor.com®'s April Rental Report, this figure is up $4 from last month, but down $43 from last year's peak.

What's more, economists predict this trend is likely to continue.

"The big takeaway from this report," says Jiayi Xu of Realtor.com's economics team, "is that annual gains fell below 1 per cent." I believe we will see a year-on-year decline, which is really good for renters. Maybe not next month, but soon."

One of the biggest factors affecting the rental market is the increased supply of new flats. This has given renters more leeway to bypass less desirable rentals, which are experiencing record high vacancy rates.

"The 6.4 per cent vacancy rate is the highest it's been in two years," Hsu noted." This means there are more options available."

Despite this, the rental market continues to be plagued by high prices. Also, rents are growing faster in smaller units and in areas that are more affordable than the expensive coastal and Sun Belt areas.

The median flat in downtown Cincinnati, at $1,218, saw the largest price increase in April, with rents up 9.9 per cent compared to a year ago. Detroit, with a median rent of $1,390, came in second, with an 8.9 per cent increase.

In contrast, some of the most popular pandemic destinations saw the biggest reversals. Rents in Riverside, California fell 10.9 per cent in April compared to a year ago, resulting in a median rent of US$2,123. In Las Vegas, on the other hand, the median rent was down 5.7 per cent from 2022, at just $1,509.

But tenants looking for their next home shouldn't take anything for granted. Brian Davis, who teaches a real estate investment course at SparkRental, says the best approach for renters with some flexibility is to consider not only price, but also vacancy rates, local unemployment and population growth.

"Ideally, you want a city with low unemployment but slow and steady population growth, not one with explosive growth or declining population," Davis advises." Cities with explosive population growth see rental prices soar and vacancy rates plummet."

Some solid choices among Realtor.com's top 50 cities for April include Kansas City, Missouri, where the median rent was $1,282, up 3.5 per cent from a year ago, and the vacancy rate was 8.7 per cent. The unemployment rate there is only 2.7%, below the national average, according to the Department of Labor.

The situation is similar in Nashville, Tennessee, where the unemployment rate is 2.5 per cent, the median rent is $1,599 and the vacancy rate is 9.9 per cent.

Davis points out that it pays to do your homework, "the national real estate market is extremely unbalanced right now".