Report: Residential rents drop for 11th consecutive month

Residential rents nationwide dropped for the 11th consecutive month in June, according to a report from Realtor.com.

The report found the median asking rent for 0-2 bedroom units dipped by 0.4% in June compared with a year earlier. That's down by roughly $7 to $1,743.

The report noted some markets have seen rents surge by as much as 40%. The Tampa-St. Petersburg-Clearwater metro area is leading the increases.

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