by Sanjeev Sah | June 20, 2023 | Market Updates

PropTrack’s recent market insights report found new rental listings fell 18.9% from March to April, the largest monthly decrease since 2017.  

As the table below shows, the challenging conditions for tenants are even more apparent when you compare listing numbers to pre-pandemic levels, with: 

• 36.4% fewer rentals being listed than in March 2020 
• 39.1% fewer total rentals on the market 

With demand strong and supply tight, rents remain under sustained pressure with PropTrack reporting the share of rentals listed for under $400 per week nationwide fell from 41.86% in March 2020 to a record-low 16.2% in April 2023.