A report from Rent.com finds that prices are stabilizing at the national level but some states are still seeing some skyrocketing rates. Jon Leckie, a researcher with Rent.com, joined Cheddar News to provide the big takeaways on what're the latest trends from the report.

<div class="block">A report from Rent.com finds that prices are stabilizing at the national level but some states are still seeing some skyrocketing rates. Jon Leckie, a researcher with Rent.com, joined Cheddar News to provide the big takeaways on what&#39;re the latest trends from the report.</div>

Closing Bell

Stretching Your Dollar: Report Shows Rents Stable Nationally, Soaring in Some States

It is now time for stretching your dollar where we give you tangible tips to help you make the most of your money. The latest r report from rent dot com finds prices are stabilizing at the national level but that some states are still seeing skyrocketing rates. So joining me now to break down the trends and how you can negotiate potentially a lower rent payment is the author of the report, John Lecky researcher at rent dot com. John, thanks so much for joining. All right, thanks for having me. What are the takeaways our viewers need to know from this report? I mean, I think the biggest takeaway is that yes, rents are stabilizing, you know, they're down from their peak in August by almost 5% you know, on a year over year basis, we essentially flat. They were up about, you know, less than a third of 1% and you know, monthly rents are dipping as well. They were, they were down nearly a quarter of 1%. So prices are really starting to stabilize after this sort of two year period where we saw double digit rent growth. Ok, let's talk about perhaps some of the areas where you might be able to get a better rent deal in some places that are still pretty high. Yeah. Well, the best deals really are sort of in the Midwest and the south. That's where we see the cheapest rents. But those are also the areas that are growing the fastest. So that gap between, you know, the cheaper rents there and sort of the more expensive rents in the northeast and the west coast is really starting to close pretty quickly. Ok, good to know any places in particular, specifically in the Midwest, big cities, metropolitan areas. Yeah, I mean Midwest, you know, South Dakota is showing some good rent growth but it also has some cheaper prices. Places like Mississippi, Arkansas, Nebraska also also showing some cheaper prices. How can you negotiate your rent no matter where you live? What's the tip, John, I mean, the biggest thing is don't be afraid to negotiate. Um you know, I think a lot of people come into it and think just that the price is what it is. Um but you know, when you go to negotiate, you know, do your homework, look back at sort of, you know, what historical changes were in the period before the pandemic. Um try to get any increase more in line with those changes rather than these sort of extreme growth numbers we've seen over the last few years. How do you approach it? Is it best to have perhaps another apartment that you're interested in renting or is there a better way to approach that negotiation? I mean, the best way is on a personal level. I mean, if you're, if you're in an apartment that you like now and you can afford it and you could probably afford, you know, a little bit of a bump. I would consider staying, you know, landlords are going to be much more willing to work with someone who they know that they've worked with before. That has been a good tenant than they are to take a risk on someone else. Now. You know, if you, if you are moving and you don't have that personal connection, you know, I think, you know, showing up and being willing to move on some price but you know, having that backing of, of what, what prices have been doing in the past. I think it's going to go a long way. Ok, John, lucky researcher at rent dot com. John. Really good info and tips for the negotiation. Thank you.