LOS ALTOS, CA — Single-family home renters have been on a wild ride full of unpredictable price surges during the past few years. At various points, many would have gladly moved into a haunted house as long as the amenities were adequate and the rent was reasonable. Fortunately, there’s no longer any need to take on a transparent roommate, says Dwellsy CEO and cofounder Jonas Bordo.

“September’s data is in, and asking rent for three-bedroom single-family rental homes (SFRs) dropped 0.3 percent, or $5, since August,” says Bordo, coauthor along with Hannah Hildebolt of Everything You Need to Know About Renting But Didn’t Know to Ask: All the Insider Dirt to Help You Get the Best Deal and Avoid Disaster (Matt Holt, August 2023, ISBN: 978-1-6377439-2-8, $21.95).

“Five bucks may not sound like much, but since we’d normally expect to see prices climbing to their seasonal peak this time of year, a dip is significant,” he adds.

That’s the good news. Here’s the slightly less good news: Year-over-year rent comparisons show a price increase of 5.3 percent, or $95, since last September. Still, points out Bordo, that’s not too far out of line with inflation—and it feels downright reasonable when you consider that three-bedroom SFR rent has risen 24.6 percent since January 2021.

Yet if many markets have received a rent-trend treat, others are undoubtedly feeling tricked. In some areas, SFR prices are scarily expensive, either because of increased demand or a consistently high cost of living.

Bordo believes that providing accurate and timely rental data is a crucial service for renters, landlords, cities, and organizations connected to the rental industry. To that end, Dwellsy regularly mines its 14+ million residential rental listings for statistics and data. Because the rental platform allows landlords to post listings free of charge, it has a pool of data that’s more diverse—and more representative of the true rental landscape—than that of pay-to-play listing services. Each month, Dwellsy breaks down this data regionally across 250 U.S. markets.

“Without current data, it’s difficult for renters to accurately gauge developing trends, determine affordability in their area, and plan for the future,” says Bordo. “In compiling this list of most expensive cities for single-family home rentals, we’ve focused on three-bedroom homes because they are by far the most common rental home type.”