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It looks like there could be some relief for renters across the nation soon.

In August, rental rates decreased for the first time since 2022.

Charlotte’s average prices also saw a year-over-year decrease, according to a report by Rent.

The average monthly rent for two-bedroom apartments fell by more than 27 percent in August compared to last year.

Between July and August, Charlotte’s median rent price also decreased.

According to data by Rent, the average monthly price for a one-bedroom apartment was $1,596 in July and $1,434 in August. The August average is down 1.35 percent from the same month last year.

Read the full story here.