Median Asking Rent in November Posts Smallest Increase in 15 Months

Redfin reported on Tuesday (12-13-22) that the median asking rent climbed 7.4% year-over-year in November to $2,007. This is the smallest increase in 15 months and the sixth-consecutive month in which annual rent growth slowed. In comparison, rents were up twice as much in the summer. November also marks the third-straight month of single-digit rent growth increases, following almost a year of double-digit growth.

Adding additional background and her analysis to the rent report, Redfin’s Research Lead Dr. Chen Chao said:

“Rent growth is likely to continue cooling. Asking rents are already down annually in 14 of the metros Redfin tracks, and we expect declines to become more common in the new year. That should ultimately help slow inflation further. Slow inflation will lead to lower mortgage rates, which should also bring more homebuyers back to the market.”