Redfin, the Seattle-based, technology-powered real estate brokerage firm, is reporting that the national median asking rent price in July was up 14% year-over-year to $2,032 per month. Redfin says this is the smallest annual increase since November 2021 and compares with a revised gain of 15% in June and 16% in May of this year.
On a month-over-month basis, the median asking rent climbed 0.6%, which is the slowest growth since February of this year and down from a 2.1% increase a year prior.
Adding background and her insight into the report, Redfin’s Chief Economist Dr. Daryl Fairweather said:
“Big rent hikes may finally be coming to an end as landlords adjust to waning tenant budgets that are being strained by the rising cost of groceries, gas, and other regular expenses. Still, rents are increasing faster than overall inflation, which has started to ease.
We expect rental growth to continue to slow, but markets with strong job growth and limited new housing construction, like New York and Seattle, will likely continue to experience large rent increases.”
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Redfin Reports Growth in U.S. Asking Rents Slows for Second-Straight Month