It’s not just mortgage demand that slowed in June, rent increases also tapered off for the month, according to Redfin’s Rental Market Tracker…(Redfin)
- Y-O-Y: National median asking rent was up 14% to 2,016 in June, this is the smallest annual increase since October.
- M-O-M: Asking rents were up 0.7% month-over-month, this is the smallest month-over-month gain since the start of the year.
Daryl Fairweather, Redfin chief economist, says rent growth is likely slowing because landlords are seeing demand start to ease thanks to inflation but some markets are still seeing unprecedented increases…
- “This slowdown in rent increases is likely to continue, however rents are still climbing at unprecedented rates in strong job markets like New York and Seattle and in areas like San Antonio and Austin that soared in popularity during the pandemic.”
Cincinnati, OH took the top spot in June, jumping up from number four last month, with a 39% year-over-year increase in asking rents followed by Seattle, WA (+33%), and Austin, TX (+32%).
- NOTE: New York, NY was number five with 27% growth. So much for the end of New York City…