Like home prices, rent prices continue to grow but the pace is slowing, according to the latest report from Redfin…(Redfin)
Y-O-Y: The national median asking rent was up 14% year over year to $2,032, the smallest annual increase since November.
M-O-M: The median asking rent climbed 0.6%, the slowest growth since February.
Still hot. Despite the slowdown, some rental markets are still firing on all cylinders. Cincinnati took the top spot with a 31% year-over-year increase in July. Nashville was number two with 26% growth followed by Pittsburgh up 24% and New York, Newark, Nassau County, and New Brunswick all up 23%.
- Cincinnati’s 31% increase was down from its 39% increase in June.
Not everyone is up. Milwaukee saw the biggest decline with a 10% drop followed by Minneapolis (-8.0%) and Baltimore (-0.3%)
Daryl Fairweather, Redfin Chief Economist, says landlords’ ability to raise rents is being hampered by inflation. “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…”