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U.S. Apartment Rent Growth Slows for Second Consecutive Month
The national median asking apartment rent was up 14% year over year to $2,032 in July, Redfin reported Friday. It’s the smallest annual increase since November, and compares with 15% in June and 16% in May.
On a month-over-month basis, the median asking rent climbed 0.6%, the slowest growth since February and down from a 2.1% increase a year earlier.
“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,” said Redfin chief economist Daryl Fairweather.
He added, ”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.”
- ◦Economy
