Redfin Reports Growth in U.S. Asking Rents Slows for Second-Straight Month
The national median asking rent rose by 14% year-over-year to
- National median asking rent increased 14% year-over-year to $2,032.
- Month-over-month rent increase of 0.6% indicates market stability.
- Cincinnati reported the highest rent increase among major metros at 31%.
- The 14% increase in rents is the lowest since November, suggesting a potential peak.
- Major influence of rising costs on tenant budgets could indicate future rent stability or declines.
The
“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
Rental Market Summary |
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Month-Over-Month |
Year-Over-Year |
Median Monthly Rent |
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Cincinnati Rents
Asking rents rose
Top 10 Metro Areas With Fastest-Rising Rents Year Over Year
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Cincinnati, OH (31% ) -
Nashville, TN (26% ) -
Pittsburgh, PA (24% ) -
New York, NY (23% ) -
Newark, NJ (23% ) -
Nassau County, NY (23% ) -
New Brunswick, NJ (23% ) -
Seattle, WA (22% ) -
Indianapolis, IN (21% ) -
San Antonio, TX (21% )
Just three of the 50 most populous metro areas saw rents fall in July from a year earlier. Rents declined
Metro Areas Where Rents Declined Year Over Year
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Milwaukee, WI (-10% ) -
Minneapolis, MN (-8% ) -
Baltimore, MD (-0.3% )
To read the full report, including charts, additional data and methodology, please visit: https://www.redfin.com/news/redfin-rental-report-july-2022/
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than
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Source: Redfin
FAQ
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