For once, reasonable rent growth is reflected in Zumper's National Index, according to the firm's data report issued last week.
While rates again reached all-time high in some categories, overall, the month signaled a slowdown from the "shocking" price spikes over the past year, according to the report. It's a "reminder that the pandemic has upended nearly every economic trend in its path," Zumper said in a release.
Median one-bedroom rent was up 0.5 percent during the past month–yet another all-time high – but that pales to the 1 percent or 2 percent spikes seen regularly during much of the pandemic.
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Instead, falling were rents for two-bedroom units, which were down a sharp 2.9 percent during the past month. This could indicate these renters left rental housing to make that move to a single-family home, according to the report.
'Pockets of Opportunities' for Homebuyers
For many would-be home buyers, the recent interest-rate hike "created pockets of opportunity for renters who've been looking to buy a home for years and are a likely explanation for this month's dramatic decrease in two-bedroom rent prices," Zumper said in a release.
Mortgage applications fell to a 22-year low this month, according to the Mortgage Bankers Association.
Miami Slides in Market Rankings
The hot Miami market cooled enough to move two spots down to the fifth-priciest market nationally. San Jose has taken Miami's place at No. 3 in the US.
In the big city, New York City's median one-bedroom rent of $3,600 reflects a 40 percent YoY increase and is $600 higher than San Francisco, the second most expensive city in the country.
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