Redfin: Rental Market ‘Coming Back Down to Earth’
Five of the 50 most populous metro areas saw rents fall in September from a year earlier.
Rent growth continued to decelerate in most places in September, according to Redfin, with more markets “coming back down to Earth” as high rents and economic uncertainty have put an end to the pandemic moving frenzy of 2020 and 2021, the real estate brokerage said in a report this week.
Redfin said it expects rent growth to continue to slow into 2023.
September was the fourth-consecutive month in which annual rent growth decelerated, with rents climbing at half the pace they were six months earlier, according to the report.
The median U.S. asking rent rose 9% year over year in September to $2,002, the slowest growth since August 2021 and the first single-digit increase in a year, Redfin reported.
Don’t tell that to renters in Oklahoma City and Pittsburgh, which each saw their rents increase year over year by 20% or more.
Rents declined most in 14.3% in Milwaukee (14.3%), followed by Minneapolis (8.8%) and Baltimore (2.8%).