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Asking rents rose 11% in August, smallest increase in a year, Redfin reports

RENT GROWTH MAY CONTINUE TO DOWN AS RISE RATES CONTINUE TO COOLING THE ECONOMY SEATTLE–(BUSINESS WIRE)–(BUSINESS WIRE)–(NAS DAK: RDFN) – Asking rents in the United States climbed to a record high in August, but rent growth slowed for the third straight month. The national median rent rose 11% year over year to $2,039, according to a new report from technology-driven real estate brokerage Redfin (redfin.com). It was the smallest annual increase in a year, down from a peak of 19% in March. On a month-on-month basis, median rents climbed 0.4%, the slowest increase since December 2021 and down from 1.6% a year earlier. “Rent growth is likely to slow further as the Federal Reserve continues to hike rates. Higher rates can impact the rental market because they dampen spending power across the economy, including renter budgets,” Redfin vice president Chief Economist Taylor Marr said. “Rent growth is also likely to slow due to increased rental supply. Nearly 1 million rental units under construction will enter the market in the coming months and years.”

Rental Market Summary
August 2022

month to month

Year by year moon Median Rent $2,039 0.4% 11.1%
    Cincinnati, Rents rose more than 20% in Pittsburgh, Indianapolis and Nashville In Cincinnati, asking rents rose 26% year-over-year in August, the most among the 50 most populous in the U.S. the largest increase in the metropolis. Pittsburgh, Indianapolis and Nashville also saw increases of at least 20%. This was the first month since August 2021 that no metro area saw rents rise 30% or more from a year earlier. Top 10 metro areas with the fastest year-over-year rental growth

      Cincinnati, OH (26%)

    Pittsburgh, PA (22%)

Indianapolis (21%) Nashville, TN (20%) Portland, OR (19%) New York, NY (18%)

  • Newark, NJ (18%) Nassau County, NY (18%)
  • New Brunswick, NJ (18%) San Antonio, TX (17%) Four of the 50 most populous metro areas experienced year-over-year rent declines in August, up from three in July. Rents fell 15% in Milwaukee, 7% in Minneapolis, 2% in Jacksonville, Florida, and 1% in Baltimore. Asking rents in Milwaukee and Minneapolis have been falling since April. Metro areas with year-over-year rent declines Milwaukee, WI (-15%) Minneapolis, MN (-7%) Jacksonville, FL (-2%)

  • Baltimore, MD (-1%)
  • To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/redfin-rental-report-august-2022/ About Redfin Redfin (www.redfin.com) is a technology-driven real estate company. We help people find housing through brokerage, instant home buying (iBuying), leasing, lending, title insurance and renovation services. We sell the house at a higher price and charge half the fee. We also operate the #1 real estate brokerage website in the country. Our homebuying clients see the home first with on-demand tours, and our loan and title services help them close quickly. Customers who sell their home can get an instant cash quote from Redfin or have our renovators fix their home for a premium price. Our rental business enables millions of people across the country to find apartments and homes for rent. Since our launch in 2006, we’ve saved our clients over $1 billion in commissions. We serve more than 100 markets in the US and Canada and employ over 6,000 people. For more information or to contact a local Redfin Realtor, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, please email [email protected] To view Redfin’s newsroom, click here. Views Source code version on businesswire.com: https://www.businesswire.com/news/home/20220921005394/en/Redfin Reporter Services:
    Kenneth Applewhite, 206-588-6863 [email protected] Source: RedfinSeptember 21, 2022 Post

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