Asking rents in the U.S. reached a record high in August, but for the third consecutive month, rent growth decelerated slightly.
Redfin data indicated the median national asking rent increased 11% year-over-year to $2,039, but decreased from a peak gain of 19% in March, making it the weakest annual growth in a year.
The median asking rent increased by 0.4% month-over-month, which is the weakest gain since December 2021 and less than the 1.6% increase seen a year earlier.
Geographically, the highest jump in rents occurred in the Midwest and Northeast.
The highest increase among the 50 most populated U.S. metropolitan regions was in Cincinnati, where asking rents increased 26% year-over-year in August. Additionally, there was at least a 20% rise in Pittsburgh, Indianapolis and Nashville.
Top 10 Areas With Fastest-Rising Rents Year-Over-Year:
- Cincinnati, Ohio (26%)
- Pittsburgh, Pennsylvania (22%)
- Indianapolis, Indiana (21%)
- Nashville, Tennessee (20%)
- Portland, Oregon (19%)
- New York, New York (18%)
- Newark, New Jersey (18%)
- Nassau County, New York (18%)
- New Brunswick, New Jersey (18%)
- San Antonio, Texas (17%)
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Another thing renters could look at are where rents are decreasing. Rents went down from a year ago in four out of the 50 most populated metro regions in August, up from three regions in July: Milwaukee saw a 15% drop in rent, Minneapolis a 7% drop, Jacksonville, FL, a 2% drop, and Baltimore, a 1% drop.
Areas Where Rents Declined Year-Over-Year:
- Milwaukee, Wisconsin (-15%)
- Minneapolis, Minnesota (-7%)
- Jacksonville, Florida (-2%)
- Baltimore, Maryland (-1%)
Rent information courtesy Redfin.
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