July represented the third consecutive month of year-over-year declines in rental housing prices, according to data from Realtor.com.
While the median asking rent in the 50 largest metros increased $15 to $1,759 from June to July, it nonetheless remains down $18 from the peak 12 months ago. July also marks the first year-over-year decrease in rent for studio units since 2020, continuing the downward trend led by two-bedroom units in May and one-bedroom units in June.
The least affordable markets in July included coastal and Sun Belt locations, where renters often spent more than 30% of the median household income on housing costs. Miami was the least affordable rental market, where renters would have spent 44.2% of their monthly paycheck on the typical rental. On the flip side, Oklahoma City was the most affordable rental market, with renters spending 18.4% of their median household income on housing.
“Renters in many areas are now spending slightly less on rent relative to their overall income, giving their budgets a little more breathing room at a time of stubborn inflation and ongoing affordability concerns,” said Danielle Hale, Chief Economist at Realtor.com. “With our midyear forecast update noting a surge in multi-family construction and an uptick in vacancy rates, we anticipate this downward pressure on rent prices will continue, providing many renters with much-needed stability in their housing expenses. Given the current rental market momentum and seasonal trends, it will be very unlikely to see a new peak rent in 2023.”
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WOW The Fort Worth Market is having big increases. I was pleased to settle with the Tarrant Appraisal District if they would ONLY increase value 20 to 25%. I found my Home owners insurance and rental property increase of 30, 40 and 50%. Car insurance up 25%. HVAC, PAINT, PLYWOOD, all up ALOT. Been in property management and investments for near 50 years. Worst inflation since Jimmy Carter.
People can make a lot of different excuses or reasons why, but if you research deep into the facts you will find the main reason is from Greed.
As a business owner myself, I can’t recoup my losses from the taxpayer or off the backs of my customers, because I was being lazy or not paying attention to the hen house. I have to suffer the consequences.