Rental Market Tracker: Growth in Asking Rents Slows for the 1st Time in a Year

Source: Redfin — 

Rents rose 15% year over year in April, down from March’s 17% increase. Still, Austin, Portland and South Florida saw rents surge more than 30%.

The median monthly asking rent in the U.S. increased 15% year over year to a record high of $1,962 in April. That’s below March’s 17% increase, marking the first slowdown in a year.

“The fact that rents are growing at a slower pace may be a very early sign that the Fed’s tactic of raising interest rates to quell inflation is working,” said Redfin Chief Economist Daryl Fairweather. “However, rents are still growing at nearly double the rate of overall inflation. Landlords in hot migration destinations like Austin, Portland and South Florida are charging new tenants 30% more than last year’s rent.”