The U.S. rental market experienced single-digit growth for the ninth consecutive month in April, according to new data from Realtor.com. Last month saw the slowest growth rate since the beginning of the pandemic.
Realtor.com reported that the median rent across the top 50 metros was up by a scant 0.3% year-over-year. The median asking rent was $1,734, up by $4 from March.
“In April, we continued to see rising rent prices and a moderating growth rate. This is promising news for renters, suggesting that the pandemic peaks are behind us, and that the challenging affordability picture may begin to improve,” said Realtor.com Chief Economist Danielle Hale. “We’ve seen record-high new construction occurring in the multi-family space, which is creating more units, helping to reduce competition and in turn helping to ease prices.”
Realtor.com is operated by the News Corp (NASDAQ: NWS, NWSA) subsidiary Move Inc.