Published by Forbes.com | November 18, 2022
The median rent in the top 50 metros in October was $1,734, down $25 from September.
Renters throughout the country are finally seeing a bit of relief when it comes to the seemingly relentless pace of rent growth. The Realtor.com October Rental Report details the shifting marketplace reality.
Nationally multifamily rent growth slowed to 4.7% year-over-year, its slowest pace in 18 months, with the median rent hitting $1,734. Additionally, The Avail, by Realtor.com, 2022 fall landlord and renter survey found that while tenants are still struggling with affordability, the majority of landlords are planning increases in the next 12 months, albeit less than before.
“With soaring inflation and recession fears a huge concern for many consumers, finding affordable housing remains a priority for families,” said Danielle Hale, chief economist at Realtor.com. “Our data indicates that we are finally starting to see a bit of relief from the double-digit pace of rent growth that we experienced during the height of the pandemic.” She added, “While it’s still a bit early to say that we’re officially on a downward trajectory for rent prices, the data shows a promising return toward normal seasonal slowdowns and suggests that the astronomical price gains of the past several years may be behind us.”
The median rent in the top 50 metros in October was $1,734, down $25 from last month and $47 from the peak in July. This marks the third consecutive month of single-digit growth and the ninth consecutive month of slowing. However, the pace of growth was still nearly 1.5 times faster than it was in March 2020, just before the pandemic hit. During the late fall and early winter, rental demand typically slows, as it’s a less popular time for households to make a move. This year is showing a return to a normal seasonal slowdown that we didn’t see the last two years. Despite these cooling prices, renters are still feeling the sting of the sharp increases of the past several years.
