Median rent in the U.S. rose 7.8% year over year during October—marking the slowest growth since August 2021.
Key Details
- Rent in the U.S. has now reached $1,983—a 7.8% increase since the year before. While an increase, it is the slowest growth since August last year, realty group Redfin found.
- This marks the fifth month that rent growth has slowed and the second month that the growth has been in the single digits.
- Rents are now rising at around half the pace of six months ago.
Why it’s news
Rent is declining as demand for rentals becomes less hectic. More individuals are choosing to stay in one location, driven by economic uncertainty. Renters’ budgets are also shrinking, meaning landlords can’t find customers for high-priced rentals.
In some U.S. locations, rent has started to see some decline. Milwaukee is the most notable decline—rent fell 17.6% since October last year.
Other cities’ decline was not as significant. Minneapolis fell 7.8%, Baltimore 3.2%, Seattle 2.7%, and Boston 2.5%. In all, 11 cities saw a rental decline during October compared to five in September.
However, Midwestern and Southern cities saw rents continue to rise. In October, Oklahoma City rent increased 31.7% year over year. Raleigh, North Carolina, increased 21%; Cincinnati rose 17%; Louisville, Kentucky climbed 15.8%; and Indianapolis rose 15.1%.
Surprising statistics
These U.S. cities saw a decrease in rent. . .
- Milwaukee, Wisconsin (-17.6%)
- Minneapolis, Minnesota (-7.8%)
- Baltimore, Maryland (-3.2%)
- Seattle, Washington (-2.7%)
- Boston, Massachusetts (-2.5%)
- Austin, Texas (-2.3%)
- Atlanta, Georgia (-2.2%)
- Columbus, Ohio (-1.7%)
- Los Angeles, California (-1.1%)
- Chicago, Illinois (-1.1%)
- Houston, Texas (-0.8%)
These U.S. cities saw an increase in rent. . .
- Oklahoma City, Oklahoma (31.7%)
- Raleigh, North Carolina (21.0%)
- Cincinnati, Ohio (17.0%)
- Louisville, Kentucky (15.8%)
- Indianapolis, Indiana (15.1%)
- Providence, Rhode Island (13.6%)
- Salt Lake City, Utah (13.6%)
- Nashville, Tennessee (13.2%)
- Pittsburgh, Pennsylvania (12.8%)
- San Antonio, Texas (10.6%)
