Rent: Rent for single-family homes and apartments has been rising, but it has been happening very slowly.
Consumers are being squeezed by inflation, while landlords have been losing pricing power.
Growth
For the tenth straight month, rent growth slowed in November, rising just 3.4% compared to the pace in November 2021.
It is the weakest gain in 19 months, according to Realtor.com.
The 50 largest urban markets had a decrease in the median asking rent, which fell to $1,712.
It is down $69 from the peak in July and $22 from October.
Realtor.com’s chief economist, Danielle Halle, issued the following statement:
“Many Americans’ budgets are being pulled in multiple directions as the holidays approach, bringing a more typical season cooldown to the rental market that we haven’t seen in the last few years.”
“Despite this recent relief, renters will continue to be challenged by affordability in 2023, with rents forecasted to hit more record highs.”Read More
Source: The Wall Street Times