US rental prices drop in October, but are still expensive for most, according to data from Realtor.com
Photo: FREDERIC J. BROWN/Getty Images
Rent growth in the United States slowed in October to 4.7% compared to the same period last year, according to the latest report from Realtor.com. This is the slowest pace in the last 18 months.
“With rising inflation and recession fears, finding affordable housing remains a top priority for families. Our data indicates that we are finally beginning to see some relief from the pace of rent growth double digits we experienced during the height of the pandemic,” said Danielle Hale, chief economist at Realtor.com.
Median rent in the top 50 US metropolitan areas in the month of October it was $1,734 dollars$25 less than last month and $47 less than the July high.
This marks the third straight month of single-digit growth and the ninth straight month of slowdown. Nevertheless, the growth rate was still almost 1.5 times faster than in March 2020, just before the pandemic hit.
During late fall and early winter, rental demand typically drops as it is a less popular time for households to move. This year shows a return to a normal seasonal slowdown which has not been registered in the last two years.
Owners plan to keep raising prices
However, Realtor's Avail 2022 survey of landlords and renters also found that while affordability issues remain, 70.4% of homeowners are planning increases in the next 12 monthsalthough less than before.
However, there is some good news. The number of landlords planning to increase rent by more than 10% dropped from 25.4% of landlords in April to 18.3% in October.
“High inflation and the cost of maintenance and repairs are hitting homeowners, who have had to raise rents to cover the increased cost and are making that they are unlikely to be willing to negotiate with new tenants,” said Ryan Coon, vice president of leasing for Realtor.com.
The median monthly rent increase reported by respondents was $138 for lease renewals, compared to $160 in July, and $300 for new leases, the same as July.
Despite the lower increases, affordability remains a major concernas 69.5% who experienced an increase are considering moving to a cheaper rent, up from 66.2% in July.
Those who are thinking of moving seek a 12.5% cost reductionor about $200 per month for the average renter.
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