US rental prices drop in October, but are still expensive for most, according to data from Realtor.com
Realtor.com also found that 70.4% of landlords are planning rental price increases in the next 12 months.
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.
You may also like:
– First-time homebuyers fall to a record low: only 26% managed to acquire a home in the US.
– What are the 10 best places to retire in the US in 2022 according to the latest surveys
– What are the 10 most expensive US cities to rent a home right now
Author Profile
- Allow me to introduce myself. I am Nathan Rivera, a dedicated journalist who has had the privilege of writing for the online newspaper Today90. My journey in the world of journalism has been a testament to the power of dedication, integrity, and passion.
My story began with a relentless thirst for knowledge and an innate curiosity about the events shaping our world. I graduated with honors in Investigative Journalism from a renowned university, laying the foundation for what would become a fulfilling career in the field.
What sets me apart is my unwavering commitment to uncovering the truth. I refuse to settle for superficial answers or preconceived narratives. Instead, I constantly challenge the status quo, delving deep into complex issues to reveal the reality beneath the surface. My dedication to investigative journalism has uncovered numerous scandals and shed light on issues others might prefer to ignore.
I am also a staunch advocate for press freedom. I have tirelessly fought to protect the rights of journalists and have faced significant challenges in my quest to inform the public truthfully and without constraints. My courage in defending these principles serves as an example to all who believe in the power of journalism to change the world.
Throughout my career, I have been honored with numerous awards and recognitions for my outstanding work in journalism. My investigations have changed policies, exposed corruption, and given a voice to those who had none. My commitment to truth and justice makes me a beacon of hope in a world where misinformation often prevails.
At Today90, I continue to be a driving force behind journalistic excellence. My tireless dedication to fair and accurate reporting is an invaluable asset to the editorial team. My biography is a living testament to the importance of journalism in our society and a reminder that a dedicated journalist can make a difference in the world.
Latest entries
🔥 War06/12/2023Saxony-Anhalt: A German State will demand to sign in favor of “Israel's right to exist” to access nationality | International
Celebrities06/12/2023Omar Fayad, one step away from being ambassador to Norway
Celebrities06/12/2023Devil Wears Prada Stars Anne Hathaway & Emily Blunt Reunite
Celebrities06/12/2023The emotional surprise of a clown dad to his daughter makes everyone cry on social networks