Realtor.com® October Rental Report: Rent Growth Hits Slowest Pace in 18 Months
Nearly 70% of renters surveyed are considering moving to save money as rent increases cut into monthly budgets and hinder savings
SANTA CLARA, Calif., Nov. 17, 2022 /PRNewswire/ -- 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 shows that nationally rent growth slowed to 4.7% year-over-year, its slowest pace in 18 months, with the median U.S. 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. 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," said Danielle Hale, Chief Economist at Realtor.com®. "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."
October 2022 Rental Metrics – National
Rent prices slowly falling from historic highs
Renters seek affordability after recent rent hikes
Lower rent prices might not be easy to find, as most landlords plan to continue increasing rent
"While it's encouraging to see smaller price increases, it's important to understand that many renters have already absorbed large increases in their monthly rental costs over the past several years, which is impacting their ability to save," said Ryan Coon, VP of Rentals at Realtor.com®. "High inflation and the cost of upkeep and repairs are hitting landlords, who have had to raise rents to cover their higher cost of owning the properties and making it unlikely that they'll be open to negotiating with new tenants."
Little room for negotiation as landlords feel the pinch
High rent prices impact the ability to save for a home
Avail provides informational resources for both renters and landlords via its rental resource center at: https://www.avail.co/education/resources
October 2022 Rental Metrics – 50 Largest U.S. Metro Areas
The Avail 2022 Fall Landlord and Renter Survey collected responses from a nationally representative sample of more than 2,700 independent landlords and renters. The survey was conducted between November 1, 2022, and November 9, 2022. The margin of error for independent landlords is ± 3.1%, and ± 2.4% for renters. Avail (a part of Realtor.com®) regularly conducts rental market research to understand the needs of independent landlords and their renters. For additional resources for renters and landlords, visit: https://www.avail.co/blog
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