The median U.S. asking rent in October was $1,978, a little change (-0.3%) from a year earlier but down 3.7% from the $2,054 record high set in August 2022—according to a new report from Redfin.
New data found that October marked the seventh straight month in which the median asking rent was little changed from a year earlier, as the rental market flattened out following a rollercoaster ride during the past two years. Rent growth skyrocketed during the pandemic as housing demand surged, and rapidly slowed last year as inflation and economic uncertainty intensified.
“Rents in Phoenix have pulled back,” said local Redfin Premier real estate agent Heather Mahmood-Corley. “During the pandemic, you’d see five people applying for the same unit, and you’re not seeing that anymore. Rentals are sitting on the market for longer. Landlords are willing to work with tenants on lease terms and concessions because consumers are just more skittish these days. A lot of folks are staying where they are instead of moving because there’s so much uncertainty in the economy and in the world.”
The rental market has cooled as there’s a lot of new inventory, which means landlords are grappling with rising vacancies and have less leverage to raise rents. That’s the reverse of what’s happening in the for-sale housing market, where prices are rising due to an inventory shortage. Listings in the for-sale market have plunged because surging mortgage rates have prompted many homeowners to stay put, as moving would mean trading in their low rate for a much hi …
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