PROPERTY PORTFOLIO

Rent growth slows to smallest rate since July 2021

While the 4.8% growth was still above historical norms, it’s the smallest increase since June 2021. Median asking rent in the nation’s 50 largest markets climbed to $1,979 last month

BY TAYLOR ANDERSON
January 12, 2023

While the 4.8 percent growth was still above historical norms, it’s the smallest increase since June 2021. Median asking rent in the nation’s 50 largest markets climbed to $1,979 last month.

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JANUARY 12, 2023

U.S. Rent Growth Slows, Up 4.8% in Dec.

By Kerry Smith

A year-to-year comparison of rate increases finds the smallest jump in over a year. Rents rose less than that in 3 Fla. metros and were down 0.8% in Jacksonville.

SEATTLE – The median U.S. asking rent rose 4.8% year-over-year to $1,979 in December – the smallest increase since July 2021, according to a report from Redfin. ... One year ago, rents grew at more than three times that pace.

December also marked the seventh straight month for a drop in annual rent growth, and the fourth consecutive month of single-digit rent growth after nearly a year of double-digit increases.

In December, rents fell 1.4% month-to-month and 3.6% from the August peak of $2,053.

In the four Florida cities tracked by Redfin, rents were also up year-to-year, but at a smaller pace than the national average. In one Florida metro, Jacksonville, average rents actually declined slightly less than 1% (-0.8%) year-to-year

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