Rent Growth Slowing in Many Areas, Still at Elevated Levels

Rent Growth Slowing in Many Areas, Still at Elevated Levels

Rent growth is coming down from its post pandemic pace, and rents may, in some isolated cases be inching lower according to two new studies. While the numbers vary between the two reports, both the National Association of Realtors (NAR) and Redfin report annual increases are slowing aggressively. NAR says rents for vacant 0-to-2-bedroom properties had an increase in the single digits for the second consecutive month in September, 7.8 percent year-over-year. Redfin pegs the August to September decline at 2.5 percent and says the annual increase is down to 8.5 percent, half the pace of six months earlier. It was the fourth month that Redfin has noted a slowdown. Despite these recent changes, both companies say rent growth remains much higher than it was pre-pandemic, NAR says twic