Asking rents fell 0.4% from October to November, the second monthly decline after a 0.1% drop in October and the largest one-month decline in the seven-year history of Zillow’s Observed Rent Index. Rent growth has been consistently cooling since hitting a peak of 17.1% year-over-year in February, and today’s typical asking rent is down to $2,008, a year-over-year gain of just 8.4%, Zillow reports.
Rents are falling the fastest in the nation’s most expensive markets like Raleigh, Austin, Seattle, San Jose, and New York City, which are seeing decreases of 1.3%, 1.2%, 1.1%, 1.1%, and 1.0%, respectively.
Rents are still rising on a monthly basis in Louisville (0.7%), Memphis (0.6%), Buffalo (0.5%), Birmingham (0.4%) and Miami (0.4%). These markets tell a story of continued strength in more affordable parts of the American heartland, as well as Miami’s remarkably persistent demand growth as a sunny migration destination throughout the pandemic.
Advertisement
Related Stories
Housing Markets
States Seek Long-Term Solutions to Reform Property Taxes
Rising home prices typically lead to higher property tax assessments, which has been the case in many Mountain West states, prompting lawmakers to grapple with property tax relief
Housing Markets
Metros Where Housing Prices Have Doubled in Less Than 10 Years
Historical data show it's taken less than 10 years for home prices to double in 68 of the country’s 100 largest cities
Affordability
The Disappearing Act That Is Middle-Income Housing
An expert weighs in on the diminishing supply of middle-income housing, which is particularly acute in California, and what to do about it