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Rent price growth overview:
- Who: Realtor.com released a survey that showed the month of October had the lowest annual rent increase in the past 18 months.
- Why: Landlords are reportedly not increasing rents as much due to rising inflation.
- Where: Nationwide.
The average price of rent saw its lowest annual increase in 18 months during the month of October, according to a survey released by Realtor.com.
Rent prices rose an average of 4.7% compared to that of October 2021, the smallest annual gain in 18 months as landlords have been forced to adjust their price increases due to rising inflation, reports CNBC.
Average rent prices remain higher than last year—with the median rent price in the U.S. currently $1,734—however, rent increases are beginning to slow down, according to the Realtor.com survey.
The majority of landlords have indicated that they will continue to raise rent prices over the course of the next year, according to the Realtor.com survey, however increases will be less than what has recently been seen, reports CNBC.
Average rent price up 23.5% since pre-pandemic October 2019
Rent prices are reportedly up 23.5% in total since October 2019, prior to the start of the COVID-19 global pandemic, with the largest rent increases seen in units containing two bedrooms.
Annual rent growth has in fact been slowing down for the past nine months, with rises remaining in the single digits over the last three, reports CNBC.
More renters are reportedly considering moving where they live on account of affordability, according to the Realtor.com survey, with 69.% of respondents saying they want to find somewhere cheaper to live.
The Realtor.com survey included participants from both single-family and multifamily rental properties, with the former displaying a decrease in rent growth over the past five months, reports CNBC.
In September, data compiled by the Mortgage Bankers Association showed that the average interest rate for the most popular home loan in the U.S. rose above 6% for the first time since 2008.
Have you considered moving due to a rising rent price? Let us know in the comments!
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2 thoughts onRents still high but growth slowing, according to Realtor.com survey
I recently was forced to move due to rise in rental cost
I am actively looking to move out of state due to the high rent costs in California.