Rents continued to rise at a slower pace in April, but some major metros still reported gains of more than 30%, Redfin reports. The rental market seems to be gradually slowing in response to the Fed’s inflation control methods, but costs are still growing at nearly double the rate of overall inflation nationwide.
Hot housing markets like Austin, Portland, and Miami are seeing year-over-year asking rents rise by 46%, 33%, and 31%, respectively, while just three of the 50 most populous metros reported a drop in rents from the year prior.
Asking rents surged 46% year over year in Austin, TX—the largest increase on record in any metro area since at least the beginning of Redfin’s rental data in 2019. Portland, OR and south Florida also saw asking rents increase over 30% from a year earlier.
Rents declined 8% in Milwaukee, WI, 4% in Kansas City and 2% in Minneapolis. This was the first annual decline in Redfin’s data for Minneapolis.