Rent Growth Surges in the Northeast, Falls Along West Coast
Asking rents climbed by just $9, or 0.5%, from February to March amid cooler market conditions during what's usually an active time of year for homebuying. Typical asking rents at the national level now stand at $1,996, up 6% year-over-year and just 0.1% below the September 2022 peak of $1,997, Zillow reports.
On a monthly basis, rents rose the most in Boston (1.1%), Hartford, Conn. (1%), and New York (0.9%), while Salt Lake City (-0.4%), Detroit (-0.1%), and Portland, Ore. (0%) posted the slowest monthly rent growth.
Annual rent growth was highest in Cincinnati (9.2%), Boston (8.7%), Louisville (8.3%), Indianapolis (8.2%), and Providence (7.8%). Just outside the top 5 were Kansas City (7.8%) and Hartford (7.8%). The story here remains that, ever since the national market began its cooldown just over a year ago, the most resilient rental markets have been affordable Midwestern and Northeastern cities, plus Boston.