Rent Growth Slows in June
Average rent in the U.S. rose just $3 between May and June 2019, Forbes reports.
According to data from property analytics firm CoreLogic, rents grew just 2.9% in June, down from a 3% rise last year. Month over month, RENTCafe shows rents rose just $3, hitting $1,469 nationally.
But it’s not all good news for renters—especially those in the South. Rents in the region are still rising at breakneck speeds, with Phoenix seeing a 7.1% jump over the year. Nearby Tucson also saw a near-7% uptick.
Though fast-rising rents are largely a Southern problem for now, it might not stay that way for long. Increasing rental demand and declining construction rates could soon spell faster rent hikes across the country.