The median U.S. asking rent rose 7.4% year-over-year to $2,007 in November, the smallest increase in 15 months and the third consecutive month of single-digit growth after almost a year of double-digit gains, Redfin reports. Rents fell in 14 major U.S. metros in November, led by a 13.1% drop in Milwaukee, WI.
Though Milwaukee was the only city on the list to see a double-digit drop, metros like Houston, Austin, and Baltimore also saw significant decreases of 6.3%, 5.3%, and 4.4%, respectively.
“Rent growth is likely to continue cooling,” said Redfin Economics Research Lead Chen Zhao. “Asking rents are already down annually in 14 of the metros Redfin tracks, and we expect declines to become more common in the new year. That should ultimately help slow inflation further. Slow inflation will lead to lower mortgage rates, which should also bring more homebuyers back to the market.”
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