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The median U.S. asking rent increased 9% in September, the first single-digit increase in a year marking a significant slowdown from peak 18% growth recorded in March, Redfin reports. Annual rent growth decelerated for the fourth consecutive month in September amid rising supply and falling demand in a number of overpriced metropolitan areas.

Still, some popular markets like Oklahoma City, OK, Pittsburgh, PA, and Indianapolis, IN continued to post double-digit gains of 24.1%, 20%, and 17.9%, respectively, in September.

“The rental market is coming back down to earth because high rents and economic uncertainty have put an end to the pandemic moving frenzy of 2020 and 2021, when remote work fueled an enormous surge in housing demand that would’ve otherwise been spread out over the coming years,” said Redfin Deputy Chief Economist Taylor Marr. “Rising supply is also causing rent growth to slow. Scores of apartments that have been under construction are now coming on the market, and more homeowners are choosing to become landlords instead of selling in order to hold on to their record-low mortgage rates.”

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