Asking Rents Register Smallest Increase Since December 2021

GlobeSt.com reports multiple sources are registering multifamily rent growth has slowed, with Redfin publishing data indicating August rents increased at the slowest rate since December last year. 

According to Redfin, August median asking rents grew 11% year-over-year (0.4% month-over-month) – the smallest hike in a year – to $2,039, the slowest growth since December 2021 and down from a 1.6% increase a year earlier.

Redfin Deputy Chief Economist Taylor Marr pointed to higher interest rates impacting the rental market and having “put a damper on spending power in the economy as a whole, including renters’ budgets.”

Read more at GlobeSt.com.