NEWS: Residential Rents Nationwide Rise 14 Percent Annually in June

According to the National property broker Redfin, the average residential rent across the country has risen; however, it has been the smallest rise since October 2021.

"Rent growth is likely slowing because landlords are seeing demand start to ease as renters get pinched by inflation. With the cost of gas, food, and other products soaring, renters have less money to spend on housing," said Redfin chief economist Daryl Fairweather. "This slowdown in rent increases is likely to continue, however, rents are still climbing at unprecedented rates in strong job markets like New York and Seattle and in areas like San Antonio and Austin that soared in popularity during the pandemic."

Although rents went up on an overall average, there are some cities that showed a drastic increase, such as Nashville, Seattle, Austin, and Cincinnati. On the other hand, there are other cities that showed a decline in pricing such as Milwaukee, Minneapolis, and Kansas City.

"To combat soaring rents, more cities should follow Minneapolis' lead," Fairweather explained. "Minneapolis eliminated single-family zoning in 2018, and last year got rid of a rule that required residential developers to include parking spaces. Now builders can replace parking spots with more housing units, which increases supply and therefore releases some upward pressure on rents."

 

Top 10 Metro Areas With Fastest-Rising Rents Year Over Year

1. Cincinnati, OH (39%)

2. Seattle, WA (33%)

3. Austin, TX (32%)

4. Nashville, TN (31%)

5. New York, NY (27%)

6. Nassau County, NY (27%)

7. New Brunswick, NJ (27%)

8. Newark, NJ (27%)

9. Portland, OR (24%)

10. San Antonio, TX (23%)