While annual U.S. single-family rent increases continued to relax in August, tenants are still feeling the long-term pinch.
U.S. annual single-family rent growth declined for the 15th straight month in July.
In September, U.S. rental costs were up by 2.6% year over year, the lowest growth rate recorded in about three years.
Although U.S. rent growth continued to ease year over year in June, it remains near its long-term, pre-pandemic level.
U.S. single-family rent growth dropped to 3.4% in May, with Chicago posting the nation's largest gain.
Although annual single-family rent growth dropped for the 12th straight month in April, costs are still up substantially since early 2020.
Annual U.S. rental cost growth continued to slow in March, with two Western metro areas posting declines.
All tracked U.S. metro areas saw single-digit annual rental price growth in February, ranging from 7.8% to 0.3%.
Rent growth cooled again year over year in January, with all 20 metros posting single-digit gains.
Single-family rent prices were still up by about 6% year over year in December 2022, but increases keep cooling.
Annual single-family rent price growth dropped to the lowest level in a year and a half in November 2022.