Average Rent Surpasses $2,000

Median rent climbed 7.4% in November on a yearly basis to $2,007, its smallest increase in 15 months and now the sixth month in which median annual rent growth has slowed. 

This information comes from Redfin’s latest Rental Market Tracker Report which found overall that rents are growing at half the pace they were in the summer and this cooling trend is expected to continue—good news in terms of interest rates. 

“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.” 

Among the 50 most populous cities, rent fell in 14 of them. They are: 

1. Milwaukee, Wisconsin (-13.1%) 
2. Houston, Texas (-6.3%) 
3. Austin, Texas (-5.3%) 
4. Baltimore, Maryland (-4.4%) 
5. Minneapolis, Minnesota (-4.1%) 
6. Chicago, Illinois (-3.8%) 
7. Denver, Colorado (-2.9%) 
8. Atlanta, Georgia (-1.8%) 
9. Dallas, Texas (-1.8%) 
10. Jacksonville, Florida (-1.8%) 
11. Boston, Massachusetts (-1.7%) 
12. Los Angeles, California (-1.3%) 
13. Las Vegas, Nevada (-0.7%) 
14. New Orleans, Louisiana (-0.3%) 

The areas to see the largest rent increases were: 

1. Raleigh, North Carolina (21.8%) 
2. Oklahoma City, Oklahoma (17.9%) 
3. Indianapolis, Indiana (15.8%) 
4. Cleveland, Ohio (14.9%) 
5. Nashville, Tennessee (14.8%) 
6. Salt Lake City, Utah (13.9%) 
7. Pittsburgh, Pennsylvania (12.4%) 
8. Memphis, Tennessee (10.1%) 
9. Cincinnati, Ohio; Miami, Florida; San Diego, California (tied at 9.2%) 
10. Columbus, OH (8.4%) 

Click here to view the source report in its entirety.