Realtor.com September Rental Report Finds Nationwide Rental Growth Cooling to Slowest Annual Pace in 16 Months (+7.8%), Standing at $1,759
According to Realtor.com’s Monthly Rental Report, September data confirms a fall cooling off in the rental market, as national growth fell to its slowest annual pace (+7.8%) since June 2021.
In another sign of seasonal moderation more typical than last year, the US median rental price posted its second monthly drop in eight months in September, falling further from its July high to $1,759.
“After more than a year of double-digit annual rent increases and nearly as many months of record rents, it’s especially important to look at consistency before confirming a major change like the recent cooling in the rental market. But the data for September provides that evidence, as national rents continued to slide back from their last record high just two months ago,” said Danielle Hale, chief economist at Realtor.com.
“This return to more seasonal norms indicates that rental markets are charting a path back toward a more typical balance between supply and demand, compared to a year ago. We expect rental growth to continue to slow in the coming months, driven in part by the impact of inflation on renters’ budgets. However, rents are unlikely to return to a more normal pre-Covid-19 pace of growth for at least another year, when available rental inventory begins to reflect the recent surge in new multi-family housing construction.” Halle added.
September 2022 rental metrics:
Unit Size: General
Median Rent: $1,759
Change in September 2021: 7.8%
Change in September 2020: 22.8%
Unit Size: Studio
Median Rent: $1,483
Change in September 2021: 10.1%
Change in September 2020: 22.8%
Unit size: 1 bed
Median Rent: $1,647
Change in September 2021: 7.7%
Change in September 2020: 23%
Unit size: 2 beds
Median Rent: $1,941
Change in September 2021: 6.4%
Change in September 2020: 22.4%
According to data from Realtor.com, the national rent chill continues, offering renters some relief from rising prices. September marked the second consecutive month of consistent moderation in national rents, both in terms of the annual growth rate that remained in single-digit territory and continued month-over-month price declines.