Asking rents fell 0.4% from October to November, the second monthly decline after a 0.1% drop in October and the largest one-month decline in the seven-year history of Zillow’s Observed Rent Index. Rent growth has been consistently cooling since hitting a peak of 17.1% year-over-year in February, and today’s typical asking rent is down to $2,008, a year-over-year gain of just 8.4%, Zillow reports.
Rents are falling the fastest in the nation’s most expensive markets like Raleigh, Austin, Seattle, San Jose, and New York City, which are seeing decreases of 1.3%, 1.2%, 1.1%, 1.1%, and 1.0%, respectively.
Rents are still rising on a monthly basis in Louisville (0.7%), Memphis (0.6%), Buffalo (0.5%), Birmingham (0.4%) and Miami (0.4%). These markets tell a story of continued strength in more affordable parts of the American heartland, as well as Miami’s remarkably persistent demand growth as a sunny migration destination throughout the pandemic.
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