As Summer Heats Up, the Slowdown in the Rental Market Begins to Ease
Slight rent increases were observed in both the single-family and multifamily markets
July 11, 2024
Image: Gajus / stock.adobe.com
Following a slowdown, the U.S. rental market is seeing prices begin to rise.
The rental market slowdown seems to be lessening as the summer season continues. According to housing market data platform Zillow, rents are rising at their fastest rate in nearly a year, with the typical U.S. rent now at $2,054. Year-over-year, rents increased in both the single-family and multifamily sectors. Single-family home rents were recorded at $2,288, increasing 0.4% from May to June 2024 and up 4.7% year-over-year. Similarly, multifamily rents are averaging $1,906, up 0.6% month-over-month and 2.7% from the same period last year.
A portion of this rental market reheating is likely because of seasonal factors. Renters tend to move more often in the summer because of things like school schedules, new jobs and the end of yearlong leases signed the summer before. More renters shopping for a new home can make it more challenging for each one to find an open unit.
