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Nov. Rents: Smallest Increase in 15 Months

The median U.S. asking rent climbed 7.4% year-to-year to $2,007 in Nov. In Fla., Miami’s rate was higher, Orlando and Tampa lower, and Jacksonville saw a decline.

SEATTLE – The median U.S. asking rent climbed 7.4% year-over -year to $2,007 in November – the smallest increase in 15 months and the sixth-consecutive month in which annual rent growth slowed, according to a report from Redfin. November also marked the third-straight month of single-digit rent growth following almost a year of double-digit increases.

As a state, Florida didn’t follow any specific trends. Rental rates increased more than the national average in Miami, less in Orlando and Tampa, and Jacksonville even saw a 1.8% year-to-year decline in asking rents.

Florida metro’s asking rent and year-to-year changes

  • Jacksonville: $1,582, down 1.8%
  • Miami: $3,268, up 9.2%
  • Orlando: $2,084, up 3.1%
  • Tampa: $2,100, up 1.7%

“Rent growth is likely to continue cooling,” says 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.”

14 U.S. metros with year-to-year rental price declines

  1. Milwaukee: down 13.1%
  2. Houston: down -6.3%
  3. Austin: down -5.3%
  4. Baltimore: down -4.4%
  5. Minneapolis: down -4.1%
  6. Chicago: down -3.8%
  7. Denver: down -2.9%
  8. Atlanta: down -1.8%
  9. Dallas: down -1.8%
  10. Jacksonville: down -1.8%
  11. Boston: down -1.7%
  12. Los Angeles: down -1.3%
  13. Las Vegas: down -0.7%
  14. New Orleans: down -0.3%

Top 10 metros for year-to-year rental price increases

  1. Raleigh: up 21.8%
  2. Oklahoma City: up 17.9%
  3. Indianapolis: up 15.8%
  4. Cleveland: up 14.9%
  5. Nashville: up 14.8%
  6. Salt Lake City: up 13.9%
  7. Pittsburgh: up 12.4%
  8. Memphis: up 10.1%
  9. Tie: Cincinnati, Miami and San Diego: up 9.2%
  10. Columbus: up 8.4%

© 2022 Florida Realtors®

https://www.floridarealtors.org/news-media/news-articles/2022/12/nov-rents-smallest-increase-15-months