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US rental market finally starting to show signs of cooling off

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Madness shows that it is finally beginning to decline.

America’s unmanageable rental prices seem to be finally slowing.

Following the duration of Bidding war For a basic apartment, the median is Best ever When 1 hour line According to data from real estate company Zumper, a new era may soon begin to see small units.

According to the company, the median total national rent for two bedrooms fell 2.9% in June this year. This is “the most significant decline we’ve seen since the pre-pandemic era.” Zumper spokeswoman Crystal Chen Told Bloomberg..

In other promising real estate factoids, Zumper also found in June that the median total national rent for one bedroom rose only 0.5 from the median in May. This is a small comfort, but it still shows that the median of one bedroom has skyrocketed. 11.4% in the last year. Data points are also acquired in the summer when rents are usually at their peak.

The cool comfort of the data report shows that tenants can’t keep up with the spectacular price tags that landlords are looking for, especially in very high inflation. Economic turmoil When unstable.. Rising mortgage rates It also does not support landlords or homeowners.

Analysts say the next few months will not see the same level of increase as last year.
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“The lessees are sending a clear message to real estate owners that they can’t afford to pay high rents and expect a recession,” Chen said. I was trying to buy. ”

Nationwide, Zumper found Miami’s one-bedroom and two-bedroom markets to be the coldest last month, followed by San Diego, Fort Lauderdale, and Anaheim, California.

New York maintained the suspicious title of being the most expensive place for renters, followed by San Francisco. In fact, one-bedroom rents in New York increased 40% year-on-year in June this year.

Zumper will not show a decline in the near future, but will not see a rise close to last year in the coming months. “We are facing a housing shortage and the labor market remains strong, so prices will not fall significantly,” Bloomberg said.

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