New data shows large rent hikes may come to an end as landlords adjust to shrinking consumer budgets that have taken a big hit due to sky-high inflation.
that are being strained by the rising cost of groceries, gas and other regular expenses," said Redfin chief economist Daryl Fairweather said.
A"For Rent" sign outside an apartment building in the East Village neighborhood of New York, US, on Tuesday, July 12, 2022.Consumer prices jumped 8.5% in July compared with a year earlier and down from a 9.1% annual increase in June. They are still running close to their highest level in decades. While Fairweather projected that rent growth will continue to slow, he cautioned that markets seeing strong job growth and limited new housing construction will "likely continue to experience large rent increases." A sandwich board sign on a city street that is advertising an apartment for rent.
Cincinnati, though, had asking rents jump as high as 31% year over year, which is the largest jump among theCincinnati was the only metro with rents surging more than 30%, according to Redfin. However, nine other metros saw asking rents increase over 20% year over year. Cincinnati, Ohio: 31%
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