Thursday, December 1, 2022 | The Latest Buzz for the Appraisal Industry

October Rental Market Saw Smallest Annual Increase in 14 Months

The median U.S. asking rent in October rose 7.8% year over year to $1,983, the smallest annual increase since August 2021, according to Redfin.

October marked the second straight month of single-digit rent growth following roughly a year of double-digit gains. It was also the fifth consecutive month in which annual rent growth decelerated, with rents rising at about half the pace they were six months earlier.

Rents declined 0.9% on a month-over-month basis.