After years of extreme inflation on the cost of rentals, the costs seems to finally be slowing – a little. While the cost of rent is still rising overall, the pace and percentage at which it is rising was not as dramatic for the month of October as it was in September. According to the Zillow October Real Estate Market Report, nationally, rent only grew by 4.5% annually, down from 5.3% the previous month.
The slow is attributed to new rental properties opening during the month of October, providing much needed additional rental options in the most popular markets. Even with the slow, the cost of renting in the U.S. still continues to remain unaffordable for many would be renters.
“It will take a lot more supply, and a lot more renters-turned-homeowners, to fully reverse this trend,” said Zillow Chief Economist Svenja Gudell.
Source: Zillow