The median U.S. rent fell last month for the first time since Nov. 2021. It's a clue that rent growth is finally moderating after over a year of massive increases.
The U.S. median rental price fell last month for the first time since November 2021, to $1,771 from $1,781 in July, Realtor.com reported Thursday.a couple of other data sets seem to confirm that at least for a month — rent increases weren't so painful:
Median rents for single-family homes — which typically command higher prices than apartments — also fell slightly over the past three weeks, according to data fromRent prices in Manhattan, one of the hottest markets in the country, plateaued in August, according to a report also out Thursday from brokerage Douglas Elliman.
This was somewhat unexpected given that August typically sees the highest level of activity in the New York market, said Jonathan Miller, the CEO of appraisal firm Miller Samuel, who authored the Elliman report.Rents are still near record highs, and these movements aren't yet a trend — just a one-month data point.
Plus, as rising mortgage rates discourage home-buying it pushes more people into the rental market — driving more inflation. Quite the conundrum.The rental market may only truly cool off if the economy enters a recession, Miller says.
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