Study: Jacksonville rentals rose by only 3.6% year-on-year in July, but it increased by 17.8% in three South Florida counties. Nationwide rentals grew by 13.5% year-on-year.
According to a Redfin report, the “asking rent” of US landlords rose by 14% year-on-year in July, up to $2,032, which is the smallest annual increase since November and lower than June (15%) and May (16%).
The average asking rent increased by 0.6% month-on-month, which is the slowest growth since February. Last year, it grew by 2.1%.
“The substantial rent increase may finally come to an end as lessors adjust to the shrinking budgets of tenants who are struggling due to rising food, gasoline, and other recurrent costs,” says Daryl Fairweather, Redfin’s Chief Economist.
“Nevertheless, rents are rising faster than general inflation, which has begun to decline. We expect rent growth to continue to decelerate, but markets with strong job growth and limited construction of new housing, such as New York and Seattle, are likely to continue to experience significant rent increases.”
Across the country, actual rents rose slightly in July 2022, by 13.5% year-on-year. The average monthly rent in July was $2,032.