Rental growth slowed during the summer months

Rental growth slowed during the summer months

Research: Jacksonville rents rose by only 3.6% year on year in July, but by 17.8% in three South Florida counties. Across the country, rents rose by 13.5 per cent year on year.

According to a Redfin report, the "asking rent" of US landlords rose by 14% year on year to $2,032 in July, which is the smallest annual increase since November and lower than June (15%) and May (16%).

On a monthly basis, the average rent requested increased by 0.6% - the slowest increase since February, compared to 2.1% a year earlier.

"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 Redfin’s chief economist Daryl Fairweather.

"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 for July was $2,032.

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