Rents Slide by Largest Amount in at Least 7 Years (November 2022 Rental Report)
Asking rents declined 0.4% from October to November, the largest one-month decline in the seven-year history of the Zillow Observed Rent Index. November is usually the slowest month for rent increases, but outright declines had not exceeded 0.1% in this time of the year before the pandemic.
Renters Need to Work 63 Hours to Pay Rent, Six Hours More Than Before the Pandemic
An average American needs to work about 63 hours to earn enough to pay the typical U.S. rent of $2,040. That is three more hours than they would have needed to work a year ago, and six hours more than in October 2019, before the pandemic.
Two-year Rent Growth Streak Ends in Small Step Toward Normalcy
Asking rents across the U.S. finally ended a non-stop growth streak in October, falling 0.1% month-over-month and marking the first monthly decline in two years. The small step down is reminiscent of a more “normal” rental market, in line with October declines seen in each of the three autumns before the pandemic. The Zillow Observed Rent Index pegs typical national rent at $2,040 in October, still 9.6% above year-ago levels.
Housing Inflation is Likely Poised to Decelerate by Early 2023
A growing body of research shows the Zillow Observed Rent Index (ZORI) leads survey-based average rent indexes, including the rent component of the Consumer Price Index, by up to 12 months.
Methodology: Zillow Observed Rent Index (ZORI)
The Zillow Observed Rent Index (ZORI) measures changes in asking rents over time, controlling for changes in the quality of the available rental stock.
Renters: Results from the Zillow Consumer Housing Trends Report 2022
The 2022 Consumer Housing Trends Report (CHTR) provides a snapshot of what housing consumers are thinking and doing in early-to-mid 2022. In this report, we take a deeper look at renters For the first time in recent years, CHTR includes both renters who have moved in the last year (the historical focus of the report), as well as tenured renters who have lived in their homes longer.
LGBTQ+ Renters Face More Challenges, Including Higher Up-Front Costs
LGBTQ+ renters comprise about one in eight of all renters and one in five of those that moved recently, according to new analyses of the 2022 Consumer Housing Trends Report (CHTR). These LGBTQ+ renters face disproportionate hurdles to finding housing, like higher costs in areas that protect them from housing discrimination and a higher frequency and likelihood of paying upfront costs like application fees and security deposits.
Renters of Color Pay Higher Security Deposits, More Application Fees
Renters of color typically submit more applications — and pay more in application fees — before they secure a place to live than white renters do. Renters of color also typically pay a higher security deposit when they move in
Leap Years: How the Housing Market Soared During the Pandemic (February 2022 Market Report)
Inventory is down by almost half from two years ago, helping push housing costs up throughout the transformative, two-year pandemic era.
