Asking Rents Kept Climbing at a Slightly Subdued Pace (April Rent Report)
Official rental inflation looks poised to finally decelerate.
Renting
Rents slide for third month in a row to close out 2022 (December 2022 Rental Report)
Asking rents fell 0.3% from November to December, another large decline following the largest one-month drop in the seven-year history of the Zillow Observed Rent Index.
Why Charlotte Will Be 2023’s Hottest Market
Zillow’s annual predictions for the hottest housing markets of the year. Factors include expected home value growth, projected change in owner-occupied households and job growth compared to new construction.
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.
