Real Estate

Rents are still high, even after cooling at fastest pace in 19 months

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A ‘For Rent’ sign in front of a building on December 06, 2022 in Miami Beach, Florida.

Joe Raedle | Getty Images

Rents for both single-family homes and apartments are still rising, but at a far slower pace, as inflation squeezes consumers and landlords lose pricing power.

Rent growth in November slowed for the tenth straight month, with rents up just 3.4% compared with November 2021, according to Realtor.com. That is the smallest gain in 19 months.

In the 50 largest metropolitan markets, the median asking rent dropped to $1,712, down by $22 from October and down $69 from July’s peak. 

“Many Americans’ budgets are being pulled in multiple directions as the holidays approach, bringing a more…



Source cnbc.com

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