In April, the median monthly asking rent nationwide increased +15% y/y, down from March’s +17% record high.

Asking Rent Growth “Down” to +15.1% in April from +16.7% in March

For the first time in one year, asking rents across the country slid to +15.1% in April from the record-high +16.7% in March.

“The fact that rents are growing at a slower pace may be a very early sign that the Fed’s tactic of raising interest rates to quell inflation is working,” said Redfin’s Chief Economist Daryl Fairweather.  “However, rents are still growing at nearly double the rate of overall inflation.  Landlords in hot migration destinations like Austin, Portland and South Florida are charging new tenants +30% more than last year’s rent.”

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The median monthly rent nationwide in April was $1,962, an increase of +1.1% m/m and +15.1% y/y.

Top 10 Metros with Fastest-Rising Rents Y/Y

  1. Austin TX – +46%
  2. Portland OR – +33%
  3. Miami FL – +31%
  4. Fort Lauderdale FL – +31%
  5. West Palm Beach FL – +31%
  6. Seattle WA – +31%
  7. New York NY – +28%
  8. Newark NJ – +28%
  9. Nassau County NY – +28%
  10. New Brunswick NJ – +28%

Metro Areas Where Rents Declined Y/Y in April

Just three of the 50 most populous metro areas saw rents decline on a year-over-year basis in April.

  1. Milwaukee WI – -8%
  2. Kansas City MO – =4%
  3. Minneapolis MN – -2%

Metro Areas with the Highest Asking Rents in April

  1. New York NY & New Brunswick NJ & Nassau County NY & Newark NJ – $3,925, +28% y/y
  2. Boston MA – $3,780, +15.1% y/y
  3. San Francisco CA & Oakland CA – $3,698, +15.9% y/y
  4. Anaheim CA – $3,381, +10.8% y/y
  5. Los Angeles CA – $3,381, +10.8% y/y
  6. West Palm BeachFL & Miami FL & Fort Lauderdale FL- $3,117, +30.6% y/y
  7. San Diego CA – $3,305 – +17.9% y/y
  8. San Jose CA – $3,503 – +14.6% y/y

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