Rents are growing at half the pace they were in the summer and are expected to keep cooling, which should help bring down overall inflation
SEATTLE–(BUSINESS WIRE)–(NASDAQ: RDFN) — The median U.S. asking rent climbed 7.4% year over year to $2,007 in November, the smallest increase in 15 months and the sixth-consecutive month in which annual rent growth slowed, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. By comparison, rents were up twice as much in the summer. November also marked the third-straight month of single-digit rent growth following almost a year of double-digit increases.
“Rent growth is likely to continue cooling,” said Redfin Economics Research Lead Chen Zhao. “Asking rents are already down annually in 14 of the metros Redfin tracks, and we expect declines to become more common in the new year. That should ultimately help slow inflation further. Slow inflation will lead to lower mortgage rates, which should also bring more homebuyers back to the market.”
Rents Fell in 14 Major U.S. Metro Areas
In Milwaukee, the median asking rent declined 13.1% year over year in November, the largest drop among the 50 most populous U.S. metropolitan areas. Next came Houston (-6.3%), Austin, TX (-5.3%), Baltimore (-4.4%) and Minneapolis (-4.1%).
- Milwaukee, WI (-13.1%)
- Houston, TX (-6.3%)
- Austin, TX (-5.3%)
- Baltimore, MD (-4.4%)
- Minneapolis, MN (-4.1%)
- Chicago, IL (-3.8%)
- Denver, CO (-2.9%)
- Atlanta, GA (-1.8%)
- Dallas, TX (-1.8%)
- Jacksonville, FL (-1.8%)
- Boston, MA (-1.7%)
- Los Angeles, CA (-1.3%)
- Las Vegas, NV (-0.7%)
- New Orleans, LA (-0.3%)
Raleigh and Oklahoma City Saw the Largest Rent Increases
In Raleigh, NC, the median asking rent rose 21.8% year over year in November, the biggest increase among the 50 most populous metros. It was followed by Oklahoma City (17.9%), Indianapolis (15.8%), Cleveland (14.9%) and Nashville, TN (14.8%).
- Raleigh, NC (21.8%)
- Oklahoma City, OK (17.9%)
- Indianapolis, IN (15.8%)
- Cleveland, OH (14.9%)
- Nashville, TN (14.8%)
- Salt Lake City, UT (13.9%)
- Pittsburgh, PA (12.4%)
- Memphis, TN (10.1%)
- Cincinnati, OH; Miami, FL; San Diego, CA (tied at 9.2%)
- Columbus, OH (8.4%)
To read the full report, including charts, additional metro-level data and methodology, please visit: https://www.redfin.com/news/redfin-rental-report-november-2022/
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The Economy and Markets
12/13 “This is very serious, we’re in trouble!” – YT
12/13 Economists were wrong about inflation – NYT
12/13 A diminished us workforce could lead fed to keep rates high – AP
12/13 How things fall apart – OTM
12/12 Flood of Russian crude heads to Asia after EU ban kicks in – Yahoo!
12/12 Japan’s wholesale inflation near steady at 9.3% – Reuters
12/12 Market Wakes Up to Fact That Fed Pivot Could Signal Recession – BB
12/12 Financial stress reaches highest levels since 2008 – Yahoo!
12/12 Greyerz – The world is now on the edge of a catastrophe – KWN
12/12 Economy week ahead: US inflation, Fed rate in focus – WSJ
12/11 20M American households are behind an avg of $788 on utility bills – Yahoo!
12/11 Mapped: which countries have the highest inflation rate? – ZH
12/11 Fed rate increases are squeezing consumer-finance companies – WSJ
12/10 BlackRock: prepare for recession “unlike any other”… – ZH
12/10 When will the waves of layoffs loosen this crazy labor market? – WS
12/10 The blowback from stripmining labor for 45 years is just beginning – OTM
12/10 Saudi Arabia reports first budget surplus in nearly 10 years – CNBC
12/10 US year-ahead inflation expectations fall to lowest since 2021 – Yahoo!
12/08 Core Producer Prices Surged In November; Food & Brokerage Costs Spiked – ZH
12/08 Oil prices set for 10% weekly loss on demand worries – Reuters
12/08 Marijuana industry sales slow down after pandemic surge – CNBC
12/08 U.S. equity funds register biggest weekly outflow in about 1-1/2 years – Reuters
12/08 When Will the Waves of Layoffs Loosen this Crazy Labor Market? – WS
12/08 Lululemon shares fall after company offers weak holiday quarter guidance – CNBC
12/08 Strategists aren’t counting on a European recovery in 2023 – ZH
12/08 US sec to vote on proposals that could overhaul Wall St. trading – Reuters
12/08 GameStop (GME) earnings Q3 2022 – CNBC
12/08 Oil surges after leak shuts down keystone pipeline – ZH
12/08 Used vehicle demand and prices continue to decline from record highs – CNBC
12/07 Investing differently for an uncompromised financial future – Technical Traders
12/07 China’s Nov exports and imports shrink, worse than forecasts – Reuters
12/07 Stocks decline in Asia, extending losses on Wall Street – AP
12/07 Banks face stiffer competition for funds as Fed QT rolls on – Yahoo!
12/07 Corporate America lays off thousands as recession worries mount – Reuters
12/07 Finding order in chaos – Sprott Money
12/07 S&P’s 4th straight decline as recession talk weighs on Wall Street – Reuters
12/06 Japan’s economy will “probably” enter a recession in 2023 – CNBC
12/06 Sprott Money: Get ready for where the markets may go in 2023 – TT
12/06 Inflation still a problem for Americans, Walmart CEO says – CNBC
12/06 $1,768 a month, with $10,407 down, 5% apr, on a ford pickup? – WS
12/06 Inflation roars back in the eurozone with new highs in Europe – MT
12/05 CEO optimism fading as economy teeters – Axios
12/05 Why the fed is wrong about inflation coming down – AOTH
12/05 China steps on Washington’s toes as Xi heads to Saudi Arabia – FT
12/05 China stocks climb, yuan jumps past key level on reopening shift – Yahoo!
12/04 Why the fed is wrong about inflation coming down – AOTH
12/04 Here’s why stagflation will be the dominant theme of the decade… – IM
12/04 Russia shifts away from dollar and euro – RT
12/04 G7 coalition agrees $60 per barrel price cap for Russian oil – Reuters
12/04 Manufacturing orders from china down 40% in demand collapse – CNBC
Real Estate Bubble
12/12 Housing Bust 2 for homebuilders & new Single-family houses – WS
12/12 The Housing Market crash nobody thinks possible is here – YT
12/11 Americans are flocking to wildfire country – CNBC
12/08 Rents will keep rising as mortgage rates make home buying harder – CNBC
12/08 Remote-Work Wiped Out $453 Billion In Commercial Real Estate Value – ZH
12/07 Germany’s housing market is facing a serious downturn in prices – CNBC
12/07 Economists: A US housing recession has already arrived – The Hill
12/07 Mortgage demand falls again even as interest rates sink further – CNBC
12/01 Housing tumbles down under as soaring borrowing costs take toll – Yahoo!
12/01 Housing demand “vaporized” after rates hit 7% – ZH
Easy Money 