Zillow’s latest rental report found that while the typical asking rent is up nationally, month-over-month only brought a minimal increase. The typical asking rent nationwide in June was $2,054, or 4.1 percent higher than one year ago, continuing a steady slowdown in the annual growth rate since hitting a record-high 16.2 percent in February 2022.
Asking rents climbed by $12, or 0.6 percent, from May to June 2023.
Zillow notes this perfectly average pace puts an end to seven consecutive months of below-average rent growth. Rent growth typically slows in late summer and often turns outright negative in October and November.
Rents have cumulatively risen 2.4 percent so far this year, while the average first-half cumulative growth before 2020 was 3.5 percent.
Rents rose the most on a monthly basis in Providence, New York City, Chicago, St. Louis and Washington, DC. The slowest monthly growth in rent was observed this May in Phoenix, San Antonio, Atlanta, Portland and Tampa.