After several years of rapid increases in rental rates, North Texas prices are slightly down from where they were a year ago and still significantly behind...
Nationally, March was the 14th month of slowing rent growth after a 25% increase over the last four years. Median rent across the 50 largest metros in the U.S. was $1,732, up 2.5% from a year before. Rents grew faster in smaller units, with studio prices up 4.7%.
Riverside, Calif., Phoenix, Las Vegas, Tampa, Fla. and Austin saw the largest year-over-year declines. While the pace of rent growth slows in Sun Belt cities, Indianapolis , New York , Cincinnati and Oklahoma City led the nation in gains. “Mirroring trends that we’ve seen in the for-sale market, affordability is shaping housing demand, with lower-cost areas continuing to see stronger rent growth, home price increases, and competitive real estate markets,” said Danielle Hale, chief economist for Realtor.com. “Markets in the Midwest and Northeast are benefiting from this trend while cities in the West are adjusting in the opposite direction.
“The good news for renters is that overall rent prices and price growth have both cooled from their highs in early 2022, offering some relief for cost-burdened consumers who are facing higher prices across the board.”over the last few years. Rental rates in D-FW rose from $1,183 in rent at the end of 2020 to $1,534 at the end of 2022, according to separate data from Richardson-based real estate technology firm RealPage.
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