![]() “During the pandemic, many Californians moved to the Mountain West areas, and now we're starting to see the reversal of that,” Leckie says. ![]() Rents in the Los Angeles and San Diego metros also grew by more than 5% each. California takes three spots among the top 10 biggest yearly increases, led by San Jose, which rose by nearly 9.5%. Metro-area rent trends: Kansas City rents see huge gains, Austin rents declineĪmong the 50 most populous metropolitan areas, California dominated the list of largest gainers in June, despite regional trends in the West. The 10 states that saw the largest yearly decreases In total,14 states saw yearly rent declines in June. Rents in the Southern states of Texas and Oklahoma declined by roughly 4% and 2.5%, respectively. Rents in Oregon, another Western state, declined by 3%. Prices in Washington and Idaho fell by more than 6%, and Arizona decreased by just under 5% and Nevada by slightly more than 3% year over year. Overall declines in the West were led by Washington, Idaho, Arizona and Nevada, four of five states to experience the largest rent declines in June. On a monthly basis, rents grew in 57% of markets as the high season for leasing kicks into gear.Īmong the 10 states with the highest year-over-year rent growth, all experienced above 6% increases. In contrast, the South grew by a moderate 0.8%, while the largest gains were in the Northeast, where prices are now 4% more expensive than they were in June 2022, and in Midwest, where rents increased by 3.7%. The West was again the only region to show prices declines, as has been the trend throughout 2023. Price declines continue to be driven by markets in the West, where regionwide rents dropped by -0.3% year over year in June. However, with the typical high season for rentals now in full swing, prices are rising again but slower than normal.Īt the state level, rents decreased on a yearly basis in 33% of markets in June. The reason for the slower pace of growth is attributable to broad trends across the rental industry, including new inventory. “And that’s going to be really good news for renters going forward.” ![]() “Rents do still continue to climb essentially, but the price growth is more moderate than it has been in the past,” says Jon Leckie of told USA TODAY. Over a two-year period, prices have risen by more than 15% nationally, adding more than $275 to monthly rent bills. June’s price represents a 5% increase from February and the most expensive price registered since August 2022. By February 2023, rents had declined 6% from the previous high of $1,936. The national median rent price is now $2,029, 1.8% less than in August 2022, when rents reached $2,053. The good news : Prices remain below last summer’s peak. Monthly price changes have averaged 0.89% growth since February’s low. Over the past year, only March saw greater monthly growth at 2%. ![]() Prices from May to June grew by more than 1.7% and have increased by more than 3% since April. Rent prices continued their march up for the fourth consecutive month in June since bottoming out in February, according to a report from. Tenants hoping to catch a break on their rents may not be successful anytime soon. Watch Video: Evictions are on the rise as rent goes up in US cities. ![]()
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