Austin Rents Soar by Nearly 50%, Marking Biggest Increase in U.S. – theMReport.com

In keeping with a brand new report from Redfin, the median month-to-month asking lease within the U.S. elevated 15% year-over-year to a report excessive of $1,962 in April—barely beneath March’s 17% enhance—marking the primary slowdown in a yr.

“The truth that rents are rising at a slower tempo could also be a really early signal that the Fed’s tactic of elevating rates of interest to quell inflation is working,” stated Redfin Chief Economist Daryl Fairweather. “Nonetheless, rents are nonetheless rising at almost double the speed of general inflation. Landlords in scorching migration locations like Austin, Portland and South Florida are charging new tenants 30% greater than final yr’s lease.”

Asking rents surged 46% yr over yr in Austin, TX—the biggest enhance on report in any metro space since no less than the start of Redfin’s rental information in 2019. Portland, OR and south Florida additionally noticed asking rents enhance over 30% from a yr earlier.

Prime 10 metro areas with fastest-rising rents year-over-year:

1. Austin, TX (+46%)
2. Portland, OR (+33%)
3. Miami, FL (+31%)
4. Fort Lauderdale, FL (+31%)
5. West Palm Seashore, 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%)

Simply three of the 50 most-populous metro areas noticed rents fall in April from a yr earlier. Rents declined 8% in Milwaukee, WI, 4% in Kansas Metropolis and a couple of% in Minneapolis. This was the primary annual decline in Redfin’s information for Minneapolis.

Metro areas the place rents declined year-over-year:

• Milwaukee, WI (-8%)
• Kansas Metropolis, MO (-4%)
• Minneapolis, MN (-2%)

To view the complete report, together with charts and methodology, click on right here.