Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
735,718-296
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.94%0.02
MultifamilyReal Estate

Are rent prices cooling off?

New rental price report from Abodo shows slowing growth

During the last year, rental prices have been reaching all-time highs, but will they slow down? A new rent price report from apartment search site Abodo says that rental rates nationwide are stabilizing.

The monthly report, released Thursday, showed that median prices for one-bedroom units throughout the U.S. fell a “statistically insignificant” .08% from October to November this year. The median price for two-bedrooms fell .24%, according to the report.

november abodo rent prices

(Image courtesy of Abodo; click to enlarge)

The city that saw the highest increase in prices for one-bedroom units is Boulder, Colorado, which saw a 7.9% increase in prices, from $1,641 to $1,771. The city with the largest decrease? Columbus, Ohio, with a 7.5% drop in rent prices.

As far as two-bedroom units go, the rent market of Scottsdale, Arizona, led with a 6.2% increase; city's a median rent was $2,676. The market that saw the largest decline? Cleveland, with a 11.8% loss for November, saw rent drop to $751 from $851, according to the report.

Abodo added that it sees this deflating trend for rents increasing through December and the end of the year.

From the report:

As we had mentioned last month, we thought that rents, though they might fall, would not drop dramatically in November and this has verified. While a few cities showed significant swings, November was basically flat, and we see that trend continuing into December.

We are concerned that higher interest rates may negatively affect home sales and therefore strengthen the rental market. On the other hand, we have begun to see stock market volatility, and historically a stock market decline predicts a future recession. With competing factors at work, however, we still feel that December will not show broad national average median rent changes.

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please