What can we expect for 2023?

After a year of 17.6% rent increases in 2021, American renters saw rental rates begin to slow in 2022.

According to realtor.com:

• Rents are still higher than they were a year ago, but the gains are shrinking, as landlords lose pricing power in the face of inflation.
• Rents in October, 2022, rose 4.7% compared with October 2021, the slowest annual increase in 18 months.
• As of 4th quarter 2022, the U.S. median rent was $1734.

Data indicates there is relief from the double-digit pace of rent growth experienced during the height of the pandemic as reported by Danielle Hale, chief economist at Realtor.com. According to Rent List, rent growth in 2022 still ranks as the second fastest year in the history of their estimates (going back to 2017), but it came in just barely ahead of the 3.5 percent rate from 2018.

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