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Midwest surges as Western markets decline
In March 2023, the U.S. rental market experienced single-digit growth for the eighth month in a row after 14 months of slowing from a high market of 16.4 percent growth in January 2022, according to Realtor.com’s March 2023 Rental Report. Median rent across the top 50 metros was up just 2.5 percent year-over-year for 0-to-two-bedroom properties. The median asking rent was $1,732, up by $15 from last month and down by $32 from the peak, but still $354 (25.7 percent) higher than the same time in 2019 (pre-pandemic).
A few report highlights:March 2023 marks the 14th month of slowing rent growth, and eighth month in a row with a single-digit rate of increase for 0-to-two-bedroom properties (2.5 percent year-over-year). The median asking rent in the 50 largest metros increased to $1,732, up by $15 from last month and down $32 from last year’s peak. Rent has been growing faster in smaller units. Rent by size: Studio: $1,451,