A new report out today shows that asking rents for apartments fell across the U.S. in November.
"Asking rents declined 0.4% from October to November, the largest one-month decline in the seven-year history of the Zillow Observed Rent Index," the Zillow report stated today. "The decline comes on top of a 0.1% drop in October, and decisively closes the door on a period of nearly two years of above-average monthly rent increases that began in November 2020."
Rents also fell in the DC region, dropping about 1% between October and November to a typical rent of $2,223/month. Despite the monthly drop, rents are still up about 5.6% compared to last November.
"Rent growth has been cooling since reaching a peak of 17.1% year-over-year in February. Americans’ demand for housing has waned this year, after booming in 2021, thanks to higher costs of rent and generally high inflation."
This article originally published at https://dc.urbanturf.com/articles/blog/after_two_years_apartment_rents_fall_nationally_and_in_the_dc_area/20415.
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