{"id":21124,"date":"2023-06-11T06:57:56","date_gmt":"2023-06-11T10:57:56","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/rent-growth-is-slowing-in-positive-sign-for-inflation\/"},"modified":"2023-06-11T06:57:57","modified_gmt":"2023-06-11T10:57:57","slug":"rent-growth-is-slowing-in-positive-sign-for-inflation","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=21124","title":{"rendered":"Rent Growth Is Slowing in Positive Sign for Inflation"},"content":{"rendered":"
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Fortunately for renters considering a move this year, and for those watching the outlook for inflation, rent increases this spring have been slower than usual. Unfortunately for renters in the nation\u2019s largest city, that doesn\u2019t include New York.\u00a0<\/p>\n

At $2,048,
\n Zillow
\n \u2018s measure of the nation\u2019s typical asking rent price in May represents a continued slowing in cost increases after rents soared earlier in the pandemic. Rents nationally increased by 0.6% between April and May, according to Zillow\u2014about even with April\u2019s increase but a slightly slower gain than the 0.7% typical for this time of the year. <\/p>\n

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Rental growth has been moderating since reaching a high of a 17% year-over-year increase in February 2022, Zillow said. The slowdown indicates that \u201crenters may be tightening their budgetary belts and doubling up with roommates as higher costs and lower excess savings make it less tenable to rent a place of their own,\u201d Zillow senior economist Jeff Tucker wrote in a blog post this past week.<\/p>\n

At the national level, Tucker says he expects rents to grow more slowly than they did before the pandemic. That\u2019s a healthy development, he says, \u201cafter the year and a half of really overheated growth that we already went through.\u201d<\/p>\n

The continued slowing in national rent growth is a positive omen for inflation metrics. The Consumer Price Index subsection measuring the cost of shelter has remained relatively hot, even as increases in asking rents have declined. <\/p>\n

The inflation gauge typically lags behind changes in private measures of asking rent because of its methodology, which surveys renters about price changes on all leases, not just new ones. Tucker expects both the Bureau of Labor Statistic\u2019s measure of rent and its measure of owners\u2019 equivalent rent, or what a homeowner estimates it would cost to rent their home, to soon begin to cool on a year-over-year basis.<\/p>\n

The fact that rents rose more slowly than usual in May could be welcome news for people considering moving. Renters seeking a new lease \u201cmay find that they\u2019ve got a bit more bargaining power than they expected,\u201d Zillow\u2019s Tucker told Barron\u2019s<\/em>. <\/p>\n

There\u2019s one particularly big exception: Rents measured by Zillow in New York City jumped in May, rising 1.2% from the month prior. Of the 50 largest metropolitan areas, New York was among the five with the greatest month-over-month increases. <\/p>\n

Of those cities, Providence, R.I., was the only place where month-over-month rent growth exceeded New York\u2019s. Other places with fast-growing rents included Chicago, San Diego, and Columbus, Ohio.<\/p>\n

New York\u2019s renter-heavy population means rising costs in the city have the potential to affect a lot of households. Only about a third of residents in the nation\u2019s largest city by population were homeowners in 2021, according to the Census Bureau. \u201cIt\u2019s surprising to me how competitive the New York market is,\u201d Zillow\u2019s Tucker told Barron\u2019s<\/em>. <\/p>\n

The city\u2019s strong rent growth \u201chelps to prove that the death of urban life in America\u2019s megacities, or superstar cities, was greatly exaggerated,\u201d Tucker said. Rental demand has been particularly strong relative to supply in northeastern and Midwestern markets, Tucker said. <\/p>\n

The same can\u2019t necessarily be said for large cities in other regions. Rents were the weakest in Portland, Ore., data show, where Zillow\u2019s rent gauge was flat with the month prior. Other metropolitan areas with the smallest growth from the month prior include Atlanta, New Orleans, Los Angeles, and Miami. <\/p>\n

Write to Shaina Mishkin at shaina.mishkin@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Fortunately for renters considering a move this year, and for those watching the outlook for inflation, rent increases this spring have been slower than usual. Unfortunately for renters in the nation\u2019s largest city, that doesn\u2019t include New York.\u00a0 At $2,048, Zillow \u2018s measure of the nation\u2019s typical asking rent price in May represents a continued […]<\/p>\n","protected":false},"author":1,"featured_media":21125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-21124","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nRent Growth Is Slowing in Positive Sign for Inflation | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Fortunately for renters considering a move this year, and for those watching the outlook for inflation, rent increases this spring have been slower than\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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