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Rent growth had smallest gain in two years: Redfin
Near 30-year mortgage demand low is part of a ‘weird’ real estate market standoff: Mauricio Umansky
The Agency CEO Mauricio Umansky discusses the real estate sector as mortgage rates hit a 28-year low, down 5.7%.
Renters might just be getting some relief as February marked the ninth consecutive month in which rent growth slowed.
Last month, the median U.S. asking rent rose to a mere 1.7% year over year to $1,937, according to the latest data from Redfin. This marked the "smallest increase in nearly two years and the lowest level in a year," the technology-powered real estate agency reported.
Rising rents haven't slowed as much as expected "in part because the labor market has held up better than anticipated, which has helped prop up demand," Redfin Deputy Chief Economist Taylor Marr said in a statement.
Rents are up 16.5% from a year ago, the data showed. That's nearly a ten-fold jump from last month's rise.
MORTGAGE RATES CLIMB FOR FIFTH WEEK ON JOB GROWTH AND INFLATION
Rents fell 0.3% month-over-month from January, but they are still elevated compared to pre-pandemic levels. The median asking rent last month was 21.4% higher compared to February 2020 – one month before the coronavirus was declared a pandemic.