Asking rents climbed by $6, or 0.3%, from January to February. That is the first monthly increase in rents in five months, since they last rose in September 2022, according to a recent survey. The 0.3% increase is only somewhat smaller than the typical February increase of 0.4%, averaged over data from 2016 to 2020, suggesting that the rental market remains somewhat cooler than normal.
Typical asking rents at the national level now stand at $1,976, which is 6.3% higher than one year ago, but 0.5% below the peak of $1,987 observed in September 2022. That annual growth rate is now down more than 10 percentage points from the peak growth rate observed one year ago this month: 17.0%, the record-high pace reached in February 2022.
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