Hi Tim,
Rents are still trending upward, but that growth has slowed significantly this month. Our national rent index increased by 0.8% this month, which is less than half of last month’s growth rate and the smallest increase since February. However, despite this slowdown, rent growth is still outpacing its pre-pandemic trend.
Rents fell this month in 22 of the nation’s 100 largest cities, breaking a six month streak in which rents were rising uninterrupted in virtually all of these cities. Boise saw the biggest decline this month, with rents falling by 3.1%, indicating that the unprecedented boom there may have crested. Rents also fell by 1% this month in San Francisco, where prices remain 11.8% below pre-pandemic levels.
Rents fell this month in 22 of the nation’s 100 largest cities, breaking a six month streak in which rents were rising uninterrupted in virtually all of these cities. Boise saw the biggest decline this month, with rents falling by 3.1%, indicating that the unprecedented boom there may have crested. Rents also fell by 1% this month in San Francisco, where prices remain 11.8% below pre-pandemic levels.
Here are some highlights:
- Rents in Mesa increased 1.5% month-over-month, compared to a 0.8% increase nationally. Month-over-month growth in Mesa ranks #24 among the nation's 100 largest cities.
- Year-over-year rent growth in Mesa currently stands at 29.8%, compared to 6.2% at this time last year This is the #6 fastest increase among the nation's 100 largest cities.
- Median rents in Mesa currently stand at $1386 for a 1-bedroom apartment and $1591 for a two-bedroom.
Check out the full report here. And as a reminder, the full details of our rent estimate methodology are explained here.
If you have any questions or would like to hop on a call to discuss these findings, please let me know!
All the best,
Erin
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