Annual Rent Growth Finally Turns Negative

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Posted To: MND NewsWire

Evidence is growing that the housing market is cooling, and Zillow is adding to the pile of proof. However, its contribution points more to a slowdown in the rental market than breaking any news about housing prices. The company says that annual rent growth has now slowed nationally for eight straight months and turned negative on an annual basis last month for the first time since July 2012. The annual rate of growth in September was -0.2 percent, not only a negative but far from the peak rate of appreciation, 6.6 percent, in July 2015. Still, monthly rent is hardly pocket change. The national median after that 0.2 percent or $36.00 decline, was $1,440. Rents were lower in 19 of the country’s 35 largest housing markets and were unchanged in three more. The largest decline , 2.7 percent, was…(read more)

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