Zillow just released its latest report revealing a major change in the trend of rent prices.
And, although in February 2022 rental prices reached a record increase of 16.1%, in the following months they began to decrease.
However, they have already started to rise since October.
According to Zillow’s rental index, rental costs increased an average of 3.23% nationally compared to the previous year, now reaching $2,011.
This increase would indicate the first time that rental prices are accelerating since February 2022.
Smaller, more affordable areas in the Northeast and Midwest of the country are seeing a significant increase in rental costs each year.
On the other hand, in larger cities like Austin, San Francisco and Portland, rental cost is going down ccompared to last year.
The fact that rental prices are rising is partly because renting is still a cheaper option for many people, compared to buying a home.
In the case of New York, the report says that rental prices increased by 3.32% in the last year.
However, when compared to September 2023, they fell a little, 0.49%, indicating that prices could change month to month in the city’s rental market.
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