Rising Rents

During 8/22, asking rents rose 0.4%, and while historically very high, they are way down from the 1.9% rise in 8/21. Pre-Covid, rent hikes in August were about 0.2%. Similarly, Y-o-Y asking rents are also declining. They increased 10.5% through August, well down from the February Y-o-Y peak of 15.7%. Looking at the data on a city-by-city basis, only 17 saw Y-o-Y rent increases in August compared to July.