It has been a landlord and seller's market in the rental and housing markets since the pandemic and while the pendulum is not likely to swing entirely to the other side for some time, two new reports from Zillow and Redin suggest that more balance will characterize this segment of the economy.
For starters, rent growth continued on its deceleration path in October, registering 0.8% month-over-month growth compared to a record high of 2.1% in July, Zillow just reported.
Rents fell from September in eight of the 50 largest US metro areas, compared to just one the month before. The largest monthly drops were in Hartford (-1%), Baltimore (-0.6%) and San Jose (-0.5%), while the largest gains came from Miami (2%), Salt Lake City (1.9%) and Orlando (1.8%).
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