Redfin reports US rents up +0.3% y/y in July

<p>Redfin today reports that US asking rents rose 0.3% y/y in July. That compares to +13.6% in the year ending July 2022.</p><p>“While rents are flattening out, it’s too early to say whether rent growth has bottomed,” said Redfin Deputy Chief Economist Taylor Marr in the <a href="https://www.businesswire.com/news/home/20230810119830/en/" target="_blank" rel="nofollow">release</a>. “A strong job market, cooling inflation and increasing consumer spending—which have decreased the likelihood of a recession—point to resilient renter demand. But there are still a lot of newly built apartments that have yet to hit the market, meaning rents may still have room to fall as landlords grapple with rising vacancies.”</p>

This article was written by Adam Button at www.forexlive.com.