The level of annual hire development slowed for the second straight thirty day period this yr in the course of July, according to a report introduced Friday by the net-driven brokerage Redfin.

The report found that the nationwide median asking hire was up 14 p.c in contrast to July 2021 to $2,032 — the smallest annual enhance considering the fact that November 2021, down from a 15 % annual improve in June and a 16 % raise in May well.

On a month-to-month foundation, the median asking hire inched up .6 p.c, the slowest development witnessed since February and down appreciably from the 2.1 regular monthly enhance recorded all through July 2021.

The slowing level of development may well be a signal that landlords have pushed rents as much as they can, with tenants struggling to manage other necessities that have risen with inflation.

“Big rent hikes may possibly last but not least be coming to an close as landlords adjust to waning tenant budgets that are becoming strained by the growing charge of groceries, gasoline and other frequent charges,” Redfin Chief Economist Daryl Fairweather mentioned in a assertion. ”Still, rents are growing speedier than over-all inflation, which has started to relieve. We anticipate rental progress to continue on to slow, but marketplaces with solid job advancement and minimal new housing construction, like New York and Seattle, will probable go on to practical experience large hire improves.”

The significant city with the greatest once-a-year leap in rents in July was Cincinnati, which saw rents improve 31 per cent calendar year over 12 months, in accordance to the report. That was down from June when rents in the midwestern metropolis observed a 39 p.c once-a-year leap.

Following Cincinnati were being Nashville, Tennessee, and Pittsburgh, Pennsylvania, which observed rents jump by 26 and 24 percent respectively.

Out of the best 50 most populated metropolitan locations in the place, only three observed rents drop on a yearly basis throughout July. Milwaukee saw rents drop 10 p.c, Minneapolis recorded an 8 p.c decline and rents in Baltimore inched down .3 percent from July 2021 degrees, according to Redfin.

The methodology: Redfin stories it analyzed hire price ranges from RentPath across the 50 major U.S. metro locations, employing information from much more than 20,000 condominium buildings. The charges in this report mirror the present-day fees of new leases for the duration of just about every interval.

“In other words and phrases, the total revealed as the median lease is not the median of what all renters are paying out, but the median value of residences that have been available for new renters through the report thirty day period,” the report reads.

E mail Ben Verde