Rent growth nationwide is still historically high, but Philly-area renters who will be looking for a new home later this year have new reason to feel a little more hopeful about the market.
reflecting price jumps for both rents and everyday expenses, many renters are feeling the strain on their finances.”
Rent growth “is beginning to lose some steam” in part because incomes can’t keep pace, Hale said. Rent increases have been gradually slowing since a January peak, when rents were more than 17% above the previous year.People looking for a rental property in the Philadelphia region have faced smaller cost increases than many others across the country, according to the Realtor.com report.
The median rent here was slightly below the national median at $1,800 — about 7.5% higher than in May 2021. The only other metros with smaller increases in median rent in May were the Detroit area , Pittsburgh area , the St. Louis area , and the Minneapolis area . The Philadelphia metro’s annual rent growth in May — 7.5% — was slightly below the area’s annual growth rate of 7.6% in April and down from 8.3% in March.
Other metros still are seeing eye-popping rental growth. Rents in May rose the most annually in Miami ; Orlando ; Providence, R.I. ; San Diego ; and Tampa, Fla. . Median rents in large metros across the country range from $1,000 in the Oklahoma City area to $3,253 in the San Jose, Calif. region.Last month, Realtor.com predicted that the national median rent would rise above $2,000 by August. But if current trends continue, that milestone is further away than expected, Realtor.com analysts said.
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