Nationwide rents rose in July, suggesting that the rental market is still putting upward pressure on overall inflation.
A new report from Rent.com released on Friday found that rent prices rose by less than half of a percentage point from the month before. The national median rent price is now $2,038, which is just $15 away from the data set’s record notched in August 2022.On an annual basis, rent prices in July rose by just 0.3%.
Higher rents have fed into the surging inflation of the past two years — rent makes up about 7% of the consumer price index. Still, just over a dozen states actually notched annual declines in rent prices. Average prices fell the fastest in Washington State with about a 7.7% annual decrease. Pennsylvania and Oregon both saw rents fall by more than 5% over the past year, according to the research.As of Thursday, the average rate on a 30-year fixed-rate mortgage was 7.09%, more than double the average before the Fed started raising interest rates, according to Freddie Mac.
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