U.S. Rent Growth Slows, but Keeps Rising

The pace of rent growth is slowing, but U.S. renters still face growing housing costs in most metro areas.

1 minute read

May 16, 2023, 6:00 AM PDT

By Diana Ionescu @aworkoffiction

Rent costs across the country continue to go up, reports Mary Salmonsen in Smart Cities Dive. “The national average rent rose for the second time in a row this year, up $5 to $1,709 from March to April, according to the latest Matrix Multifamily National Report by Yardi Matrix.” 

Rents rose in most major cities except for Phoenix and Las Vegas. The largest year-over-year increases were in Indianapolis (7.7 percent), Kansas City, Missouri (6.4 percent), and New York City (6.2 percent).

“While gateway cities aren’t leading the pack in YOY rent growth, New York City and Boston make up two parts of a three-way tie for month-over-month rent growth at 0.9%, along with Raleigh, North Carolina.” Occupancy remains high, at 95 percent.

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