The rate at which rents are rising slowed in October on a year-over-year basis, according to a report from Realtor.com released Thursday, on par with a similar trend for single-family home prices.
Nationally, rent growth slowed to 4.7% this October, compared with October 2021 – its slowest pace in 18 months, the report says.
In the Hartford metro area, which includes West Hartford and East Hartford, the median rent increase was 9.4%, the fourth highest increase in the country, during the same timeframe. In the region, the median rent was $1,726.
The median price of rent in the United States reached $1,734 in October, according to the Realtor.com data.
Still, the majority of landlords planned to increase rental prices in the next 12 months, though at a slower pace, Realtor.com’s Fall Landlord and Renter Survey found.
“With soaring inflation and recession fears a huge concern for many consumers, finding affordable housing remains a priority for families,” said Danielle Hale, chief economist at Realtor.com. “Our data indicates that we are finally starting to see a bit of relief from the double-digit pace of rent growth that we experienced during the height of the pandemic.”
The typical renter reported being able to save just $100 per month.
