Rents continue to soar to new highs amid low vacancy rates, with the median rent hitting $1,879 in the 50 largest U.S. metropolitan areas in July, a 12.3% increase from the same time last year, according to a recent report from Realtor.com. Although rents remain elevated, rent growth appears to be slowing, having increased only $3 from June to July, with tenants in urban areas typically seeing higher rent hikes compared to those in the suburbs.
In the Twin Cities region, for the week ending August 20:
• New Listings decreased 27.3% to 1,326
• Pending Sales decreased 23.5% to 1,138
• Inventory increased 5.1% to 8,953
For the month of July:
• Median Sales Price increased 7.1% to $375,000
• Days on Market increased 15.8% to 22
• Percent of Original List Price Received decreased 2.0% to 101.5%
• Months Supply of Homes For Sale increased 20.0% to 1.8