Yes, but: Despite rising interest rates, if you are among the few who can afford to buy in 2023, you might find some breathing room, with fewer bidding wars over homes, Zillow says. As those projects are completed, it should continue to slow the growth in rental prices, he says.What's next: Divounguy says that the demand for rentals is causing developers to apply to build more multifamily housing projects - it will just take time for those to come on the market. That makes Seattle one of the top 10 most expensive places in the country to rent a single family home, according to Dwellsy. Meanwhile, single family home rentals in Seattle - posted through the rental company Dwellsy - cost a median of $3,030 per month in July.Zillow’s latest monthly market survey found the typical rent in the metro area is $2,382 - up 10.4% since August 2021.
Zoom in: Those increases could be felt more acutely in Seattle, where Zillow says the rent is already 12% higher than the national median. That's on top of the projected increase of 8.6% in rental prices from December 2021 to December 2022.That increases demand for rentals, fueling a rise in rent prices, he says.īy the numbers: While the scale of monthly rent hikes is slowing, Zillow's panel of experts still predicted that rents will rise by an average of 5.4% between this December and December 2023. What they're saying: "As more people stay in the rental market, when their lease is up, they end up having to renew," Divounguy says. That's partly because rising interest rates are making it harder for people to buy homes, putting additional pressure on the rental market, Orphe Divounguy, senior economist at Zillow, tells Axios.They're also doing a number on rent prices - and a panel of experts predict that trend will continue into 2023.ĭriving the news: A majority of economists and housing experts surveyed by Zillow say they expect rents nationwide to rise faster than inflation in the next 12 months. High mortgage rates aren't just thwarting would-be homeowners.
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