![]() ![]() In August 2022, rent was less affordable than the previous year. ![]() ![]() Studios continued to catch up with double-digit rent increases whereas 1-bedroom and 2-bedroom units experienced single-digit growth.Miami’s leading position in the year-over-year growth rate was surpassed by Chicago, IL (24.9% Y/Y), Boston, MA (22.8% Y/Y), and New York, NY (18.9% Y/Y), for the first time in the past ten months.The median asking rent in the 50 largest metros declined to $1,771, cooling from last month’s peak.August 2022 marks the first month in the past 13 months where rent growth has slowed to a single-digit rate for 0-2 bedroom properties (9.8% Y/Y). ![]()
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