Rent becomes cheaper for people living in the largest urban areas of the United States.
In September, rent decreased on an annual basis in more than half of the country's 35 largest markets, for the first time in six years, according to Zillow. Portland, Oregon and Seattle, Washington saw the largest drops of 2.7% and 2.2%, respectively.
“For tenants, slower rent growth is welcome news and will bring more money into their already stretched pockets”, The chief economist of Zillow, Aaron Terrazas, said.
He added: "The rent remains high by historical standards, but a modest annual decline in rent in September should alleviate some of the pressure that drives higher-income tenants to buy."
Tsillow's conclusion is based on Zillow Rental Indexwhich tracks the monthly average rent in specific geographic regions based on an agreed inventory.
The following list, based on the Zillow rental index, highlights 11 cities in America, where rents fell the fastest in September, from the minimum to the maximum.
San Antonio, TX
September change of profitability: -1.1%
September Zillow Rental Index: $ 1330
Source: Zillow
Indianapolis Indiana
September change of profitability: -1.2%
September Zillow Rental Index: $ 1195
Source: Zillow
St. Louis, MO
September change of profitability: -1.2%
September Zillow Rental Index: $ 1139
Source: Zillow
Kansas City, MO
September change of profitability: -1.4%
September Zillow Rental Index: $ 1264
Source: Zillow
Austin TX
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View of 6th Street in Austin during the south at the southwest festival.
(Flickr / deneyterrio)
September change of profitability: -1.6%
September Zillow Rental Index: $ 1683
Source: Zillow
Boston, Massachusetts
September change of profitability: -1.6%
September Zillow Rental Index: $ 2367
Source: Zillow
Philadelphia, PA
September change of profitability: -1.7%
September Zillow Rental Index: $ 1566
Source: Zillow
Chicago, IL
September change of profitability: -1.9%
September Zillow Rental Index: $ 1635
Source: Zillow
New York, New York
September change of profitability: -1.9%
September Zillow Rental Index: $ 2,370
Source: Zillow
Seattle, WA
September change of profitability: -2.2%
September Zillow Rental Index: $ 2169
Source: Zillow
Portland, Oregon
September change of profitability: -2.7%
September Zillow Rental Index: $ 1833
Source: Zillow
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