The rental market is experiencing a significant acceleration in rent growth, as confirmed by rental data from Zumper, which noted year-over-year increases for one-bedroom and two-bedroom apartments. While prices observed a slight dip in February compared to January, this is not expected to last, with the rental market predicted to heat up again during the busy spring season. Although there has been a temporary easing in prices, factors such as record-high demand and supply are likely to drive rents upward moving forward, indicating potential affordability issues for tenants.
Rents staying pretty flat on a monthly basis is pretty on trend with this time of year, but the seasonal demand is expected to push prices up again soon.
Despite a brief winter slowdown, rent growth is accelerating significantly with one-bedroom and two-bedroom units seeing year-over-year increases of 2.9% and 3.7%, respectively.
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