The rental market this November displayed a pattern of steady trends punctuated by minor fluctuations. In November, the typical rent across the United States stood at $1,982 according to the Zillow Observed Rent Index (ZORI), reflecting a slight decrease of 0.2% from the previous month. This movement, or lack thereof, aligns closely with the pre-pandemic norms for this time of year, which traditionally saw little to no change month-over-month.
However, when we zoom out to view the broader picture since the beginning of the pandemic, rents have surged by a striking 29.4%. Year-over-year, rents have increased 3.3%, underscoring the continued upward trend in the rental market.
