Rents rose in the U.S. for second consecutive month in July, as fewer apartments are built

Asking rents climbed at their fastest pace in the last 2 and 1/2 years in July, as fewer new apartments are built and existing home values remain at near-record highs.

The price of rent rose an average of 1.7% last month compared with a year earlier to $1,790, according to a new analysis from Redfin.com using data provided by Zillow.

July was the second consecutive month of asking rent increases following more than two years of declining or flat rental rates. Rents have gained about $30 per month since last year across the country.

“Rents have been sluggish for the past two years because the pandemic building boom created a surplus of supply, which left landlords scrambling to fill vacancies and gave renters negotiating power,” Redfin Senior Economist Sheharyar Bokhari said in a stateme