• Zillow asking rents fell -0.4% M/M in November in non-seasonally terms, the largest outright monthly decline in the seven-year history of the ZORI index.
  • It equates to a seasonally adjusted increase of just 0.06% M/M as it cools notably from 1% pace over the summer and prior cycle highs of 2% last summer.
  • That compares with a -1.0% M/M decline in ApartmentList non-seasonally adjusted data for Nov, also the largest outright decline in slightly shorter history.
  • CPI measures of rents continue to heavily lag these asking rent measures whilst prior strength in renewed leases continues to feed through and could still take months to catch up, but nevertheless continued downward momentum in asking rents will be welcome relief to the Fed.

Zillow Asking Rents See Largest Decline In Seven-Year History

Last updated at:Dec-14 17:49By: Chris Harrison
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  • Zillow asking rents fell -0.4% M/M in November in non-seasonally terms, the largest outright monthly decline in the seven-year history of the ZORI index.
  • It equates to a seasonally adjusted increase of just 0.06% M/M as it cools notably from 1% pace over the summer and prior cycle highs of 2% last summer.
  • That compares with a -1.0% M/M decline in ApartmentList non-seasonally adjusted data for Nov, also the largest outright decline in slightly shorter history.
  • CPI measures of rents continue to heavily lag these asking rent measures whilst prior strength in renewed leases continues to feed through and could still take months to catch up, but nevertheless continued downward momentum in asking rents will be welcome relief to the Fed.

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