Redfin Reports Asking Rents Fall Across All Bedroom Counts for First Time in 4 Years
13 Agosto 2024 - 7:00AM
Business Wire
The nationwide median asking rent was $1,647 in
July, down $53 from the all-time high in 2022
(NASDAQ: RDFN) —The median asking rent fell across all bedroom
counts in July year over year, the first time that’s occurred since
June 2020. That’s according to a new report from Redfin
(redfin.com), the technology-powered real estate brokerage.
Median asking rents for 0-1 bedroom apartments fell 0.1% (to
$1,498 a month), 2 bedroom apartments fell 0.3% (to $1,730) and 3+
bedroom apartments fell 2.4% (to $2,010). All three categories are
down at least $50 from all-time highs posted in the last two
years.
Prices remained steady for 0-1 bedroom and 2 bedroom apartments
due to higher demand in those categories, even with increased
supply coming onto the market. The increased supply of 3+ bedroom
apartments, however, led to prices falling faster in July due to
lower demand for larger, more expensive units which also compete
against single-family home rentals.
The overall rental vacancy rate has remained at 6.6% for four
consecutive quarters, the highest level since 2021, while the
vacancy rate for buildings with 5+ apartments—the subject of
Redfin’s report—was at 7.8% in the second quarter, up from 7.4% a
year earlier.
“Rents have recently steadied—or even dropped slightly—because
of the sheer number of apartments built over the past two years,”
said Redfin Senior Economist Sheharyar Bokhari. “Construction is
slowing down and prices will eventually start rising again, but now
is still a good time for renters to find a deal, especially
families looking for an apartment with at least three
bedrooms.”
Nationwide median asking rent rises slightly, but still down
$53 from all-time high
The median asking rent for all bedroom counts combined actually
rose 0.4% year over year in July to $1,647. This discrepancy
between the combined result (showing a gain) and the three
different bedroom types (which all fell) is the result of a
statistical phenomenon known as Simpson’s paradox.
The national median asking rent was down 0.2% month over month
from June and $53 less than the all-time high of $1,700 recorded in
August 2022. Despite the slight dip, affordability is still a
serious issue for renter households, which earn roughly $11,000
less than is needed to afford a typical apartment.
Rents drop across Sun Belt, as East Coast and Midwest cities
record big increases
Metro areas in Texas and Florida, two states which have built a
high number of new apartments since the pandemic, continue to see
large falls in price.
The median asking rent in Austin, TX dropped the most of any
metro we analyzed in July, falling 16.9% year over year.
Jacksonville, FL, was not far behind, with the median asking rent
falling 14.3%.
San Diego (down 12.7%), San Francisco (down 7.6%) and Tampa, FL
(down 5.9%) rounded out the five metros with the biggest drops in
asking rents.
The median asking rent in Virginia Beach, VA rose 13.7% year
over year in July, the biggest jump among the metros Redfin
analyzed. Baltimore, MD (up 12.5%), Washington, D.C. (up 11.6%),
Chicago (up 10.3%) and Cincinnati, OH (up 9.9%) posted the next
highest gains.
To view the full report, including charts, metro-level data and
methodology, please visit:
https://www.redfin.com/news/rental-tracker-july-2024
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate
company. We help people find a place to live with brokerage,
rentals, lending, title insurance, and renovations services. We run
the country's #1 real estate brokerage site. Our customers can save
thousands in fees while working with a top agent. Our home-buying
customers see homes first with on-demand tours, and our lending and
title services help them close quickly. Customers selling a home
can have our renovations crew fix it up to sell for top dollar. Our
rentals business empowers millions nationwide to find apartments
and houses for rent. Since launching in 2006, we've saved customers
more than $1.6 billion in commissions. We serve more than 100
markets across the U.S. and Canada and employ over 4,000
people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity
Home Loans®, Rent.™, Apartment Guide®, Title Forward® and
WalkScore®.
For more information or to contact a local Redfin real estate
agent, visit www.redfin.com. To learn about housing market trends
and download data, visit the Redfin Data Center. To be added to
Redfin's press release distribution list, email press@redfin.com.
To view Redfin's press center, click here.
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version on businesswire.com: https://www.businesswire.com/news/home/20240813308488/en/
Redfin Journalist Services: Kenneth Applewhaite
press@redfin.com
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