Median rents fell -0.7% in April with renters
in pricey Austin, Las Vegas, and San
Francisco enjoying the biggest savings, meanwhile rents in
Indianapolis, Milwaukee, and Minneapolis reach a high
SANTA
CLARA, Calif., May 22, 2024
/PRNewswire/ -- Rents fell again last month, with particularly
big savings for renters in Austin,
Texas; Las Vegas; and
San Francisco compared to when
those markets peaked, according to the Realtor.com®
Rental Report released today. Still, some areas with low
unemployment and a slower pace of new home construction saw
record-high rents that could continue to rise into the summer
months.
The median asking rent nationally for 0-2 bedroom units fell by
-0.7% from April of last year, to $1,723, and declined across all size categories.
It was the ninth straight year-over-year drop, though the pace of
rent declines has slowed. Rents are just $33 (-1.9%) below their August 2022 peak.
"In the ever-fluctuating real estate market, renters will find
that trends vary significantly by location," said Danielle Hale, Chief Economist at
Realtor.com®. "Renters in some historically expensive
areas are seeing lower prices compared to what they would have paid
at the peak of the market, while many relatively affordable markets
are witnessing a continued rise in rental costs to new highs, and
the scales could tip to even more markets later this summer."
Renters in some South and West markets see biggest savings;
Austin leads the way
The
median asking rent for Austin,
Texas in April was $1,494,
which is down $195 (-11.5%) from its
September 2022 peak. That's the
largest percent savings, compared to the market's peak, among the
50 biggest metro markets. The decline was partly driven by an
influx of new multi-family homes into the Southern market, which
has helped to push Austin's rental
vacancy rate higher. Rents in Austin have been declining month-over-month
since June 2023. Still, April's
median asking rent in Austin is
$260 (21.1%) more than it was five
years ago, before the pandemic. The metro with the second-biggest
rent savings since the peak was Las
Vegas, where renters could save $184 on average by renting a typical property
today, down -11.1% from the June 2022
high. And in San Francisco, a
typical renter could save $303 per
month, down -9.9% from the July 2022
peak.
Three Midwest metros hit record-high rents and more could
follow
By contrast, in parts of the Midwest, rents are
climbing. The median asking rents hit their highest levels since
March 2019 in three Midwest cities:
Indianapolis (up 4.5% annually to
$1,334), Milwaukee (up 3.8% to $1,671), and Minneapolis (up 2.5% to $1,529). Driving higher rents are below-average
unemployment rates and the slow pace of new multi-home
construction. Current rental prices in Cincinnati, Cleveland and Chicago are all slightly below peak but could
hit their own record highs this summer if the recent growth trend
continues. While rents in many Midwest metro areas are generally
more affordable than in cities in other parts of the country, in
some key markets renters are facing increasing affordability
challenges.
Rents decline across all size categories
On average,
rents for units of all sizes continued their months-long trend
downward in April. Studios saw the biggest drop, with the median
asking rent nationwide falling by 1.7% on a year-over-year basis,
to $1,443. That's down -3.2% from its
October 2022 peak but 18.9% higher
than five years ago. Median rent for one-bedroom units fell -1.4%
to $1,601, the eleventh straight
month of annual declines. And the median rent for two-bedroom units
fell by -0.7% to $1,916. That's -1.9%
lower than its August 2022 peak but
24.4% more than five years ago.
National Rental Data – April 2024
Unit
Size
|
Median
Rent
|
Rent
YoY
|
Rent Change – 5
years
|
Overall
|
$1,723
|
-0.7 %
|
22.5 %
|
Studio
|
$1,443
|
-1.7 %
|
18.9 %
|
1-bed
|
$1,601
|
-1.4 %
|
20.9 %
|
2-bed
|
$1,916
|
-0.7 %
|
24.4 %
|
Rental Data – 50 Largest Metropolitan Areas – April 2024
Metro
|
Median
Rent (0-2
Bedrooms)
|
YoY (0-2
Bedrooms)
|
Peak Rent since
Mar.
2019
|
Atlanta-Sandy
Springs-Alpharetta, GA
|
$1,611
|
-5.6 %
|
$1,767
|
Austin-Round Rock,
TX
|
$1,494
|
-8.3 %
|
$1,689
|
Baltimore-Columbia-Towson, MD
|
$1,762
|
-5.6 %
|
$1,872
|
Birmingham-Hoover,
AL
|
$1,299
|
1.5 %
|
$1,333
|
Boston-Cambridge-Newton, MA-NH
|
$2,926
|
-1.7 %
|
$3,056
|
Buffalo-Cheektowaga,
NY
|
NA
|
NA
|
NA
|
Charlotte-Concord-Gastonia, NC-SC
|
$1,513
|
-5.6 %
|
$1,670
|
Chicago-Naperville-Elgin, IL-IN-WI
|
$1,834
|
1.4 %
|
$1,860
|
Cincinnati,
OH-KY-IN
|
$1,354
|
1.0 %
|
$1,362
|
Cleveland-Elyria,
OH
|
$1,210
|
2.1 %
|
$1,226
|
Columbus, OH
|
$1,182
|
-1.1 %
|
$1,222
|
Dallas-Fort
Worth-Arlington, TX
|
$1,491
|
-2.8 %
|
$1,599
|
Denver-Aurora-Lakewood,
CO
|
$1,910
|
-0.8 %
|
$1,987
|
Detroit-Warren-Dearborn, MI
|
$1,290
|
0.6 %
|
$1,352
|
Hartford-West
Hartford-East Hartford, CT
|
NA
|
NA
|
NA
|
Houston-The
Woodlands-Sugar Land, TX
|
$1,385
|
-2.7 %
|
$1,434
|
Indianapolis-Carmel-Anderson, IN
|
$1,334
|
4.5 %
|
$1,334
|
Jacksonville,
FL
|
$1,539
|
-3.0 %
|
$1,658
|
Kansas City,
MO-KS
|
$1,288
|
-2.3 %
|
$1,352
|
Las
Vegas-Henderson-Paradise, NV
|
$1,481
|
-4.0 %
|
$1,665
|
Los Angeles-Long
Beach-Anaheim, CA
|
$2,766
|
-2.2 %
|
$2,898
|
Louisville/Jefferson
County, KY-IN
|
$1,219
|
-3.5 %
|
$1,280
|
Memphis,
TN-MS-AR
|
$1,222
|
-4.9 %
|
$1,316
|
Miami-Fort
Lauderdale-West Palm Beach, FL
|
$2,382
|
-4.3 %
|
$2,539
|
Milwaukee-Waukesha,
WI
|
$1,671
|
3.8 %
|
$1,671
|
Minneapolis-St.
Paul-Bloomington, MN-WI
|
$1,529
|
2.5 %
|
$1,529
|
Nashville-Davidson–Murfreesboro–Franklin,
TN
|
$1,523
|
-8.4 %
|
$1,681
|
New Orleans-Metairie,
LA
|
NA
|
NA
|
NA
|
New York-Newark-Jersey
City, NY-NJ-PA
|
$2,876
|
4.1 %
|
$2,920
|
Oklahoma City,
OK
|
$1,006
|
0.5 %
|
$1,023
|
Orlando-Kissimmee-Sanford, FL
|
$1,677
|
-5.9 %
|
$1,810
|
Philadelphia-Camden-Wilmington,
PA-NJ-DE-MD
|
$1,813
|
1.5 %
|
$1,832
|
Phoenix-Mesa-Scottsdale, AZ
|
$1,540
|
-4.6 %
|
$1,684
|
Pittsburgh,
PA
|
$1,474
|
1.6 %
|
$1,475
|
Portland-Vancouver-Hillsboro, OR-WA
|
$1,721
|
2.5 %
|
$1,760
|
Providence-Warwick,
RI-MA
|
NA
|
NA
|
NA
|
Raleigh, NC
|
$1,487
|
-5.3 %
|
$1,640
|
Richmond, VA
|
$1,477
|
-3.0 %
|
$1,556
|
Riverside-San
Bernardino-Ontario, CA
|
$2,156
|
-0.8 %
|
$2,233
|
Rochester,
NY
|
NA
|
NA
|
NA
|
Sacramento-Roseville-Folsom, CA
|
$1,953
|
3.0 %
|
$1,968
|
San Antonio-New
Braunfels, TX
|
$1,230
|
-8.1 %
|
$1,353
|
San Diego-Chula
Vista-Carlsbad, CA
|
$2,888
|
-0.3 %
|
$3,145
|
San
Francisco-Oakland-Berkeley, CA
|
$2,766
|
-4.3 %
|
$3,069
|
San
Jose-Sunnyvale-Santa Clara, CA
|
$3,318
|
3.7 %
|
$3,344
|
Seattle-Tacoma-Bellevue, WA
|
$2,017
|
-0.3 %
|
$2,132
|
St. Louis,
MO-IL
|
$1,318
|
-1.6 %
|
$1,373
|
Tampa-St.
Petersburg-Clearwater, FL
|
$1,741
|
-2.5 %
|
$1,828
|
Virginia
Beach-Norfolk-Newport News, VA-NC
|
$1,518
|
2.4 %
|
$1,551
|
Washington-Arlington-Alexandria,DC-VA-MD-WV
|
$2,225
|
1.3 %
|
$2,263
|
Methodology
Rental data as of April 2024 for studio, 1-bedroom, or 2-bedroom
units advertised as for-rent on Realtor.com®. Rental
units include apartments as well as private rentals (condos,
townhomes, single-family homes). We use rental sources that
reliably report data each month within the top 50 largest
metropolitan areas. Realtor.com® began publishing
regular monthly rental trends reports in October 2020 with data history stretching back to
March 2019.
About Realtor.com®
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Media contact:
Sara Wiskerchen,
press@realtor.com
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