by Calculated Risk September 11, 2024 9:44 AM
In today’s Real Estate Newsletter: Asking rents remain roughly the same compared to the previous year
excerpt:
Tracking rents is important for understanding trends in the housing market: For example, a surge in rents helped infer a surge in household formation in 2021 (see September 2021). Household formation drives housing demandRents are coming under pressure as household formation slows and apartment complex completions increase.
Welcome to the Apartment List National Rent Report for September 2024. Our model predicts an average rent decline of -0.1% in August, with the national median rent currently sitting at $1,412. This signals the end of the rental market’s annual peak season and a second consecutive year of modest rent growth as the market slows due to a surge in new supply. If historical trends hold, rents will continue to decline each month for the remainder of the year.
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Realtor.com: Rents fall year-over-year for 12th consecutive month
In July 2024, U.S. median rents continued their 12th consecutive month of year-over-year declines, falling $12 (-0.7%) for 0-2 bedroom properties in the top 50 metro areas, a faster rate of decline than the -0.4% decline in June 2024. The median asking rent was $1,741, down $2 from the previous month and reflecting similar seasonal trends seen in the sales market.
