by Calculated Risk August 2, 2024, 11:05 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 August 2024. While rent prices have increased for the sixth consecutive month, overall rent growth for 2024 remains modest, indicating continued market weakness. Additionally, month-over-month rent growth remains positive but is slowing. Prices increased just 0.2% in July, and the national median rent now sits at $1,414. It is very likely rent growth will be flat or negative in August and remain that way through the end of the year.
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Realtor.com: Rents fall year-over-year for 11th consecutive month
In June 2024, U.S. median rents continued their 11th consecutive month of year-over-year declines, dropping $7 (-0.4%) for 0-2 bedroom units in the top 50 metro areas, down from May 2024. Median asking rents were $1,743, following typical seasonal trends and up $13 from the previous month.
