by calculated risk October 4, 2024 12:37:00 PM
In today’s real estate newsletter: Asking rent is almost unchanged from the previous year
A brief excerpt:
Tracking rents is important to understanding housing market trends. For example, the sharp rise in rents helped us infer a sharp increase in household formation in 2021 (see September 2021 information: Household formation drives housing demand).
Rents remain under pressure due to slower household formation and increased supply (increasing completions of multifamily housing). …
Welcome to the October 2024 Apartment List National Rent Report. The national median rent fell 0.5% in September as the rental market entered a slow period. The national median rent is currently $1,405, and this number will continue to decline slowly through the remainder of this year.
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Realtor.com: Rent falls year-over-year for 13 consecutive months
In August 2024, U.S. median rent prices continued their 13th consecutive month of year-over-year declines, dropping $5 (-0.3%) year-over-year for 0-2 bedroom properties in the top 50 metro areas.
