Rental Market News
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Asking Rents Fall Across All Bedroom Counts for First Time in 4 Years
The nationwide median asking rent was $1,647 in July, down $53 from the all-time high in 2022. Rents for 3+ bedroom apartments fell the fastest, dropping 2.4% year over year. Rents fell in Sun Belt metros, especially in Florida and Texas, where new construction levels have been strong since the pandemic. The median asking rent
Renter Nation: America’s Renter Population Is Growing Three Times Faster Than Its Homeowner Population Amid Rise in Homebuying Costs
The number of renter households grew 1.9% in the second quarter—one of the biggest gains in recent years. The number of homeowner households rose 0.6%—the smallest uptick since 2022. America’s renter population is growing as the cost of homeownership climbs; mortgage payments are up 90% from before the pandemic, while asking rents are up 23%.
Rent Prices Are Dropping Across Florida’s Most Populous Metros
Asking rents fell a record 12% year over year in Jacksonville last month, and also declined in Tampa, Orlando and Miami. Austin, TX posted a record drop, too. Florida and Texas built a lot of apartments to meet surging demand during the pandemic, and now property owners are lowering prices as they compete for tenants.
Permits to Build U.S. Apartments Have Dropped Nearly 30% Since the Pandemic
Builders obtained permits to construct 13 multifamily units per 10,000 people this year, down from an average of 18 in 2021-2023. They’ve pumped the brakes because borrowing costs are high and there’s already a near-record number of units hitting the market, which is limiting rent-price growth. Landlords may feel empowered to jack up rents in
Newly Built Apartments Are Filling Up at the Slowest Pace Since 2020
47% of U.S. apartments that were completed in the fourth quarter were rented within three months, down from 60% a year earlier. There are more new apartments hitting the market than normal. As a result, building owners are competing with one another for tenants, which is limiting how much they can boost prices. Newly built
Renters Must Earn $66,120 to Afford the Typical U.S. Apartment. The Typical Renter Makes $11,000 Less Than That.
Just 39% of renters make enough to afford the median-priced apartment. The income renters need to afford the typical apartment is the highest since 2022 amid a rebound in asking rents, which are now just $47 shy of their record high. The typical renter earns enough to afford the median-priced apartment in just five metros
Asking Rents Fall Across All Bedroom Counts for First Time in 4 Years
The nationwide median asking rent was $1,647 in July, down $53 from the all-time high in 2022. Rents for 3+ bedroom apartments fell the fastest, dropping 2.4% year over year. Rents fell in Sun Belt metros, especially in Florida and Texas, where new construction levels have been strong since the pandemic. The median asking rent
Renter Nation: America’s Renter Population Is Growing Three Times Faster Than Its Homeowner Population Amid Rise in Homebuying Costs
The number of renter households grew 1.9% in the second quarter—one of the biggest gains in recent years. The number of homeowner households rose 0.6%—the smallest uptick since 2022. America’s renter population is growing as the cost of homeownership climbs; mortgage payments are up 90% from before the pandemic, while asking rents are up 23%.
Rent Prices Are Dropping Across Florida’s Most Populous Metros
Asking rents fell a record 12% year over year in Jacksonville last month, and also declined in Tampa, Orlando and Miami. Austin, TX posted a record drop, too. Florida and Texas built a lot of apartments to meet surging demand during the pandemic, and now property owners are lowering prices as they compete for tenants.
Permits to Build U.S. Apartments Have Dropped Nearly 30% Since the Pandemic
Builders obtained permits to construct 13 multifamily units per 10,000 people this year, down from an average of 18 in 2021-2023. They’ve pumped the brakes because borrowing costs are high and there’s already a near-record number of units hitting the market, which is limiting rent-price growth. Landlords may feel empowered to jack up rents in
Newly Built Apartments Are Filling Up at the Slowest Pace Since 2020
47% of U.S. apartments that were completed in the fourth quarter were rented within three months, down from 60% a year earlier. There are more new apartments hitting the market than normal. As a result, building owners are competing with one another for tenants, which is limiting how much they can boost prices. Newly built
Renters Must Earn $66,120 to Afford the Typical U.S. Apartment. The Typical Renter Makes $11,000 Less Than That.
Just 39% of renters make enough to afford the median-priced apartment. The income renters need to afford the typical apartment is the highest since 2022 amid a rebound in asking rents, which are now just $47 shy of their record high. The typical renter earns enough to afford the median-priced apartment in just five metros