Tag Archives: Asking Rents

Renting and/or owning a home continues to be a financial burden for average U.S. workers, according to ATTOM’s 2024 Rental Affordability Report, which showed that rents are growing faster than wages in most markets, outpacing home prices in nearly all of them.

Redfin reports that an increase in December housing supply has led to rising vacancies, motivating landlords to lower asking rents, which fell nearly 1% from a year earlier.

The latest forecast from Freddie Mac for multifamily housing predicts that rent growth will moderate due to the fact that completions will peak during the year.

The median asking rent was down from last month, according to Realtor.com's November 2023 Rental Report, with rental supply outpacing demand in the West and South, causing prices to cool.

While seasonal price trends typically place downward pressure on rents throughout the fall and winter, it may be no surprise that rents dropped in November, according to a new Rent. report. Asking rents have declined year-over-year in three of the last four months.

A new Redfin report revealed the share of rental vacancies has increased as more inventory enters the market, causing median asking rents to flatten nationwide from their record high reached in August 2022.

"Rents have registered steady declines for the past four months and, while they remain well above pre-pandemic levels, when you factor in the impact of record-high mortgage rates and high home prices, it's understandable that many would-be homebuyers are choosing to remain on the sidelines," said Danielle Hale, Chief Economist at Realtor.com.

Nationwide, rents are nearing their all-time high, according to a new market report from Redfin, but rent gains have nevertheless cooled over the past year due to an increase in supply, as economic uncertainty and inflated home prices continue to deter buyers.

The median rent in the West remains 3% lower than a year ago and is projected to decline further, while rents in Midwest markets continue to see faster growth due to greater affordability, according to Realtor.com's May 2023 Rental Report.

Completed residential projects in buildings with five or more units jumped 60% year over year on a seasonally adjusted basis to 484,000 in March—the most recent month for which data is available.