Realtor.com® September Rental Report: A Tale of Two Regions - Midwest Rents Keep Rising, While Southern Rents Decline
Realtor.com®'s September Rental Report reveals a regional divide in the U.S. rental market. While national rents declined for the 14th consecutive month, the Midwest experienced growth, with Cincinnati leading at 3.4% annual increase. Conversely, Southern markets saw the steepest declines, with Nashville dropping 4.8% year-over-year.
The report highlights that 8 out of 10 Midwestern markets saw rent increases, attributed to strong affordability and robust labor markets. Meanwhile, 8 out of 10 markets with the largest rent drops were in the South, due to rapid growth in new multi-family housing.
Nationally, the median asking rent decreased by 0.5% year-over-year to $1,743. Rent decreases were observed across all unit sizes, with studios experiencing the steepest drop at -2.3%. Despite the overall decline, U.S. median rent remains just 1.0% below its August 2022 peak and is 19.6% higher than pre-pandemic levels in September 2019.
Il Rapporto sugli Affitti di Realtor.com® di settembre rivela una divisione regionale nel mercato degli affitti negli Stati Uniti. Mentre i canoni nazionali sono diminuiti per il 14° mese consecutivo, il Midwest ha registrato una crescita, con Cincinnati in testa con un aumento annuale del 3,4%. Al contrario, i mercati del Sud hanno visto le maggiori diminuzioni, con Nashville che è scesa del 4,8% rispetto all'anno precedente.
Il rapporto evidenzia che 8 mercati su 10 del Midwest hanno registrato aumenti degli affitti, attribuiti a una forte accessibilità e a mercati del lavoro robusti. Nel frattempo, 8 mercati su 10 con le maggiori diminuzioni degli affitti si trovavano nel Sud, a causa della rapida crescita di nuove abitazioni multifamiliari.
A livello nazionale, l'affitto medio richiesto è diminuito dello 0,5% rispetto all'anno precedente, scendendo a 1.743 dollari. Diminuzioni degli affitti sono state osservate in tutte le dimensioni degli appartamenti, con i monolocali che hanno subito la maggiore flessione con un -2,3%. Nonostante il calo generale, l'affitto mediano negli Stati Uniti rimane solo dell'1,0% al di sotto del picco di agosto 2022 ed è superiore del 19,6% rispetto ai livelli pre-pandemia di settembre 2019.
El Informe de Alquiler de Realtor.com® de septiembre revela una división regional en el mercado de alquileres de EE. UU. Mientras que los alquileres nacionales cayeron por 14º mes consecutivo, el Medio Oeste experimentó un crecimiento, con Cincinnati a la cabeza con un aumento anual del 3,4%. Por el contrario, los mercados del Sur vieron las caídas más pronunciadas, con Nashville cayendo un 4,8% interanual.
El informe destaca que 8 de cada 10 mercados del Medio Oeste vieron aumentos en los alquileres, atribuidos a una fuerte asequibilidad y a un robusto mercado laboral. Mientras tanto, 8 de cada 10 mercados con las mayores caídas de alquileres estaban en el Sur, debido al rápido crecimiento de nuevas viviendas multifamiliares.
A nivel nacional, el alquiler medio solicitado disminuyó un 0,5% interanual hasta $1,743. Se observaron descensos en los alquileres en todas las dimensiones de las unidades, con los estudios experimentando la mayor caída con un -2,3%. A pesar de la caída general, el alquiler mediano en EE. UU. sigue siendo solo un 1,0% inferior a su pico de agosto de 2022 y es un 19,6% superior a los niveles previos a la pandemia en septiembre de 2019.
Realtor.com®의 9월 임대 보고서는 미국 임대 시장에서 지역적인 차이를 드러냅니다. 전국적으로 임대료가 14개월 연속 하락했지만, 중서부 지역은 성장세를 보였고 신시내티가 연 3.4% 증가율로 선두를 차지했습니다. 반대로, 남부 시장은 가장 큰 하락폭을 경험했으며, 내슈빌은 전년 대비 4.8% 하락했습니다.
보고서는 중서부 지역의 10곳 중 8곳에서 임대료가 증가한 것으로 나타났으며, 이는 강한 가격 접근성과 견고한 노동 시장 때문입니다. 한편, 임대료가 가장 큰 하락폭을 기록한 시장 10곳 중 8곳이 남부에 위치하고 있습니다, 이는 다가구 주택의 급속한 증가 때문입니다.
전국적으로 중위 임대료는 전년 대비 0.5% 감소하여 1,743달러에 달했습니다. 모든 단위 크기에서 임대료가 하락했으며, 스튜디오가 -2.3%로 가장 큰 감소폭을 보였습니다. 전체적인 하락에도 불구하고, 미국의 중위 임대료는 2022년 8월의 정점 대비 1.0% 낮고, 2019년 9월의 팬데믹 이전 수준보다 19.6% 높은 상태입니다.
Le rapport de location de Realtor.com® de septembre révèle une division régionale sur le marché locatif américain. Alors que les loyers nationaux ont diminué pour le 14e mois consécutif, le Midwest a connu une croissance, avec Cincinnati en tête avec une augmentation annuelle de 3,4%. En revanche, les marchés du Sud ont enregistré les plus fortes baisses, Nashville ayant chuté de 4,8% par rapport à l'année précédente.
Le rapport souligne que 8 des 10 marchés du Midwest ont enregistré des augmentations de loyers, attribuées à une forte accessibilité et à un marché du travail robuste. Pendant ce temps, 8 des 10 marchés ayant connu les plus fortes baisses de loyers se trouvaient dans le Sud, en raison d'une croissance rapide des nouveaux logements multifamiliaux.
Au niveau national, le loyer médian demandé a diminué de 0,5% par rapport à l'année précédente, s'élevant à 1 743 dollars. Des baisses de loyers ont été observées dans toutes les tailles d'unités, les studios connaissant la plus forte baisse avec -2,3%. Malgré la baisse générale, le loyer médian aux États-Unis reste seulement 1,0% en dessous de son pic d'août 2022 et est supérieur de 19,6% par rapport aux niveaux d'avant la pandémie en septembre 2019.
Der September-Mietbericht von Realtor.com® zeigt eine regionale Aufspaltung auf dem US-Mietmarkt. Während die nationalen Mieten im 14. Monat in Folge gesunken sind, verzeichnete der Mittlere Westen ein Wachstum, wobei Cincinnati mit einem jährlichen Anstieg von 3,4% anführt. Im Gegensatz dazu erlebten die südlichen Märkte die stärksten Rückgänge, wobei Nashville im Jahresvergleich um 4,8% fiel.
Der Bericht hebt hervor, dass 8 von 10 Märkten im Mittleren Westen Mieterhöhungen verzeichneten, was auf eine starke Erschwinglichkeit und robuste Arbeitsmärkte zurückzuführen ist. Währenddessen waren 8 von 10 Märkten mit den größten Mietrückgängen im Süden, bedingt durch das schnelle Wachstum neuer Mehrfamilienhäuser.
Auf nationaler Ebene ging die mittlere Mietanfrage im Jahresvergleich um 0,5% auf 1.743 US-Dollar zurück. Mietsenkungen wurden bei allen Wohnungsgrößen beobachtet, wobei die Studios mit einem Rückgang von -2,3% den größten Rückgang erlitten. Trotz des allgemeinen Rückgangs bleibt die mittlere Miete in den USA nur 1,0% unter dem Höchststand vom August 2022 und liegt 19,6% über dem Niveau vor der Pandemie im September 2019.
- Cincinnati led rent growth with a 3.4% annual increase
- 8 out of 10 Midwestern markets saw rent increases
- U.S. median rent remains 19.6% higher than pre-pandemic levels
- National rents declined for the 14th consecutive month
- Nashville experienced the steepest rent decline at -4.8% year-over-year
- Median asking rent decreased by 0.5% year-over-year to $1,743
- Rent decreases were observed across all unit sizes
Insights
The September Realtor.com® Rental Report reveals significant regional disparities in the U.S. rental market. The Midwest is experiencing rent growth, with Cincinnati leading at
Nationally, median asking rent decreased by
For investors, this data suggests potential opportunities in Midwestern markets where demand outpaces supply, while Southern markets may face challenges due to oversupply. The national trend of moderating rents could impact real estate investment trusts (REITs) and property management companies, potentially affecting their revenue growth and valuations in the short term.
The rental market's regional divide presents a nuanced picture for stakeholders. While the Midwest benefits from affordability and a strong labor market, the South is experiencing a correction due to increased supply. This trend could reshape investment strategies and population movements.
Key insights include:
- 8 out of 10 Midwestern markets saw rent increases
- 8 out of 10 markets with steepest declines were in the South
- All unit sizes experienced rent decreases nationally
The data suggests a potential shift in rental market dynamics, with implications for urban development, housing policies and economic growth patterns across regions. Investors and policymakers should closely monitor these trends as they may indicate longer-term structural changes in the U.S. housing market.
- Rents grew fastest in
Cincinnati ,St Louis , andMinneapolis , while fastest declines occurred inNashville ,Dallas andAustin, Texas - Nationally, rents dropped across all unit sizes, marking 14 consecutive months of declines
"The balance between housing supply and demand is a key factor shaping regional rent patterns. In markets across the South, increased multi-family inventory is easing competition among renters and driving down prices. On the other hand, in the Midwest, where demand has still outpaced supply, we continue to see rising rents," said Danielle Hale, chief economist at Realtor.com®. "Nationally, the relative stability in rent prices should translate into slower shelter inflation in the months ahead, easing one of the biggest recent drivers of price increases."
Strong affordability, employment drives Midwest rent growth
Overall, the top 10 markets with the fastest year-over-year growth in September were spread across the country, with one metro in the Northeast, three in the South, three in the Midwest, and three in the West. However, the Midwest continues to benefit from strong affordability and a robust labor market. Eight of the 10 Midwestern markets in Realtor.com®'s report saw year-over-year rent increases in September, with
Southern markets lead in rent declines
Southern metros dominated the list of markets with the largest annual rent drops. In fact, eight out of the the top 10 metros with steepest declines were in the South.
Top 10 Markets with the Fastest Rent Growth & Declines – September 2024
Fastest Rent Growth | Median | YOY | Fastest Rent Declines | Median | YOY |
3.4 % | -4.8 % | ||||
2.9 % | -4.0 % | ||||
2.8 % | -4.0 % | ||||
2.6 % | -3.7 % | ||||
2.6 % | -3.5 % | ||||
2.5 % | -3.5 % | ||||
2.4 % | -3.4 % | ||||
1.9 % | -3.2 % | ||||
1.9 % | -3.1 % | ||||
1.9 % | -3.1 % |
Rents decline across all unit sizes
Nationally, September marks the 14th consecutive month of year-over-year rent declines for 0-2 bedroom units. The median asking rent dipped by
Rent decreases were seen across all unit sizes in September, with smaller units experiencing the steepest drops. The median rent for studios fell -
Unit Size | Median Rent | Rent YoY | Rent Change – 5 years (Sept 2019) |
Overall | -0.5 % | ||
Studio | -2.3 % | ||
1-bed | -0.5 % | ||
2-bed | -0.4 % |
50 Largest Metropolitan Areas – September 2024
Metro | Median Rent | YOY |
-3.2 % | ||
-3.7 % | ||
-0.6 % | ||
-3.5 % | ||
-0.8 % | ||
NA | NA | |
-2.9 % | ||
-2.6 % | ||
3.4 % | ||
0.6 % | ||
1.2 % | ||
-4.0 % | ||
-4.0 % | ||
-0.3 % | ||
NA | NA | |
-3.0 % | ||
0.5 % | ||
-2.4 % | ||
0.7 % | ||
-1.1 % | ||
0.0 % | ||
2.5 % | ||
-3.5 % | ||
-3.1 % | ||
1.6 % | ||
1.9 % | ||
-4.8 % | ||
NA | NA | |
2.8 % | ||
1.9 % | ||
-0.8 % | ||
-0.2 % | ||
-3.0 % | ||
1.1 % | ||
1.9 % | ||
NA | NA | |
-0.3 % | ||
-0.6 % | ||
-1.2 % | ||
NA | NA | |
2.4 % | ||
-3.1 % | ||
-3.4 % | ||
-3.1 % | ||
2.6 % | ||
-2.4 % | ||
2.6 % | ||
-2.2 % | ||
0.1 % |
Methodology
Rental data as of September 2024 for studio, 1-bedroom, or 2-bedroom units advertised as for-rent on Realtor.com®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within the top 50 largest metropolitan areas. Realtor.com began publishing regular monthly rental trends reports in October 2020 with data history stretching back to March 2019.
About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
Media Contact: Sara Wiskerchen, press@realtor.com
View original content:https://www.prnewswire.com/news-releases/realtorcom-september-rental-report-a-tale-of-two-regions--midwest-rents-keep-rising-while-southern-rents-decline-302277345.html
SOURCE Realtor.com
FAQ
What were the top cities for rent growth in September 2024?
Which region experienced the most rent declines in September 2024?
How much did the national median asking rent change year-over-year in September 2024?
How long has the national rental market been experiencing year-over-year declines?
How do current rent levels compare to pre-pandemic levels?
