Realtor.com® August Rental Report: Rental Affordability Has Generally Improved In Most Major U.S. Markets
Realtor.com's August Rental Report reveals that rental affordability has generally improved in most major U.S. markets. The nationwide median rent decreased by $5 (-0.3%) year-over-year to $1,753. Key findings include:
1. Most affordable rental markets: Oklahoma City, Columbus, and Austin
2. Least affordable markets: Miami, Los Angeles, and New York
3. Nationwide, renters spend 25.1% of income on rent (vs. 25.9% in August 2023)
4. Buying a starter home requires 38.5% of typical household income
5. 39 out of 50 top metros saw improved affordability compared to last year
6. Southern markets experienced the most significant improvements in affordability
7. Midwest markets saw deteriorating affordability due to faster rent growth
The report highlights ongoing challenges in rental affordability, despite improvements in many areas.
Il Rapporto sugli Affitti di Realtor.com di agosto rivela che l'accessibilità agli affitti è generalmente migliorata nella maggior parte dei principali mercati statunitensi. Il canone medio nazionale è diminuito di $5 (-0,3%) rispetto all'anno precedente, arrivando a $1.753. Tra i principali risultati troviamo:
1. I mercati di affitto più accessibili: Oklahoma City, Columbus e Austin
2. I mercati meno accessibili: Miami, Los Angeles e New York
3. A livello nazionale, gli affittuari spendono il 25,1% del reddito per l'affitto (rispetto al 25,9% di agosto 2023)
4. Comprare una casa di partenza richiede il 38,5% del reddito medio familiare
5. 39 delle 50 principali aree metropolitane hanno registrato un miglioramento dell'accessibilità rispetto all'anno scorso
6. I mercati del sud hanno vissuto i miglioramenti più significativi in termini di accessibilità
7. I mercati del Midwest hanno visto un deterioramento dell'accessibilità a causa di una crescita più rapida degli affitti
Il rapporto evidenzia le sfide persistenti nell'accessibilità degli affitti, nonostante i miglioramenti in molte aree.
El Informe de Alquileres de Realtor.com de agosto revela que la asequibilidad de los alquileres ha mejorado en general en la mayoría de los principales mercados de EE. UU.. El alquiler medio nacional ha disminuido en $5 (-0,3%) interanual, situándose en $1,753. Las conclusiones clave incluyen:
1. Los mercados de alquiler más asequibles: Oklahoma City, Columbus y Austin
2. Los mercados menos asequibles: Miami, Los Ángeles y Nueva York
3. A nivel nacional, los inquilinos gastan el 25,1% de sus ingresos en alquiler (en comparación con el 25,9% en agosto de 2023)
4. Comprar una casa inicial requiere el 38,5% del ingreso familiar típico
5. 39 de las 50 principales áreas metropolitanas experimentaron mejoras en la asequibilidad en comparación con el año pasado
6. Los mercados del sur experimentaron las mejoras más significativas en la asequibilidad
7. Los mercados del medio oeste vieron un deterioro en la asequibilidad debido al crecimiento más rápido de los alquileres
El informe destaca los desafíos persistentes en la asequibilidad de los alquileres, a pesar de las mejoras en muchas áreas.
리얼터닷컴의 8월 임대 보고서는 미국 주요 시장 대부분에서 임대 주거 비용이 일반적으로 개선되었다고 발표했습니다. 전국의 중간 임대료는 전년 대비 $5(-0.3%) 감소하여 $1,753에 이릅니다. 주요 발견 사항은 다음과 같습니다:
1. 가장 저렴한 임대 시장: 오클라호마 시티, 콜럼버스 및 오스틴
2. 가장 비싼 시장: 마이애미, 로스앤젤레스 및 뉴욕
3. 전국적으로 임차인은 소득의 25.1%를 임대료에 지출하고 있습니다 (2023년 8월 25.9% 대비)
4. 스타터 주택을 구매하려면 전형적인 가계 소득의 38.5%가 필요합니다
5. 상위 50개 대도시 중 39개가 작년 대비 임대 비용 개선을 경험했습니다
6. 남부 시장에서 가장 유의미한 임대 비용 개선이 있었습니다
7. 중서부 시장은 임대료 증가로 인해 임대 비용이 악화되었습니다
보고서는 많은 지역에서 개선이 있더라도 임대 주거 비용에서 지속적인 어려움을 강조하고 있습니다.
Le rapport sur les locations de Realtor.com pour le mois d'août révèle que l'accessibilité aux loyers s'est généralement améliorée dans la plupart des grands marchés américains. Le loyer médian national a diminué de 5 $ (-0,3 %) par rapport à l'année précédente, atteignant 1 753 $. Les principales conclusions comprennent :
1. Marchés de location les plus abordables : Oklahoma City, Columbus et Austin
2. Marchés les moins abordables : Miami, Los Angeles et New York
3. À l'échelle nationale, les locataires consacrent 25,1 % de leur revenu au loyer (contre 25,9 % en août 2023)
4. L'achat d'une maison de départ nécessite 38,5 % du revenu moyen d'un ménage
5. 39 des 50 principales métropoles ont connu une amélioration de l'accessibilité par rapport à l'année dernière
6. Les marchés du sud ont connu les améliorations les plus significatives en matière d'accessibilité
7. Les marchés du Midwest ont subi un déclin de l'accessibilité en raison d'une augmentation plus rapide des loyers
Le rapport met en évidence les défis persistants de l'accessibilité aux loyers, malgré les améliorations dans de nombreuses régions.
Der Mietbericht von Realtor.com für August zeigt, dass die Mieterschwinglichkeit in den meisten großen US-Märkten im Allgemeinen verbessert hat. Die landesweite Medianmiete sank im Jahresvergleich um 5 $ (-0,3%) auf 1.753 $. Zu den wichtigsten Ergebnissen zählen:
1. Die erschwinglichsten Mietmärkte: Oklahoma City, Columbus und Austin
2. Die am wenigsten erschwinglichen Märkte: Miami, Los Angeles und New York
3. Landesweit geben Mieter 25,1 % ihres Einkommens für Miete aus (vs. 25,9 % im August 2023)
4. Der Kauf eines Starterhauses erfordert 38,5 % des typischen Haushaltsnettoeinkommens
5. 39 von 50 großen Metropolen verzeichneten im Vergleich zum Vorjahr eine Verbesserung der Erschwinglichkeit
6. Im Süden gab es die deutlichsten Verbesserungen der Erschwinglichkeit
7. Die Märkte im Mittleren Westen hatten aufgrund eines schnelleren Mietwachstums eine verschlechterte Erschwinglichkeit
Der Bericht hebt die anhaltenden Herausforderungen der Mieterschwinglichkeit hervor, trotz der Verbesserungen in vielen Bereichen.
- Nationwide median rent decreased by 0.3% year-over-year to $1,753
- Rental affordability improved in 39 out of 50 top metros compared to last year
- Nationwide, renters spend 25.1% of income on rent, down from 25.9% in August 2023
- Southern markets experienced significant improvements in affordability due to increased rental supply
- Six of the top 50 metros had a rent share higher than 30% of median household income
- Affordability eroded in some Midwest markets due to faster rent growth
- Buying a starter home requires 38.5% of typical household income, indicating challenges in home ownership affordability
- Rents are still considerably higher than before the pandemic in many areas
Insights
The August 2024 Realtor.com Rental Report reveals a slight improvement in rental affordability across most major U.S. markets. The national median rent decreased by
However, affordability varies significantly by location. Oklahoma City, Columbus and Austin emerge as the most affordable markets, while Miami, Los Angeles and New York remain the least affordable. Notably, six of the top 50 metros still have rent shares exceeding
The data suggests a shift in rental market dynamics, particularly in the South, where increased supply is driving down rents. This trend could impact investment strategies in real estate, potentially favoring markets with improving affordability for long-term growth.
The report indicates a cooling rental market amidst broader economic shifts. The
Interestingly, more affordable Midwest markets like St. Louis and Cincinnati are seeing rent increases, indicating a possible demand shift towards budget-friendly areas. This migration pattern could have implications for local economies and labor markets.
The persistent gap between renting and buying costs (25.1% vs 38.5% of income) underscores ongoing housing affordability challenges. This disparity may continue to shape household formation trends and impact consumer spending patterns, potentially affecting broader economic growth.
The rental market trends revealed in this report highlight the need for targeted urban planning strategies. The stark contrast in affordability between cities like Oklahoma City (
The improved affordability in Southern markets, driven by increased rental supply, demonstrates the effectiveness of supply-side solutions. Urban planners should consider policies that encourage responsible development while maintaining community character.
Moreover, the persistent affordability challenges in coastal metros like Los Angeles and New York call for innovative housing solutions. This might include exploring mixed-use developments, transit-oriented planning and adaptive reuse of existing structures to create more affordable housing options in high-demand areas.
Most Affordable Markets Include
"One way to think about housing affordability is to use the
In August 2024, nationwide rent was more affordable than in the previous year. Renters earning the typical household income devoted
Affordability of Rentals
Compared to last August, the nation's rental affordability has improved over the past year as rent prices have dipped and typical incomes have grown. As long as the trends of year-over-year rental declines and income growth persist, we can anticipate ongoing improvement in rental affordability over the course of the year.
Rental Markets with the Lowest Rental Burden
Oklahoma City, Okla. - Median Rent -$1,040 18.2% Columbus, Ohio - Median Rent -$1,231 18.9% Austin -Round Rock -Georgetown, Texas - Median Rent -$1,535 19.5% Minneapolis, St. Paul -Bloomington, Minn. Wis. -Median Rent -$1,557 19.8% Kansas City, Mo. and Kan. - Median Rent -$1,357 20.2%
Rental Markets with a Rental Burden Above
Six of the top 50 metros had a rent share higher than
Miami -Fort Lauderdale -Pompano Beach, Fla. - Median Rent -$2,388 40.8% Los Angeles-Long Beach -Anaheim, Calif. - Median Rent -$2,885 38.7% New York -Newark -Jersey City , N.Y.-N.J.-Pa. - Median Rent -$2,935 38.1% San Diego -Chula Vista -Carlsbad, Calif. - Median Rent -$2,847 35.0% Boston -Cambridge -Newton, Mass. -N.H. - Median Rent -$3,022 33.6% Riverside -San Bernardino -Ontario, Calif. - Median Rent -$2,176 31.2%
Rental Markets with Most Improved Affordability
Among the top 50 metros, 39 of them saw affordability improvement in August 2024 compared to a year ago. Metros that experienced the most pronounced improvements in affordability were notably clustered in the South, where rents have shown a consistent downward trend over the preceding months. The main factor behind improved affordability in the South is the increase in new rental supply which drives down rents.
The most significant improvement was seen in
Miami -Fort Lauderdale -Pompano Beach, Fla. - Median Rent -$2,388 40.8% , Change from August 2024 to August 2023 - -3.3 pptTampa -St. Petersburg-Clearwater , Fla. - Median Rent -$1,733 29.9% , Change from August 2024 to August 2023 - -2.8 pptSan Diego -Chula Vista -Carlsbad, Calif. - Median Rent -$2,847 35.0% , Change from August 2024 to August 2023 - -2.4 pptNashville -Davidson -Murfreesboro -Franklin, Tenn. - Median Rent -$1,595 23.7% , Change from August 2024 to August 2023 - -2.1 pptCharlotte -Concord -Gastonia, N.C. -S.C. - Median Rent -$1,538 23.8% , Change from August 2024 to August 2023 - -1.9 pptPhoenix -Mesa -Chandler, Ariz. - Median Rent -$1,565 24.7% , Change from August 2024 to August 2023 - -1.9 ppt
Rental Markets with Most Deteriorated Affordability
Affordability eroded most in more affordable Midwest markets such as
St. Louis, Mo. -Ill. - Median Rent -$1,363 21.7% , Change from August 2024 to August 2023 - 0.7 pptWashington -Arlington -Alexandria , D.C.-Va.-Md.-W.Va - Median Rent -$2,319 23.5% , Change from August 2024 to August 2023 - 0.6 pptCincinnati, Ohio -Ky.-Ind. - Median Rent -$1,380 21.6% , Change from August 2024 to August 2023 - 0.4 pptNew York -Newark -Jersey City , N.Y.-N.J.-Pa. - Median Rent -$2,935 38.1% , Change from August 2024 to August 2023 - 0.4 pptMinneapolis-St. Paul -Bloomington, Minn. -Wis. - Median Rent -$1,557 19.8% , Change from August 2024 to August 2023 - 0.3 ppt
National Trends
- August 2024 marks the 13th month in a row of year-over-year rent decline for 0-2 bedroom properties observed since trend data began in 2020. Asking rents dipped by
$5 0.3% year-over-year. - The median asking rent in the 50 largest metros registered at
$1,753 $2 $7 - Median rent declined in all size categories with larger declines in smaller-sized units: Studio:
$1,455 $20 1.4% ) year-over-year; 1-bed:$1,632 $11 0.7% ) year-over-year; 2-bed:$1,941 $5 0.3% ) year-over-year.
Unit Size | Median Rent | Rent YoY | Rent Change – 5 years |
Overall | -0.3 % | 20.1 % | |
Studio | -1.4 % | 14.0 % | |
1-bed | -0.7 % | 18.2 % | |
2-bed | -0.3 % | 21.6 % |
Rental Data – 50 Largest Metropolitan Areas – August 2024
Metro | Median Asking Rent | YOY (0-2 | Rent Share of | Rent Share of |
-2.7 % | 23.4 % | 24.7 % | ||
-4.7 % | 19.5 % | 21.2 % | ||
0.4 % | 23.6 % | 23.6 % | ||
-5.3 % | 22.3 % | 23.9 % | ||
-0.2 % | 33.6 % | 34.2 % | ||
NA | NA | NA | NA | |
-3.1 % | 23.8 % | 25.7 % | ||
-2.0 % | 25.8 % | 27.0 % | ||
2.4 % | 21.6 % | 21.2 % | ||
0.6 % | 22.1 % | 23.7 % | ||
1.7 % | 18.9 % | 18.8 % | ||
-3.3 % | 21.5 % | 22.6 % | ||
-3.0 % | 23.4 % | 24.5 % | ||
0.0 % | 22.1 % | 22.6 % | ||
NA | NA | NA | NA | |
-2.7 % | 22.1 % | 23.1 % | ||
1.3 % | 20.7 % | 21.8 % | ||
-2.8 % | 25.2 % | 26.4 % | ||
0.3 % | 20.2 % | 20.9 % | ||
-0.7 % | 26.3 % | 26.6 % | ||
0.0 % | 38.7 % | 40.0 % | ||
0.8 % | 22.3 % | 22.4 % | ||
-3.4 % | 23.5 % | 24.2 % | ||
-2.5 % | 40.8 % | 44.1 % | ||
1.2 % | 27.3 % | 27.5 % | ||
2.3 % | 19.8 % | 19.5 % | ||
-4.7 % | 23.7 % | 25.8 % | ||
NA | NA | NA | NA | |
0.9 % | 38.1 % | 37.7 % | ||
-1.2 % | 18.2 % | 18.7 % | ||
-0.8 % | 29.0 % | 30.6 % | ||
-0.9 % | 25.4 % | 26.5 % | ||
-2.9 % | 22.8 % | 24.7 % | ||
3.9 % | 24.3 % | 24.1 % | ||
2.4 % | 23.0 % | 23.3 % | ||
NA | NA | NA | NA | |
-0.8 % | 20.4 % | 21.4 % | ||
-0.5 % | 22.5 % | 23.5 % | ||
1.1 % | 31.2 % | 32.6 % | ||
NA | NA | NA | NA | |
3.9 % | 26.1 % | 26.7 % | ||
-3.4 % | 21.3 % | 23.0 % | ||
-2.2 % | 35.0 % | 37.4 % | ||
-1.9 % | 26.6 % | 27.1 % | ||
2.9 % | 26.6 % | 26.7 % | ||
-2.4 % | 22.0 % | 23.5 % | ||
2.9 % | 21.7 % | 21.0 % | ||
-2.4 % | 29.9 % | 32.7 % | ||
-1.3 % | 23.4 % | 24.3 % | ||
3.2 % | 23.5 % | 22.9 % |
Methodology Note
* The monthly cost of buying a home was calculated by averaging the median list prices of studio, 1-bed, and 2-bed homes, weighted by the number of listings, in each housing market. Monthly buying costs assume an
Rental data as of August 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.
Rental affordability analysis: The affordable monthly rent is calculated by applying the
With the release of its August 2024 rent report, Realtor.com® incorporated a new and improved methodology for capturing and reporting more comprehensive rental listing trends and metrics. The new methodology is expected to yield a cleaner, more representative and more consistent measurement of rental listings and trends at both the national and local level. The methodology has been adjusted to better represent the true cost of primary housing for renters. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the rental data released since August 2024 will not be directly comparable with previous releases and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology.
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: Mallory Micetich, press@realtor.com
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SOURCE Realtor.com
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