Redfin Reports Asking Rents Fall Across All Bedroom Counts for First Time in 4 Years
The nationwide median asking rent was
Median asking rents for 0-1 bedroom apartments fell
Prices remained steady for 0-1 bedroom and 2 bedroom apartments due to higher demand in those categories, even with increased supply coming onto the market. The increased supply of 3+ bedroom apartments, however, led to prices falling faster in July due to lower demand for larger, more expensive units which also compete against single-family home rentals.
The overall rental vacancy rate has remained at
“Rents have recently steadied—or even dropped slightly—because of the sheer number of apartments built over the past two years,” said Redfin Senior Economist Sheharyar Bokhari. “Construction is slowing down and prices will eventually start rising again, but now is still a good time for renters to find a deal, especially families looking for an apartment with at least three bedrooms.”
Nationwide median asking rent rises slightly, but still down
The median asking rent for all bedroom counts combined actually rose
The national median asking rent was down
Rents drop across Sun Belt, as East Coast and Midwest cities record big increases
Metro areas in
The median asking rent in
The median asking rent in
To view the full report, including charts, metro-level data and methodology, please visit: https://www.redfin.com/news/rental-tracker-july-2024
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240813308488/en/
Redfin Journalist Services:
Kenneth Applewhaite
press@redfin.com
Source: Redfin