Redfin Reports Asking Rents for New Apartments Drop 6% to Lowest Level Since 2022, as Finished Buildings Soar
Redfin reports that asking rents for newly constructed apartments fell to $1,746 in the second quarter, down 6.2% from a year earlier, reaching the lowest level in over two years. This decline coincides with a surge in new apartment completions, which rose 18.7% year-over-year in the first quarter, hitting the highest number in over a decade.
The report highlights that one-bedroom apartments saw the largest rent declines, dropping 9% to $1,566. Two-bedroom and three-or-more-bedroom apartments also experienced decreases, while studio apartments saw a slight increase. Redfin Senior Economist Sheharyar Bokhari suggests that rents for new apartments may continue to fall due to the ongoing construction boom, creating opportunities for renters in markets with high levels of new development.
Redfin riporta che i canoni di affitto per gli appartamenti di nuova costruzione sono scesi a $1.746 nel secondo trimestre, con un calo del 6,2% rispetto a un anno fa, raggiungendo il livello più basso in oltre due anni. Questo declino coincide con un aumento dei completamenti di nuovi appartamenti, che sono aumentati del 18,7% rispetto all'anno precedente nel primo trimestre, registrando il numero più alto in oltre un decennio.
Il rapporto evidenzia che gli appartamenti con una camera da letto hanno visto i maggiori cali dei canoni, scendendo del 9% a $1.566. Anche gli appartamenti con due camere da letto e tre o più camere hanno subito delle diminuzioni, mentre gli appartamenti studio hanno registrato un leggero aumento. L'economista senior di Redfin, Sheharyar Bokhari, suggerisce che i canoni per i nuovi appartamenti potrebbero continuare a scendere a causa del continuo boom edilizio, creando opportunità per gli inquilini nei mercati con alti livelli di sviluppo nuovo.
Redfin informa que los alquileres solicitados para apartamentos de nueva construcción cayeron a $1,746 en el segundo trimestre, down 6.2% en comparación con el año anterior, alcanzando el nivel más bajo en más de dos años. Este descenso coincide con un aumento en la finalización de nuevos apartamentos, que aumentó un 18.7% interanual en el primer trimestre, alcanzando el número más alto en más de una década.
El informe destaca que los apartamentos de una habitación vieron las mayores caídas en los alquileres, cayendo un 9% a $1,566. Los apartamentos de dos habitaciones y los de tres o más habitaciones también experimentaron disminuciones, mientras que los apartamentos tipo estudio vieron un ligero aumento. El economista senior de Redfin, Sheharyar Bokhari, sugiere que los alquileres de los nuevos apartamentos pueden continuar cayendo debido al continuo boom de construcciones, creando oportunidades para los inquilinos en los mercados con altos niveles de nueva construcción.
레드핀(Redfin)은 새로 건설된 아파트의 요청 임대료가 2분기에 $1,746로 떨어졌으며, 이는 작년보다 6.2% 감소한 수치로, 2년 이상 만에 최저치를 기록했다고 보고했습니다. 이러한 감소는 신규 아파트 완공이 증가한 것과 일치하며, 이들은 1분기에 전년 대비 18.7% 증가하여 10년 이상 만에 가장 높은 수치를 기록했습니다.
보고서에 따르면 원룸 아파트가 가장 큰 임대료 하락을 경험하여 9% 하락한 $1,566에 도달했습니다. 이외에도 2베드룸 및 3베드룸 이상의 아파트에서도 임대료 감소가 있었습니다. 반면, 스튜디오 아파트는 약간의 증가를 보였습니다. 레드핀의 수석 경제학자인 셰하리야르 보카리(Sheharyar Bokhari)는 신규 아파트의 임대료가 지속적인 건설 붐으로 인해 계속 하락할 수 있으며, 이는 신규 개발이 활발한 시장에서 세입자에게 기회를 제공할 것이라고 제안합니다.
Redfin rapporte que les loyers demandés pour les appartements nouvellement construits ont chuté à $1,746 au cours du deuxième trimestre, en baisse de 6,2% par rapport à l'année précédente, atteignant le niveau le plus bas en plus de deux ans. Cette baisse coïncide avec une augmentation des achèvements d'appartements neufs, qui ont augmenté de 18,7% d'une année sur l'autre au premier trimestre, atteignant le nombre le plus élevé en plus d'une décennie.
Le rapport souligne que les appartements d'une chambre ont connu les plus fortes baisses de loyer, chutant de 9% à $1,566. Les appartements de deux chambres et ceux de trois chambres ou plus ont également enregistré des baisses, tandis que les studios ont légèrement augmenté. Sheharyar Bokhari, économiste senior chez Redfin, suggère que les loyers des nouveaux appartements pourraient continuer à baisser en raison du boom en cours de construction, créant des opportunités pour les locataires dans les marchés avec des niveaux élevés de nouveaux développements.
Redfin berichtet, dass die Angebotsmieten für neu gebaute Wohnungen im zweiten Quartal auf $1.746 gesunken sind, was einem Rückgang von 6,2% im Vergleich zum Vorjahr entspricht und den tiefsten Stand seit über zwei Jahren markiert. Dieser Rückgang fällt zeitlich mit einem Anstieg in der Fertigstellung neuer Wohnungen zusammen, die im ersten Quartal im Vergleich zum Vorjahr um 18,7% gestiegen sind, was die höchste Zahl seit über einem Jahrzehnt ist.
Der Bericht hebt hervor, dass die Einzimmerwohnungen die größten Mietrückgänge verzeichneten und um 9% auf $1.566 fielen. Auch Zweizimmer- und Drei- oder Mehrzimmerwohnungen erlebten Rückgänge, während die Studiowohnungen einen leichten Anstieg verzeichneten. Der leitende Ökonom von Redfin, Sheharyar Bokhari, schlägt vor, dass die Mieten für neue Wohnungen aufgrund des andauernden Baubooms weiter fallen könnten, wodurch sich Chancen für Mieter in Märkten mit hohen Neubaustandards ergeben.
- Increased apartment completions, up 18.7% year-over-year, potentially leading to more housing options
- Declining rents for newly constructed apartments, down 6.2% year-over-year, potentially improving affordability for renters
- Potential oversupply of apartments in certain markets, which could impact property values and rental income for investors
- Declining rental income for property owners and investors in newly constructed apartments
Insights
The 6.2% drop in asking rents for new apartments to
This situation presents both opportunities and challenges:
- For renters: Increased bargaining power and potentially lower living costs
- For investors: Potential pressure on rental income and property valuations
- For developers: Risk of oversupply and reduced profitability on new projects
The varying impact across apartment sizes, with one-bedrooms seeing the largest decline (
The data reveals a clear correlation between increased apartment supply and downward pressure on rents. This trend is likely to continue in the short term, given the pipeline of projects still under construction. Key observations:
- Peak rent of
$1,889 in Q1 2022 has now declined for over a year - Apartment completions at highest level in over a decade
- Regional variations, with Sun Belt markets like Austin experiencing more significant impacts
These trends suggest a potential rebalancing of the rental market after years of tight supply and rising rents. For investors, this may necessitate a reassessment of investment strategies, particularly in markets with high levels of new construction. The offering of concessions like free parking indicates a shift towards a tenant's market, which could impact overall returns on multifamily investments in the near term.
Asking rents dropped at the same time new apartment completions rose to the highest level in at least 12 years
It was the second consecutive quarter that rents for newly built apartments posted an annual decline and the second-steepest drop in the past five years—trailing only this year’s first quarter, when rents fell
That’s according to a Redfin analysis of the
Apartment building construction boom leading to lower rents
Monthly asking rents for new apartments hit a peak of
“Rents for new apartments will likely fall a little more this year, because there are still a ton of new buildings being completed,” said Redfin Senior Economist Sheharyar Bokhari. “With new apartments popping up everywhere, owners are competing with one another to find tenants by reducing rents and offering concessions like free parking. If you’re a renter in a market like
An example of how much impact new construction has on asking rents can be found in
Newly-built one-bedroom apartments have seen the largest rent declines
Rents for one-bedroom apartments—the most common type of new apartment—fell the most in the second quarter, down
Studio apartments saw asking rents climb slightly, up
To view the full report, including charts please visit: https://www.redfin.com/news/new-construction-rents-Q2
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/20240926385085/en/
Redfin Journalist Services:
Kenneth Applewhaite
press@redfin.com
Source: Redfin
FAQ
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