Redfin Reports Asking Rents for Newly Built Apartments Rise 1.5%, the Biggest Spike in 18 Months
Redfin reports that asking rents for newly built apartments increased by 1.5% to a median of $1,802 in Q3 2024, marking the largest year-over-year rise in 18 months. This increase follows two quarters of 7%+ declines. Regional variations show the West experiencing the highest rent growth at 4.4%, despite a 34.1% increase in new apartment completions, while the Northeast saw a 3.6% decline.
The apartment absorption rate stands at 52%, meaning just over half of newly constructed apartments were rented within three months of completion. This represents a return to pre-pandemic levels and is down from 54% in the previous quarter. The national rental vacancy rate for buildings with 5+ units reached 8% in Q3, the highest since Q1 2021, indicating supply exceeding demand.
Redfin riporta che i canoni di affitto per gli appartamenti di nuova costruzione sono aumentati del 1,5%, raggiungendo una mediana di $1,802 nel terzo trimestre del 2024, segnando l'aumento più significativo su base annuale degli ultimi 18 mesi. Questo incremento segue due trimestri di cali superiori al 7%. Le variazioni regionali mostrano che il West ha registrato la maggiore crescita degli affitti, con un aumento del 4,4%, nonostante ci sia stato un incremento del 34,1% nella completazione di nuovi appartamenti, mentre il Nordest ha visto un declino del 3,6%.
Il tasso di assorbimento degli appartamenti è al 52%, il che significa che poco più della metà degli appartamenti di nuova costruzione è stata affittata entro tre mesi dalla completamento. Questo rappresenta un ritorno ai livelli pre-pandemici ed è in calo rispetto al 54% del trimestre precedente. Il tasso nazionale di vacanza per gli edifici con più di 5 unità ha raggiunto l'8% nel terzo trimestre, il valore più alto dal primo trimestre del 2021, indicando un'offerta che supera la domanda.
Redfin informa que los alquileres de los apartamentos recién construidos aumentaron en 1.5%, alcanzando una mediana de $1,802 en el tercer trimestre de 2024, marcando el mayor aumento interanual en 18 meses. Este incremento sigue a dos trimestres con caídas superiores al 7%. Las variaciones regionales muestran que el Oeste experimentó el mayor crecimiento en los alquileres, con un 4.4%, a pesar de un incremento del 34.1% en la finalización de nuevos apartamentos, mientras que el Noreste tuvo una disminución del 3.6%.
La tasa de absorción de apartamentos se sitúa en el 52%, lo que significa que poco más de la mitad de los apartamentos recién construidos se alquilaron en un plazo de tres meses tras su finalización. Esto representa un regreso a los niveles anteriores a la pandemia y ha disminuido desde el 54% en el trimestre anterior. La tasa de vacantes nacional para edificios con más de 5 unidades alcanzó el 8% en el tercer trimestre, el nivel más alto desde el primer trimestre de 2021, lo que indica una oferta que supera la demanda.
레드핀은 새로 지어진 아파트의 월세가 2024년 3분기에 1.5% 상승하여 중간값이 $1,802에 도달했다고 보도했으며, 이는 18개월 동안의 가장 큰 연간 상승폭이다. 이 증가는 7% 이상의 하락이 있었던 두 분기의 후속이다. 지역별로 살펴보면, 서부 지역이 월세가 4.4% 증가하며 가장 높은 성장률을 보였고, 신규 아파트 완공이 34.1% 증가했음에도 불구하고 북동부 지역은 3.6% 감소했다.
아파트 흡수율은 52%로, 이는 새로 건설된 아파트의 절반 이상이 완공 후 3개월 이내에 임대되었다는 것을 의미한다. 이는 팬데믹 이전 수준으로 돌아간 것이며, 이전 분기의 54%에서 감소한 수치이다. 5개 이상의 유닛을 가진 건물의 전국 임대 공실률은 3분기에 8%에 도달하여 2021년 1분기 이후 가장 높으며, 이는 공급이 수요를 초과함을 나타낸다.
Redfin rapporte que les loyers des appartements récemment construits ont augmenté de 1,5%, atteignant une médiane de $1,802 au troisième trimestre de 2024, marquant la plus forte hausse annuelle depuis 18 mois. Cette augmentation fait suite à deux trimestres de baisses supérieures à 7%. Les variations régionales montrent que l'Ouest a connu la plus forte croissance des loyers avec 4,4%, malgré une augmentation de 34,1% dans les nouvelles constructions d'appartements, tandis que le Nord-Est a enregistré une baisse de 3,6%.
Le taux d'absorption des appartements est de 52%, ce qui signifie qu'un peu plus de la moitié des nouveaux appartements ont été loués dans les trois mois suivant leur achèvement. Cela représente un retour aux niveaux d'avant la pandémie et est en baisse par rapport à 54% au trimestre précédent. Le taux national de vacance des logements pour les bâtiments de plus de 5 unités a atteint 8% au troisième trimestre, le plus haut depuis le premier trimestre de 2021, indiquant une offre dépassant la demande.
Redfin berichtet, dass die Mietpreise für neu gebaute Wohnungen im 3. Quartal 2024 um 1,5% gestiegen sind und nun bei einem Median von $1,802 liegen, was den größten Anstieg im Jahresvergleich seit 18 Monaten markiert. Dieser Anstieg folgt auf zwei Quartale mit Rückgängen von über 7%. Regionale Unterschiede zeigen, dass der Westen das stärkste Mietwachstum mit 4,4% verzeichnete, trotz einer Erhöhung der neuen Wohnungsabschlüsse um 34,1%, während der Nordosten einen Rückgang von 3,6% verzeichnete.
Die Absorptionsrate von Wohnungen liegt bei 52%, was bedeutet, dass etwas mehr als die Hälfte der neu gebauten Wohnungen innerhalb von drei Monaten nach der Fertigstellung vermietet wurde. Dies stellt eine Rückkehr auf das Niveau vor der Pandemie dar und ist ein Rückgang von 54% im vorherigen Quartal. Die nationale Mietvacancyrate für Gebäude mit mehr als 5 Einheiten erreichte im 3. Quartal 8%, den höchsten Wert seit dem 1. Quartal 2021, was darauf hindeutet, dass das Angebot die Nachfrage übersteigt.
- Asking rents increased 1.5% YoY, reaching $1,802 median
- West region showed strong 4.4% rent growth
- Midwest region demonstrated 3.3% rent growth
- Northeast absorption rate improved to 67%, up 9 percentage points YoY
- Northeast rents declined 3.6% YoY
- Absorption rate declined to 52% from 54% QoQ
- Rental vacancy rate increased to 8%, highest since Q1 2021
- New apartment construction down 20% YoY
- West region absorption rate dropped 14 percentage points YoY
Insights
The 1.5% increase in asking rents for new apartments marks a significant shift in market dynamics, especially following two quarters of 7% declines. The regional variations are particularly telling - the West's
The divergence between the Northeast's falling rents (
The rental market is showing clear signs of regional bifurcation. The West and Midwest's resilient rent growth despite substantial new supply indicates strong underlying demand and potentially strategic positioning of new developments in premium locations. The
The South's modest
Rents rose in the West and Midwest in the third quarter, even after a surge in construction
The rise in rents came after two consecutive quarters where rents for new apartments fell by more than
The median rent for newly constructed apartments bounced back above
Rents fall in the Northeast, as other regions see increases
The regional breakdown tells a number of different stories. Asking rents for new apartments actually fell year over year in the Northeast (-
The West region saw the biggest uptick in median rents (
Midwest asking rents ticked up
New Apartment Median Rents and Completions by Region (Q3 2024) |
||||
|
Median New Apartment Asking Rent |
Median New Apartment Asking Rent YoY |
No. of New Apartments Completed |
New Apartment Completions YoY |
Northeast |
|
- |
11,390 |
|
Midwest |
|
|
22,430 |
|
South |
|
|
58,880 |
|
West |
|
|
25,910 |
|
“We would usually predict that rents will stay flat, or even potentially fall, when there are so many new apartment buildings opening up. What’s interesting in the third quarter is that rents are rising by more than the national average in the West and Midwest, even after the number of new apartments spiked between 30
New apartments fill up slower, returning to pre-pandemic speeds amid construction boom
A separate Redfin report found that just over half (
The absorption rate, referring to the percentage of new apartments rented out within three months of being finished, was the second-lowest seasonally adjusted share since mid-2020. The rate was down slightly from
Absorption rate returns to pre-pandemic levels as apartment completions rise
The absorption rate over the past two quarters has returned to the 50
The absorption rate has slowed due to the boom in new apartment construction in areas where the pandemic demand spiked between 2020-2022. This led to the highest level of new apartment completions in at least 12 years in the second quarter.
Nationally, the rental vacancy rate for buildings with five or more units was
It’s worth noting, however, that apartment construction is slowing. This is highlighted in Census data showing that the number of new apartments under construction at the end of October was down nearly
New apartments filling up quickly in the Northeast, taking longer in the South and Midwest
Two-thirds (
|
Absorption Rate
|
Absorption Rate
|
2023→2024
|
Northeast |
|
|
+9 ppts |
Midwest |
|
|
-10 ppts |
South |
|
|
-5 ppts |
West |
|
|
-14 ppts |
Meanwhile, new apartments filled up slowest in the South, with the absorption rate dropping to
The West region saw the absorption rate drop the most from a year earlier, down 14 percentage points to
To view the full new rental construction report, including charts and metro-level insights, please visit: https://www.redfin.com/news/new-construction-rents-Q3
To view the full rental absorption report, including charts and metro-level insights, please visit: https://www.redfin.com/news/new-rentals-absorption-q3
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, and title insurance 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. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than
Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241216356665/en/
Contact Redfin
Redfin Journalist Services:
Kenneth Applewhaite
press@redfin.com
Source: Redfin
FAQ
What was the median asking rent for newly built apartments in Q3 2024 according to Redfin (RDFN)?
Which region showed the highest rent growth for RDFN's newly built apartments in Q3 2024?
What was the absorption rate for newly built apartments in Q3 2024?
How did RDFN's rental vacancy rate change in Q3 2024?
What was the year-over-year change in new apartment construction according to RDFN's report?
