Redfin Reports Rents Flat Nationally in October, But Rising in East Coast and Midwest Metros
Redfin reports that U.S. median asking rent increased marginally by 0.2% year-over-year to $1,619 in October, with a 0.6% month-over-month decline. Regional variations show significant contrasts, with Virginia Beach leading rent increases at 11.7% while Raleigh saw the largest decrease at -8.8%. East Coast and Midwest metros experienced the highest rent increases, while Sun Belt regions saw declines. The asking price per square foot fell for the 18th consecutive month, dropping 1.1% year-over-year, partly due to increased supply from recent construction boom. Rents decreased across all bedroom categories, with 3+ bedrooms showing the largest decline at -1.5%.
Redfin riporta che l'affitto medio negli Stati Uniti è aumentato marginalmente dello 0,2% su base annua, raggiungendo 1.619 dollari a ottobre, con un calo dell'0,6% mese su mese. Le variazioni regionali mostrano contrasti significativi, con Virginia Beach che guida l'aumento degli affitti con l'11,7%, mentre Raleigh ha registrato la maggiore diminuzione con un -8,8%. Le aree della Costa Est e del Midwest hanno visto i maggiori aumenti degli affitti, mentre le regioni del Sun Belt hanno subito delle riduzioni. Il prezzo richiesto per piede quadrato è diminuito per il 18° mese consecutivo, scendendo dell'1,1% su base annua, parzialmente a causa dell'aumento dell'offerta dovuto al recente boom edilizio. Gli affitti sono diminuiti in tutte le categorie di camere da letto, con le abitazioni con 3 o più camere che mostrano la maggiore riduzione, pari al -1,5%.
Redfin informa que el alquiler medio en EE. UU. ha aumentado marginalmente un 0.2% interanual, alcanzando los $1,619 en octubre, con una disminución del 0.6% mes a mes. Las variaciones regionales muestran contrastes significativos, siendo Virginia Beach la que lidera el aumento de los alquileres con un 11.7%, mientras que Raleigh experimentó la mayor disminución con un -8.8%. Las áreas de la Costa Este y del Medio Oeste han registrado los mayores aumentos de alquileres, mientras que las regiones del Sun Belt han visto disminuciones. El precio por pie cuadrado ha caído por 18 meses consecutivos, bajando un 1.1% interanual, en parte debido al aumento de la oferta por el reciente boom de construcción. Los alquileres han disminuido en todas las categorías de dormitorios, siendo las viviendas de 3 o más habitaciones las que muestran la mayor caída con un -1.5%.
레드핀 보고에 따르면, 미국의 중간 임대료가 지난해 대비 0.2% 증가하여 10월에 $1,619에 이르렀으며, 월별로는 0.6% 감소했습니다. 지역별로 볼 때, 버지니아 비치가 11.7%로 임대료 인상을 이끌었고, 롤리는 -8.8%로 가장 큰 감소를 보였습니다. 동부 해안과 중서부의 대도시들은 가장 큰 임대료 증가를 경험했으며, 썬벨트 지역은 감소세를 보였습니다. 평방 피트당 요구 가격은 18개월 연속 하락하여 지난해 대비 1.1% 감소했으며, 이는 최근 건설 붐으로 인한 공급 증가와 관련이 있습니다. 모든 침실 카테고리에서 임대료가 감소했으며, 3개 이상의 침실이 있는 주택의 감소 폭이 가장 컸습니다: -1.5%.
Redfin rapporte que le loyer médian aux États-Unis a légèrement augmenté de 0,2 % d'une année sur l'autre pour atteindre 1 619 $ en octobre, avec une baisse de 0,6 % par rapport au mois précédent. Les variations régionales montrent des contrastes significatifs, avec Virginia Beach en tête des augmentations de loyer avec 11,7 %, tandis que Raleigh a enregistré la plus grande diminution avec -8,8 %. Les métropoles de la côte est et du Midwest ont connu les augmentations de loyer les plus élevées, tandis que les régions du Sun Belt ont vu des baisses. Le prix demandé par pied carré a chuté pour le 18ème mois consécutif, diminuant de 1,1 % d'une année sur l'autre, en partie en raison de l'augmentation de l'offre résultant du récent boom de construction. Les loyers ont diminué dans toutes les catégories de chambres, les logements de 3 chambres ou plus montrant la plus grande baisse avec -1,5 %.
Redfin berichtet, dass die durchschnittlichen Mietpreise in den USA im Jahresvergleich um 0,2% auf 1.619 $ im Oktober gestiegen sind, während sie im Monatsvergleich um 0,6% gesunken sind. Regionale Unterschiede zeigen erhebliche Kontraste, wobei Virginia Beach mit einem Anstieg von 11,7% führt, während Raleigh den größten Rückgang mit -8,8% verzeichnete. In den Metropolregionen an der Ostküste und im Mittleren Westen gab es die höchsten Mietpreiserhöhungen, während die Regionen im Sun Belt Rückgänge erlebten. Der Quadratmeterpreis ist im 18. Monat in Folge gesunken und fiel im Jahresvergleich um 1,1%, was teilweise auf das vermehrte Angebot durch den kürzlichen Bauboom zurückzuführen ist. Die Mieten sanken in allen Schlafzimmerkategorien, wobei Immobilien mit 3 oder mehr Schlafzimmern den größten Rückgang von -1,5% zeigten.
- Slight increase in national median asking rent (+0.2% YoY)
- Strong rent growth in specific markets (Virginia Beach +11.7%, Washington DC +11.1%)
- Monthly decline in median asking rent (-0.6% MoM)
- Price per square foot declining for 18 consecutive months (-1.1% YoY)
- Significant rent decreases in key markets (Raleigh -8.8%, Tampa -8.5%)
- Newly constructed apartment rents fell 6.2% YoY in Q2
Insights
The rental market data reveals significant regional divergence, with East Coast and Midwest markets showing strength while Sun Belt markets experience corrections. The
The ongoing impact of the pandemic-era construction boom is particularly evident in Sun Belt markets, where oversupply is driving rent decreases. The
For property investors, the data indicates a need for market-specific strategies. While Sun Belt markets face oversupply challenges, East Coast and Midwest markets with new construction offer better potential for rent growth and investment returns.
The diverging rental trends between regions highlight a significant market rebalancing phase. The construction boom's impact is creating a clear divide: Sun Belt markets are experiencing a classic supply-demand correction, while constrained East Coast and Midwest markets maintain pricing power.
The consistent decline in price per square foot for 18 months, coupled with
Rents have remained largely flat over the past two years, after a surge in demand during the pandemic led to a construction boom across a number of Sun Belt states.
Depending on where you live in the country, however, you could be seeing very different rental markets—with some metros seeing asking rents rising by double digits, while others are seeing similar-sized falls.
“New apartments are being completed at the fastest pace on record and that’s leading to rents falling in places like
East Coast and Midwest metros post highest rent increase, as rents in Sun Belt metros fall
Rents are rising the most in the Midwest and on the East Coast, where there has been less new construction in comparison to the Sun Belt.
Major Metros With Highest Rent Increases
|
Median Asking Rent
|
Median Asking
|
Price Per Square
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rents in
Major Metros With Highest Rent Decreases
|
Median Asking Rent
|
YoY Change |
Price Per Square
|
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
Rents fall across all bedroom counts for third time in four months
Despite the slight overall rise last month, asking rents fell across all bedroom counts for the third time in four months. The minor discrepancy between the overall median rent (showing a small
Median asking rents for 0-1 bedroom apartments fell
|
Median Asking Rent |
YoY Change |
0-1 Bedroom Apartments |
|
- |
2 Bedroom Apartments |
|
- |
3+ Bedroom Apartments |
|
- |
Asking rent price per square foot falls for 18th consecutive month
Highlighting the improved affordability for renters overall, the asking price per square foot for rental apartments fell for the 18th consecutive month in October, dropping
One reason the price per square foot is falling is the overall increase in supply stemming from the recent construction boom. Rents for newly constructed apartments fell
To view the full report, including charts and additional metro-level insights, please visit: https://www.redfin.com/news/rental-tracker-october-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, 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/20241112468712/en/
Contact Redfin
Redfin Journalist Services:
Kenneth Applewhaite
press@redfin.com
Source: Redfin
FAQ
What was the median asking rent in the US according to Redfin (RDFN) in October 2023?
Which city had the highest rent increase in October 2023 according to Redfin (RDFN)?
Which city showed the largest rent decrease in Redfin's (RDFN) October 2023 report?
How did apartment rents vary by bedroom count in Redfin's (RDFN) October report?
