{"id":76469,"date":"2023-07-12T10:43:48","date_gmt":"2023-07-12T17:43:48","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76469"},"modified":"2024-10-03T16:52:12","modified_gmt":"2024-10-03T23:52:12","slug":"redfin-rental-report-june-2023","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/redfin-rental-report-june-2023\/","title":{"rendered":"Rental Market Tracker: The Typical U.S. Asking Rent Is Only $24 Below Its Record High"},"content":{"rendered":"

Rent growth has slowed rapidly, but rents remain costly as landlords offer perks like free parking instead of lowering prices to fill vacant units. The good news is that months of cooling rent increases are finally helping bring down inflation in a big way.<\/span><\/i><\/h2>\n

The U.S. rental market has been slowing for more than a year, but the median asking rent is still only $24 below its record high. <\/span>It was $2,029 in June, little changed from $1,995 one month earlier, $2,019 one year earlier and a record high of $2,053 set in August 2022.<\/span><\/p>\n

\"\"<\/span><\/p>\n

In percentage terms, rents were up 0.5% year over year in June, not far from May\u2019s 0.6% annual drop. Rents rose 1.7% from one month earlier in June.<\/span><\/p>\n

\"\"<\/span><\/p>\n

\u201cThe housing market tends to be \u2018downside sticky,\u2019 which means rents don’t typically fall much even when renter demand pulls back,\u201d Redfin Deputy Chief Economist <\/span>Taylor Marr<\/span><\/a> said. \u201cInstead of lowering rents when business is slow, many landlords offer perks like a free month\u2019s rent or discounted parking, which tends to be less of a hit to profits.\u201d<\/span><\/p>\n

Marr continued: \u201cThe steep slowdown in rent growth over the last year is providing some relief for renters, who now have more room to negotiate as their landlords grapple with rising <\/span>vacancies<\/span><\/a>. But with rents near their record high, most renters still aren\u2019t finding big bargains.\u201d<\/span><\/p>\n

Slowing Rent Growth Is Finally Making a Dent in Inflation; Rents and Inflation Have Room to Fall<\/span><\/h3>\n

While the dropoff in rent growth hasn\u2019t made a big dent for many renters, it <\/span>has<\/span><\/i> helped ease the historic inflation plaguing U.S. consumers, according to data released today. Consumer prices were <\/span>up 3%<\/span><\/a> this year through June, a deceleration from the 4% figure reported in May and the peak of about 9% last summer. The cost of shelter, which mainly includes rent, rose <\/span>0.4%<\/span><\/a> from a month earlier in June on a seasonally adjusted basis\u2014a significant cooling from 0.8% at the end of last year. Inflation data typically lags Redfin\u2019s rental data, so the slowdown in inflation reported today is in large part due to the deceleration in rent growth over the past year.\u00a0<\/span><\/p>\n

\u201cInflation should continue easing this year and into 2024, partly because the recent slowdown in rent growth isn\u2019t fully baked into inflation data yet, and partly because rents have room to fall,\u201d said Redfin Economics Research Lead <\/span>Chen Zhao<\/span><\/a>. \u201cRents have room to come down because there remains a backlog of under-construction rentals that have yet to hit the market, which means landlords will continue grappling with vacancies and won\u2019t be able to hike rents as rapidly.\u201d<\/span><\/p>\n

Rent growth has cooled from its 2022 high partly because fewer people are moving due to economic uncertainty and <\/span>slowing<\/span><\/a> household formation, and partly because the number of options renters can choose from has surged. Completed residential projects in buildings with five or more units rose 23.9% year over year to <\/span>493,000<\/span><\/a> on a seasonally adjusted basis in May\u2014the most recent month for which data is available\u2014which means landlords have more vacancies to fill and less leeway to raise prices.\u00a0<\/span><\/p>\n

While a homebuilding boom has led to more rentals on the market, the boom is easing. The number of <\/span>permitted <\/span><\/i>residential projects in buildings with five or more units <\/span>fell<\/span><\/i> 12.2% year over year to <\/span>540,000<\/span><\/a> on a seasonally-adjusted basis in May. Permits, or approvals given by local jurisdictions to start construction projects, are a leading indicator of what\u2019s happening in the housing market. Completions are a lagging indicator.\u00a0<\/span><\/p>\n

Rents Are Rising Fastest in the Northeast and Midwest<\/span><\/h3>\n

In the Northeast, the median asking rent rose 4.3% year over year to a record $2,503 in June. By comparison, asking rents rose 3.7% to $1,396 in the Midwest, 0.8% to $1,670 in the South, and fell 0.3% to $2,452 in the West. While rents continued climbing across much of the U.S., rent growth was far below its peak in most of the country.<\/span><\/p>\n

\"\"<\/span><\/p>\n

Rent growth has been slowing fastest in the West and South in part because it accelerated so quickly during the pandemic as people <\/span>flooded<\/span><\/a> into Sun Belt cities including <\/span>Phoenix<\/span><\/a>, <\/span>Miami<\/span><\/a> and <\/span>Dallas<\/span><\/a>. Now, rents in those regions have more room to cool as supply catches up with demand.\u00a0<\/span><\/p>\n

But while rents have dipped from a year ago in some areas, affordable deals are still often hard to come by.<\/span><\/p>\n

\u201cThe headlines say <\/span>San Francisco<\/span><\/a>\u2019s housing market is plummeting, but I\u2019m still seeing people moving in and spending $4,000 a month on rent,\u201d said local <\/span>Redfin Premier<\/span><\/a> real estate agent <\/span>Ali Mafi<\/span><\/a>. \u201cA lot of tech workers who left the Bay Area for places like <\/span>Austin<\/span><\/a> during the pandemic are now coming back because their employers <\/span>cut their pay<\/span><\/a> when they moved and\/or have asked them to come back to the office.\u201d<\/span><\/p>\n

\"\"<\/span><\/p>\n

Methodology<\/span><\/h3>\n

Asking price data includes single-family homes, multi-family units, condos\/co-ops and townhouses from <\/span>Rent.com<\/span><\/a> and <\/span>Redfin.com<\/span><\/a>.<\/span><\/p>\n

Redfin has removed metro-level data from monthly rental reports for the time being as it works to expand its rental analysis.<\/span><\/p>\n

Prices reflect the current costs of new leases during each time period. In other words, the amount shown as the median rent is not the median of what all renters are paying, but the median asking price of apartments that were available for new renters during the report month.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Rent growth has slowed rapidly, but rents remain costly as landlords offer perks like free parking instead of lowering prices to fill vacant units. The good news is that months of cooling rent increases are finally helping bring down inflation in a big way. The U.S. rental market has been slowing for more than a […]<\/p>\n","protected":false},"author":13346,"featured_media":76476,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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