{"id":76586,"date":"2023-08-10T06:00:43","date_gmt":"2023-08-10T13:00:43","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76586"},"modified":"2024-10-03T15:57:16","modified_gmt":"2024-10-03T22:57:16","slug":"redfin-rental-report-july-2023","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/redfin-rental-report-july-2023\/","title":{"rendered":"Rental Market Tracker: Asking Rents Are Inching Closer to Their Record High"},"content":{"rendered":"

The West is the only region seeing a drop in asking rents, which are coming back down to earth after surging a record 19% last year.<\/span><\/i><\/h2>\n

The median U.S. asking rent in July was $2,038, just $16 below the record high set in August 2022. While rents are just shy of their all-time high, rent <\/span>growth<\/span><\/i> remains sluggish. The median asking rent was up just 0.3% from a year earlier in July, compared with a 13.6% annual gain in July 2022.<\/span><\/p>\n

\"\"<\/p>\n

Rent gains cooled over the past year due to an increase in supply, economic uncertainty and <\/span>slowing<\/span><\/a> household formation, but big bargains are still often hard to come by given rents are near record highs.<\/span><\/p>\n

\u201cWhile rents are flattening out, it\u2019s too early to say whether rent growth has bottomed,\u201d said Redfin Deputy Chief Economist <\/span>Taylor Marr<\/span><\/a>. \u201cA strong job market, cooling inflation and increasing consumer spending\u2014which have decreased the likelihood of a recession\u2014point to resilient renter demand. But there are still a lot of newly built apartments that have yet to hit the market, meaning rents may still have room to fall as landlords grapple with <\/span>rising vacancies<\/span><\/a>.\u201d<\/span><\/p>\n

The median asking rent is near its record high because the housing market tends to be \u201cdownside sticky,\u201d meaning prices don\u2019t typically fall substantially even when business is slow, Marr added. Instead of lowering rents, many landlords offer perks like a free month\u2019s rent or discounted parking, which tend to be less detrimental to profits.<\/span><\/p>\n

The number of options renters have to choose from has steadily climbed over the past decade. Completed residential projects in buildings with five or more units rose 26.3% year over year to <\/span>476,000<\/span><\/a> on a seasonally adjusted basis in June\u2014the most recent month for which data is available\u2014meaning landlords have more vacancies to fill and less leeway to raise prices.\u00a0<\/span><\/p>\n

But there are signs that the homebuilding boom is easing. The number of <\/span>permitted <\/span><\/i>residential projects in buildings with five or more units <\/span>fell<\/span><\/i> 33.4% year over year to <\/span>465,000<\/span><\/a> on a seasonally-adjusted basis in June, the biggest drop since 2016. 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 Fall in the West, Rise in the Midwest and Northeast<\/span><\/h3>\n

In the West, the median asking rent fell 1.1% year over year to $2,451 in July. And in the South, it rose 0.3% to $1,674\u2014the smallest increase since 2020. By comparison, asking rents rose 4.6% to a record $2,533 in the Northeast and climbed 4.3% to a record $1,416 in the Midwest.<\/span><\/p>\n

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

The rental market has cooled quickly in the West and South in part because those markets saw outsized rent increases during the pandemic. Rents skyrocketed 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 relatively more room to fall\u2014especially as renters increasingly find themselves priced out of certain cities. The West has also been disproportionately impacted by layoffs in the tech sector, which may be contributing to its soft rental market.\u00a0<\/span><\/p>\n

While rents in the West and South have been relatively sluggish, it\u2019s worth noting that these regions\u2019 rental markets have started to stabilize in recent months as the impact of the pandemic price boom moves further into the rearview mirror and layoffs <\/span>ease<\/span><\/a>.<\/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":"

The West is the only region seeing a drop in asking rents, which are coming back down to earth after surging a record 19% last year. The median U.S. asking rent in July was $2,038, just $16 below the record high set in August 2022. While rents are just shy of their all-time high, rent […]<\/p>\n","protected":false},"author":13346,"featured_media":76590,"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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