{"id":76895,"date":"2023-10-05T06:00:19","date_gmt":"2023-10-05T13:00:19","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76895"},"modified":"2024-10-03T15:57:04","modified_gmt":"2024-10-03T22:57:04","slug":"redfin-rental-report-september-2023","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/redfin-rental-report-september-2023\/","title":{"rendered":"Rental Market Tracker: Asking Rents Flattened in September Amid Growing Apartment Supply"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 300;\" aria-level=\"1\"><strong><i>The median U.S. asking rent was little changed from a year earlier for the sixth straight month as an increase in the number of rentals made it harder for landlords to boost prices.<\/i><\/strong><\/li>\n<li style=\"font-weight: 300;\" aria-level=\"1\"><strong><i>But apartment construction has started to slow, which should ultimately help bolster rents.<\/i><\/strong><\/li>\n<li style=\"font-weight: 300;\" aria-level=\"1\"><strong><i>Asking rents are climbing in the Midwest and Northeast, and falling in the West.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Rents are flattening out after going on a rollercoaster ride during the pandemic.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The median U.S. asking rent rose 0.4% year over year to $2,011 in September\u2014the sixth straight month in which rents were little changed from a year earlier. Prior to that, rent growth had been slowing rapidly for roughly a year, coming back down to earth after a surge in prices during the pandemic.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The median asking rent fell 2% from a month earlier in September.<img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-76896 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/History.png\" alt=\"\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/History.png 800w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/History-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/History-768x576.png 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cRents have flattened because a boom in apartment building in recent years has flooded the market with supply, but they haven\u2019t yet posted a substantial decline because there\u2019s still demand for rentals\u2014especially as high mortgage rates <\/span><a href=\"https:\/\/www.redfin.com\/news\/high-mortgage-rates-lock-in-homeowners-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">keep<\/span><\/a><span style=\"font-weight: 400;\"> many would-be homebuyers and sellers on the sidelines,\u201d said Redfin Economics Research Lead <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/chen-zhao\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Chen Zhao<\/span><\/a><span style=\"font-weight: 400;\">. \u201c<\/span><span style=\"font-weight: 400;\">There are still a lot of apartments under construction that will continue to hit the market, which should keep rents from increasing much in the near-to-medium term. But construction has started to slow, which should eventually help bolster rent prices.\u201d<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">The Number of New Apartments Hitting the Market Continues to Rise\u2014But Construction Has Started to Slow<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The number of completed apartment buildings in the U.S. rose 32% year over year to a seasonally adjusted annual rate of<\/span> <a href=\"https:\/\/fred.stlouisfed.org\/series\/COMPU5MUSA\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">433,000<\/span><\/a> <span style=\"font-weight: 400;\">in August, the most recent month for which data is available. But the number of apartment buildings on which construction has started <\/span><i><span style=\"font-weight: 400;\">declined<\/span><\/i><span style=\"font-weight: 400;\"> 41% year over year to a seasonally adjusted annual rate of<\/span> <a href=\"https:\/\/fred.stlouisfed.org\/series\/HOUST5F\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">334,000<\/span><\/a><span style=\"font-weight: 400;\">. Building starts are a leading indicator <\/span><span style=\"font-weight: 400;\">of what\u2019s happening in the housing market, whereas building completions are a lagging indicator.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Building may be slowing, but landlords are still facing more competition than they\u2019re used to as new rentals continue to hit the market. Sometimes, their competition is an individual homeowner who\u2019s renting their home out instead of selling\u2014either because they don\u2019t want to lose their low mortgage rate, they didn\u2019t get a good offer, or both.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cLast year, conversations with home sellers were hard. I had a lot of discussions about how they needed to lower their price expectations because the market had turned,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/david-palmer\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">David Palmer<\/span><\/a><span style=\"font-weight: 400;\">, a <\/span><a href=\"https:\/\/www.redfin.com\/premier\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Premier<\/span><\/a><span style=\"font-weight: 400;\"> real estate agent in Seattle. \u201cBut this year, they have a better understanding of the market. We\u2019re now having the property management conversation earlier: \u2018Do you have a rental plan if we can\u2019t sell your home?\u2019\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As rising rental supply leads to rising <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/RRVRUSQ156N\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">vacancies<\/span><\/a><span style=\"font-weight: 400;\">, some landlords are handing out concessions, such as a free month\u2019s rent, to attract tenants without having to lower asking rents on paper. That\u2019s good news for renters at a time when the median asking rent is still just 2.1% ($43) below its record high.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The jump in supply isn\u2019t the only factor that has caused rents to flatten; <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-13\/us-household-formation-late-last-year-seen-slowing-further?sref=fRZXrT1O\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">slowing<\/span><\/a><span style=\"font-weight: 400;\"> household formation, economic uncertainty and affordability challenges have also contributed.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Rents Rise in the Midwest, Fall in the West<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In the Midwest, the median asking rent rose 5% year over year to a record $1,436. There was also an increase in the Northeast, where the median asking rent climbed 3.1% to $2,482. Asking rents fell 1.6% to $2,413 in the West and declined 0.3% to $1,653 in the South.<img decoding=\"async\" class=\"alignnone size-full wp-image-76897\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/History-copy.png\" alt=\"\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/History-copy.png 800w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/History-copy-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/History-copy-768x576.png 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">The rental market has softened substantially in the West and South in part because those markets saw outsized rent growth during the pandemic. Rents skyrocketed as people <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-migration-trends-may-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">flooded<\/span><\/a><span style=\"font-weight: 400;\"> into Sun Belt cities including <\/span><a href=\"https:\/\/www.redfin.com\/city\/14240\/AZ\/Phoenix\/apartments-for-rent\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Phoenix<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.redfin.com\/city\/11458\/FL\/Miami\/apartments-for-rent\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Miami<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-migration-trends-may-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Dallas<\/span><\/a><span style=\"font-weight: 400;\">. But once the rental boom in those regions cooled, prices had relatively more room to fall. Apartment construction in the Sun Belt has also been especially robust, contributing to the cooldown in rents. In the West, tech layoffs have likely contributed to the region\u2019s sluggish rental market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While rents in the West and South have been cooling, 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><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-08-01\/us-job-openings-fall-to-lowest-level-since-april-2021?embedded-checkout=true\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">ease<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Methodology<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Asking price data includes single-family homes, multi-family units, condos\/co-ops and townhouses from <\/span><a href=\"http:\/\/rent.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Rent.com<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"http:\/\/redfin.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin.com<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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<p><span style=\"font-weight: 400;\">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":"<p>The median U.S. asking rent was little changed from a year earlier for the sixth straight month as an increase in the number of rentals made it harder for landlords to boost prices. But apartment construction has started to slow, which should ultimately help bolster rents. Asking rents are climbing in the Midwest and Northeast, [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":76898,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","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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