{"id":77470,"date":"2024-02-09T05:00:47","date_gmt":"2024-02-09T13:00:47","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77470"},"modified":"2024-10-03T15:55:05","modified_gmt":"2024-10-03T22:55:05","slug":"redfin-rental-report-january-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/redfin-rental-report-january-2024\/","title":{"rendered":"Rental Market Tracker: U.S. Asking Rents Flatten After Pandemic Rollercoaster Ride"},"content":{"rendered":"

Rents haven\u2019t fluctuated much over the past year, rising 1% in January\u2014a far cry from double-digit growth during the pandemic. Landlords don\u2019t have much room to boost prices as they grapple with rising vacancies and the pandemic housing frenzy moves further into the rearview mirror.<\/i><\/strong><\/p>\n

The median U.S. asking rent rose 1.1% year over year to $1,964 in January, the largest annual increase since March 2023, and was unchanged from a month earlier. While rents ticked up from a year earlier, the bigger picture is that rent growth is leveling off after surging during the pandemic and then rapidly slowing from mid-2022 to mid-2023.\u00a0<\/span><\/p>\n

\"\"<\/p>\n

Year-over-year rent growth has hovered between -2.1% and +2.4% for the past year, a much narrower range than the prior year, when rent growth was as low as 4.8% and as high as 17.7%.\u00a0<\/span><\/p>\n

Asking rents have flattened because the pandemic moving frenzy is over and landlords are grappling with vacancies due to a jump in apartment supply. <\/span>The rental vacancy rate was <\/span>6.6%<\/span><\/a> in the fourth quarter, tied with the prior quarter for the highest level since early 2021. Vacancies have climbed due to <\/span>a building boom in recent years. The <\/span>number<\/span><\/a> of recently completed apartments is near its highest level in more than 30 years, and the <\/span>number<\/span><\/a> under construction is just shy of its record high. Redfin Chief Economist <\/span>Daryl Fairweather<\/span><\/a> expects apartment completions to peak in 2024.<\/span><\/p>\n

While rents have cooled, they haven\u2019t yet posted significant declines. That\u2019s likely because high mortgage rates continue to fuel rental demand, and because some landlords are offering <\/span>one-time concessions like a free month\u2019s rent or reduced parking costs to attract renters without having to lower asking rents on paper.<\/span><\/p>\n

Home prices are rising much <\/span>faster<\/span><\/a> than rents, which is also fueling rental demand and motivating renters to stay put instead of entering the housing market.<\/span><\/p>\n

\u201cThere\u2019s not a huge incentive for renters to buy right now. Asking rents are stable, and while mortgage rates have dipped in recent months, they haven\u2019t fallen enough to make the financial equation of homebuying feasible for many people,\u201d Fairweather said. \u201cIf you\u2019re a renter who\u2019s interested in buying but isn\u2019t in a rush, there\u2019s not much downside to waiting for mortgage rates to fall and your savings to grow.\u201d<\/span><\/p>\n

Buying may make sense for people who can afford a large down payment and plan to stay put for at least five years, Fairweather said. Putting 20% down helps offset the cost of elevated mortgage rates and removes the cost of private mortgage insurance, and some may prefer to buy now before competition inevitably heats up when mortgage rates fall further. Of course, many Americans can\u2019t afford a 20% down payment, though some do qualify for down payment assistance.<\/span><\/p>\n

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

The median asking rent in the Midwest increased 4.6% year over year to a record $1,437 in January. Rents also rose in the Northeast (2.3% to $2,427) and the West (0.6% to $2,358). In the South, rents were unchanged at $1,637. The Midwest was the only region where rents hit a record high.\"\"<\/span><\/p>\n

\u201cRent prices in <\/span>Chicago<\/span><\/a> are still out of control,\u201d said local <\/span>Redfin Premier<\/span><\/a> real estate agent <\/span>Dan Close<\/span><\/a>. \u201cA lot of the buyers I\u2019m working with are people who have been pressured out of renting\u2014if you\u2019re paying an arm and a leg for rent, why not try to buy and build some equity? We\u2019ll likely see this trend intensify in the spring and summer, when the vast majority of leases end.\u201d<\/span><\/p>\n

Rents are likely holding up best in the Midwest and Northeast because those regions haven\u2019t been <\/span>building<\/span><\/a> as much as the South and West, meaning landlords aren\u2019t under as much pressure to fill openings.\u00a0<\/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":"

Rents haven\u2019t fluctuated much over the past year, rising 1% in January\u2014a far cry from double-digit growth during the pandemic. Landlords don\u2019t have much room to boost prices as they grapple with rising vacancies and the pandemic housing frenzy moves further into the rearview mirror. The median U.S. asking rent rose 1.1% year over year […]<\/p>\n","protected":false},"author":13346,"featured_media":77473,"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 center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,694,563],"tags":[623,562,645],"coauthors":[125],"class_list":["post-77470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-monthly-rental-tracker","category-rental-market","tag-national","tag-rental-report","tag-rentals-only"],"acf":[],"yoast_head":"\nU.S. Asking Rents Flatten After Pandemic Rollercoaster Ride<\/title>\n<meta name=\"description\" content=\"Rents rose 1% year over year in January. 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