{"id":77609,"date":"2024-03-11T05:30:54","date_gmt":"2024-03-11T12:30:54","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77609"},"modified":"2024-10-03T15:54:20","modified_gmt":"2024-10-03T22:54:20","slug":"redfin-rental-report-february-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/redfin-rental-report-february-2024\/","title":{"rendered":"Rental Market Tracker: Asking Rents Climb 2% in February, Biggest Gain in Over a Year"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 300;\" aria-level=\"1\"><strong><i>Rents hit a low point last February\u2014one reason they\u2019re now showing a sizable year-over-year uptick.\u00a0<\/i><\/strong><\/li>\n<li style=\"font-weight: 300;\" aria-level=\"1\"><strong><i>Another factor driving rents up: the jump in mortgage rates last month, which buoyed rental demand.<\/i><\/strong><\/li>\n<li style=\"font-weight: 300;\" aria-level=\"1\"><strong><i>The Northeast and Midwest were the biggest gainers, with asking rents rising roughly 5% from a year earlier. Rents in the West and South were roughly flat.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The median U.S. asking rent rose 2.2% year over year to $1,981 in February, the largest gain since January 2023, and increased 0.9% from a month earlier. <img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-77610\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/03\/History-1-copy.png\" alt=\"\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/03\/History-1-copy.png 800w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/03\/History-1-copy-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/03\/History-1-copy-768x576.png 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Asking rents hit a low point <\/span><a href=\"https:\/\/www.redfin.com\/news\/redfin-rental-report-february-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">last February<\/span><\/a><span style=\"font-weight: 400;\">, which is one reason we saw a sizable year-over-year increase<\/span><i><span style=\"font-weight: 400;\"> this<\/span><\/i><span style=\"font-weight: 400;\"> February. Mortgage rates were also likely at play.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cMortgage rates ticked back <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">up<\/span><\/a><span style=\"font-weight: 400;\"> in February\u2014a disappointing development for prospective homebuyers, who just a few months ago got a glimmer of hope as rates finally started to fall,\u201d said Redfin Chief Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Daryl Fairweather<\/span><\/a><span style=\"font-weight: 400;\">. \u201cWith rates still elevated, many are opting to continue renting, which is buoying rental demand, and as a result, rent prices.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s worth noting that the Federal Reserve is <\/span><a href=\"https:\/\/www.redfin.com\/news\/february-2024-jobs-report\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">expected<\/span><\/a><span style=\"font-weight: 400;\"> to lower interest rates before the end of the year, which could turn more renters into buyers and cause asking rents to dip again.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An increase in rents in the Northeast and Midwest also contributed to the jump in asking rents in February, which we will discuss further in the next section.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While rents jumped in February, they\u2019re relatively stable compared to the past two years, when the pandemic sent the rental market on a rollercoaster ride. For the majority of 2022, growth in asking rents slowed rapidly following a surge during the pandemic, and in 2023, asking rents actually declined on a year-over-year basis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The median asking rent in February was $73 below (-3.5%) the record high set in August 2022 (rents often peak in the summer and trough in the winter), but was still $387 higher (+24.3%) than it was in February 2020\u2014the month before the coronavirus was declared a pandemic and a moving frenzy started driving up rents. That means affordability remains strained for many U.S. renters.<\/span><\/p>\n<h3>The Northeast and Midwest Lead the Nation in Rent Increases<\/h3>\n<p><span style=\"font-weight: 400;\">The median asking rent in the Northeast jumped 5.2% year over year to $2,481 in February\u2014the largest gain in nine months. Rents in the Midwest saw a similar increase, rising 4.9% to $1,441\u2014the biggest increase in five months. Meanwhile, asking rents in the South and West were essentially flat, rising 0.3% to $1,635 and falling 0.1% to $2,349, respectively.<img decoding=\"async\" class=\"alignnone size-full wp-image-77611\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/03\/History-1.png\" alt=\"\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/03\/History-1.png 800w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/03\/History-1-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/03\/History-1-768x576.png 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Northeast and West have been nearly tied for the most expensive rental region for much of recent history, but switched spots over the last year; the West was the priciest region for much of the pandemic homebuying frenzy, but the Northeast reclaimed the top spot in November 2022 and has held it ever since.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rents are likely holding up best in the Northeast and Midwest because those regions haven\u2019t been <\/span><a href=\"https:\/\/www.nahb.org\/-\/media\/NAHB\/news-and-economics\/docs\/housing-economics\/starts-and-permits\/housing-starts.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">building<\/span><\/a><span style=\"font-weight: 400;\"> as much as the South and West, meaning landlords aren\u2019t under as much pressure to fill vacancies.<\/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\/\"><span style=\"font-weight: 400;\">Rent.com<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"http:\/\/redfin.com\/\"><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>Rents hit a low point last February\u2014one reason they\u2019re now showing a sizable year-over-year uptick.\u00a0 Another factor driving rents up: the jump in mortgage rates last month, which buoyed rental demand. The Northeast and Midwest were the biggest gainers, with asking rents rising roughly 5% from a year earlier. Rents in the West and South [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":77612,"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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