{"id":77907,"date":"2024-05-17T05:00:07","date_gmt":"2024-05-17T12:00:07","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77907"},"modified":"2024-10-03T16:46:32","modified_gmt":"2024-10-03T23:46:32","slug":"redfin-rental-report-april-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/redfin-rental-report-april-2024\/","title":{"rendered":"The Sun Belt Is Seeing Some of the Biggest Rent Declines in America"},"content":{"rendered":"

Nine of the 10 metros facing the steepest drops in asking rents are in the Sun Belt. The exception is Seattle, where rents fell 7% year over year in April\u2014the biggest decline among the metros Redfin analyzed. Nationwide, the median asking rent rose 1% to $1,648\u2014the first increase in a year.<\/i><\/strong><\/p>\n

The median asking rent in Seattle fell 7.3% year over year in April\u2014the biggest drop among the U.S. metros Redfin analyzed. Next came<\/span> Austin, TX (-6.6%), Nashville, TN (-5.9%), Jacksonville, FL (-5.6%), Miami (-5%), San Diego (-4.7%), Phoenix (-4.6%), Charlotte, NC (-4.5%), Tampa, FL (-4.3%) and Orlando, FL (-3.2%).<\/span><\/p>\n

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

Metro-level data in this report covers apartment asking rents in 33 major U.S. metropolitan areas. National data represents the entire U.S. Please note that this report marks the debut of Redfin\u2019s new rental market data methodology, which is why some figures may not match up with figures in past rental reports. Scroll down to the methodology section for more details.<\/span><\/p>\n

\u201cThe Sun Belt has built a ton of new apartments in recent years, partly to meet the surge in demand brought on by the flood of people who moved in during the pandemic housing boom. But the <\/span>boom<\/span><\/a> is over, and now property owners are struggling to fill vacancies, which is causing rents to fall,\u201d said Redfin Senior Economist <\/span>Sheharyar Bokhari<\/span><\/a>. \u201cThe good news is that the uptick in housing supply in the Sun Belt has improved affordability for renters, which can be a lesson for other American cities grappling with housing affordability challenges.\u201d<\/span><\/p>\n

Rents in some Sun Belt markets are also just coming back down to earth after skyrocketing to unsustainable levels during the pandemic, Bokhari added.<\/span><\/p>\n

Seattle is not in the Sun Belt, but like the Sun Belt, it has seen a surge in apartment construction in recent years.<\/span><\/p>\n

Apartment construction across the U.S. has been <\/span>slowing<\/span><\/a> lately, but there\u2019s still a pipeline of recently built units coming online, which is one reason the rental vacancy <\/span>rate<\/span><\/a> has risen.<\/span><\/p>\n

It\u2019s worth noting that four of the 10 metros with the steepest April rent declines are in Florida. A separate Redfin <\/span>report<\/span><\/a> covering the homebuying market found that <\/span>on the west coast of Florida\u2014which is facing a housing insurance crisis due to intensifying natural disasters\u2014home prices are stagnating as housing supply surges.<\/span><\/p>\n

Nationwide, Asking Rents Rose for First Time in a Year\u2014Driven By Increases in the Midwest and Northeast<\/h3>\n

The median U.S. asking rent rose 1.1% year over year to $1,648 in April\u2014the first gain in a year. Asking rents climbed 1.7% from a month earlier.<\/span><\/p>\n

While rents ticked up in April, they\u2019re stable relative to the rollercoaster ride of the past few years; U.S. asking rents rose as much as 17.6% year over year during the pandemic, and then fell as much as 4.1% this past summer.<\/span><\/p>\n

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

Rent climbed fastest in the Midwest, which hasn\u2019t been <\/span>building<\/span><\/a> as much as the Sun Belt. The Midwest is also the most affordable region to live in, which helps buoy demand at a time when housing affordability is strained across most of the country.\u00a0<\/span><\/p>\n

In Minneapolis, the median asking rent jumped 10.3% from a year earlier in April\u2014the biggest uptick among the metros Redfin analyzed. It\u2019s followed by Cincinnati (9.9%), Chicago (9.1%), New York (8.9%), Washington, D.C. (8.6%), Indianapolis (8%), Virginia Beach, VA (7.7%), Houston (6.7%), Boston (5.7%) and Detroit (4.9%).<\/span><\/p>\n

Elevated mortgage rates are likely bolstering U.S. rental demand, and as a result, propping up prices. The <\/span>average<\/span><\/a> 30-year-fixed mortgage rate is more than double the 2.65% record low hit during the pandemic. Some renters are putting off their home purchasing plans because monthly payments for homebuyers are near their all-time <\/span>high<\/span>.\u00a0<\/span><\/p>\n

While asking rents aren\u2019t rising at the meteoric pace they were during the pandemic, they remain elevated\u2014causing affordability challenges for some renters. The median asking rent in April was just $52 below (-3.1%) the record high of $1,700 in August 2022.<\/span><\/p>\n

Metro-Level Summary: April 2024<\/h3>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
U.S. metro area<\/strong><\/th>Median asking rent<\/strong><\/th>Month-over-month change in median asking rent<\/strong><\/th>Year-over-year change in median asking rent<\/strong><\/th>\n<\/tr>\n<\/thead>\n
Atlanta, GA<\/td>$1,565 <\/td>2.3%<\/td>-1.0%<\/td>\n<\/tr>\n
Austin, TX<\/td>$1,564 <\/td>-4.9%<\/td>-6.6%<\/td>\n<\/tr>\n
Baltimore, MD<\/td>$1,530 <\/td>3.0%<\/td>1.3%<\/td>\n<\/tr>\n
Boston, MA<\/td>$2,764 <\/td>7.0%<\/td>5.7%<\/td>\n<\/tr>\n
Charlotte, NC<\/td>$1,499 <\/td>1.5%<\/td>-4.5%<\/td>\n<\/tr>\n
Chicago, IL<\/td>$1,718 <\/td>3.6%<\/td>9.1%<\/td>\n<\/tr>\n
Cincinnati, OH<\/td>$1,349 <\/td>4.2%<\/td>9.9%<\/td>\n<\/tr>\n
Dallas, TX<\/td>$1,550 <\/td>-1.6%<\/td>-0.6%<\/td>\n<\/tr>\n
Denver, CO<\/td>$1,805 <\/td>3.5%<\/td>-0.3%<\/td>\n<\/tr>\n
Detroit, MI<\/td>$1,395 <\/td>5.7%<\/td>4.9%<\/td>\n<\/tr>\n
Houston, TX<\/td>$1,278 <\/td>0.2%<\/td>6.7%<\/td>\n<\/tr>\n
Indianapolis, IN<\/td>$1,468 <\/td>4.2%<\/td>8.0%<\/td>\n<\/tr>\n
Jacksonville, FL<\/td>$1,557 <\/td>-0.7%<\/td>-5.6%<\/td>\n<\/tr>\n
Las Vegas, NV<\/td>$1,505 <\/td>2.4%<\/td>1.7%<\/td>\n<\/tr>\n
Los Angeles, CA<\/td>$2,827 <\/td>0.4%<\/td>-1.0%<\/td>\n<\/tr>\n
Miami, FL<\/td>$2,485 <\/td>2.1%<\/td>-5.0%<\/td>\n<\/tr>\n
Minneapolis, MN<\/td>$1,665 <\/td>0.6%<\/td>10.3%<\/td>\n<\/tr>\n
Nashville, TN<\/td>$1,599 <\/td>1.4%<\/td>-5.9%<\/td>\n<\/tr>\n
New York, NY<\/td>$2,945 <\/td>0.3%<\/td>8.9%<\/td>\n<\/tr>\n
Orlando, FL<\/td>$1,811 <\/td>0.1%<\/td>-3.2%<\/td>\n<\/tr>\n
Philadelphia, PA<\/td>$1,900 <\/td>3.3%<\/td>0.8%<\/td>\n<\/tr>\n
Phoenix, AZ<\/td>$1,545 <\/td>1.8%<\/td>-4.6%<\/td>\n<\/tr>\n
Pittsburgh, PA<\/td>$1,397 <\/td>1.2%<\/td>-3.0%<\/td>\n<\/tr>\n
Portland, OR<\/td>$1,877 <\/td>-1.5%<\/td>1.5%<\/td>\n<\/tr>\n
Riverside, CA<\/td>$2,301 <\/td>1.1%<\/td>-0.3%<\/td>\n<\/tr>\n
Sacramento, CA<\/td>$2,040 <\/td>4.3%<\/td>1.1%<\/td>\n<\/tr>\n
San Diego, CA<\/td>$2,909 <\/td>-2.6%<\/td>-4.7%<\/td>\n<\/tr>\n
San Francisco, CA<\/td>$2,750 <\/td>0.4%<\/td>-0.8%<\/td>\n<\/tr>\n
San Jose, CA<\/td>$3,230 <\/td>1.1%<\/td>-0.2%<\/td>\n<\/tr>\n
Seattle, WA<\/td>$2,072 <\/td>1.7%<\/td>-7.3%<\/td>\n<\/tr>\n
Tampa, FL<\/td>$1,765 <\/td>-1.9%<\/td>-4.3%<\/td>\n<\/tr>\n
Virginia Beach, VA<\/td>$1,545 <\/td>5.1%<\/td>7.7%<\/td>\n<\/tr>\n
Washington, D.C.<\/td>$1,991 <\/td>5.1%<\/td>8.6%<\/td>\n<\/tr>\n
National\u2014U.S.A.<\/strong><\/td>$1,648 <\/strong><\/td>1.7%<\/strong><\/td>1.1%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

<\/h3>\n

Methodology<\/h3>\n

Median asking rent figures in this report cover newly listed units in apartment buildings with five or more units. The median is calculated based on a rolling three-month period, i.e., the median asking rent for April 2024 covers rentals that were listed on Redfin.com and Rent.com during the three months ending April 30, 2024.<\/span><\/p>\n

Metro-level data in this report covers 33 of the 50 most populous U.S. core-based statistical areas (CBSAs)\u2014those for which Redfin has sufficient rental data. The national figures are based on data for the entire U.S.\u00a0<\/span><\/p>\n

Asking rents reflect the current costs of new leases during each time period. In other words, the amount shown as the median asking 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 period.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Nine of the 10 metros facing the steepest drops in asking rents are in the Sun Belt. The exception is Seattle, where rents fell 7% year over year in April\u2014the biggest decline among the metros Redfin analyzed. Nationwide, the median asking rent rose 1% to $1,648\u2014the first increase in a year. The median asking rent […]<\/p>\n","protected":false},"author":13346,"featured_media":77912,"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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