{"id":78065,"date":"2024-06-11T05:30:14","date_gmt":"2024-06-11T12:30:14","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78065"},"modified":"2024-10-03T15:50:59","modified_gmt":"2024-10-03T22:50:59","slug":"asking-rents-highest-since-2022","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/asking-rents-highest-since-2022\/","title":{"rendered":"U.S. Asking Rents Ticked Up for Second Straight Month in May, Hitting Highest Level Since 2022"},"content":{"rendered":"<p><strong><i>The median asking rent climbed 0.8% year over year to $1,653\u2014just $47 below the record high. Washington, D.C., Cincinnati and Chicago all saw double-digit increases.<\/i><\/strong><\/p>\n<p><span style=\"font-weight: 400;\">The median U.S. asking rent rose 0.8% year over year in May to $1,653\u2014the highest level since October 2022. That\u2019s the second consecutive increase (rents climbed 0.9% year over year in April) following 11 months of decreases. Rents rose 0.5% on a month-over-month basis. <\/span><\/p>\n<p><iframe id=\"datawrapper-chart-XtQKG\" style=\"border: none;\" title=\"America's Asking Rents Hit Highest Level Since 2022 in May\" src=\"https:\/\/datawrapper.dwcdn.net\/XtQKG\/3\/\" width=\"600\" height=\"429\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">Apartment prices are closely tied to apartment supply. Multifamily construction surged during the pandemic moving frenzy, which pushed rent prices down because building owners were competing for tenants. While multifamily building <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/HOUST5F\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">starts<\/span><\/a><span style=\"font-weight: 400;\"> have fallen below their 10-year historical average, there\u2019s still a <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/COMPU5MUSA\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">backlog<\/span><\/a><span style=\"font-weight: 400;\"> of new units that are hitting the market every month, which is putting a lid on how much prices can grow.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201c<\/span><span style=\"font-weight: 400;\">Demand from <\/span><a href=\"https:\/\/www.redfin.com\/news\/gen-z-housing-affordability-important-vote\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">young<\/span><\/a><span style=\"font-weight: 400;\"> renters remains high, as many of them are opting to <\/span><a href=\"https:\/\/www.redfin.com\/news\/renters-staying-put-longer\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">stay put<\/span><\/a><span style=\"font-weight: 400;\"> rather than contend with an increasingly <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-pending-sales-fall-prices-increase\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">unaffordable<\/span><\/a><span style=\"font-weight: 400;\"> homebuying market<\/span><span style=\"font-weight: 400;\">,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Sheharyar Bokhari<\/span><\/a><span style=\"font-weight: 400;\">. \u201cBut so far, rent price growth has been limited because there are enough new apartments to meet demand, even in the busiest time of year for the rental market.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the past three quarters, the rental vacancy rate has hovered at <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/RRVRUSQ156N\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">6.6%<\/span><\/a><span style=\"font-weight: 400;\">. That\u2019s the highest level since 2021, though it\u2019s worth noting that the vacancy rate is no longer growing like it was during the pandemic.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-a9z7g\" style=\"border: none;\" title=\"U.S. Asking Rents Rose for Second-Straight Month in May\" src=\"https:\/\/datawrapper.dwcdn.net\/a9z7g\/3\/\" width=\"600\" height=\"444\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">While asking rents ticked up in May, they\u2019re stable compared to recent years; they rose as much as 17.5% year over year during the pandemic, and then fell as much as 4.1% this past summer. Still, the median asking rent in May was just $47 below (-2.8%) August 2022\u2019s record high of $1,700, posing affordability challenges for some renters.<\/span><\/p>\n<h3>Rents Are Posting Double-Digit Gains in Washington, D.C., But Falling in the Sun Belt<\/h3>\n<p><span style=\"font-weight: 400;\">In Washington, D.C., the median asking rent rose 11.1% year over year in May\u2014the biggest jump among the 33 major U.S. metropolitan areas Redfin analyzed. Four other metros saw double-digit gains: Cincinnati (10.9%), Chicago (10.8%), Virginia Beach, VA (10.3%) and Minneapolis (10.3%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The biggest asking rent declines were in Jacksonville, FL (-10.1%), San Diego (-8.7%), Austin, TX (-7.2%), Seattle (-5.9%) and Phoenix (-5.5%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rents are falling in the Sun Belt in part because the region has been building more apartments than other parts of the country (like the Midwest and Northeast) to meet demand brought on by the influx of people who moved in during the pandemic. But the pandemic housing boom is now in the rearview mirror, and property owners are facing vacancies, <\/span><span style=\"font-weight: 400;\">which is causing rents to cool.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, rents are rising in many Midwest metros because the region hasn\u2019t been building as many apartments.<\/span><span style=\"font-weight: 400;\"> The Midwest is also the most affordable region to live in, which helps bolster demand at a time when housing affordability is strained across most of the U.S.<\/span><\/p>\n<h3>Metro-Level Summary: May 2024<\/h3>\n\n<table id=\"tablepress-406\" class=\"tablepress tablepress-id-406\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>U.S. metro area<\/strong><\/th><th class=\"column-2\"><strong>Median asking rent<\/strong><\/th><th class=\"column-3\"><strong>Month-over-month change in median asking rent<\/strong><\/th><th class=\"column-4\"><strong>Year-over-year change in median asking rent<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Atlanta, GA<\/td><td class=\"column-2\">$1,570 <\/td><td class=\"column-3\">0.6%<\/td><td class=\"column-4\">-1.1%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Austin, TX<\/td><td class=\"column-2\">$1,559 <\/td><td class=\"column-3\">-1.6%<\/td><td class=\"column-4\">-7.2%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Baltimore, MD<\/td><td class=\"column-2\">$1,599 <\/td><td class=\"column-3\">4.5%<\/td><td class=\"column-4\">6.6%<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Boston, MA<\/td><td class=\"column-2\">$2,835 <\/td><td class=\"column-3\">3.1%<\/td><td class=\"column-4\">7.4%<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Charlotte, NC<\/td><td class=\"column-2\">$1,519 <\/td><td class=\"column-3\">1.1%<\/td><td class=\"column-4\">-3.8%<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Chicago, IL<\/td><td class=\"column-2\">$1,750 <\/td><td class=\"column-3\">1.7%<\/td><td class=\"column-4\">10.8%<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">Cincinnati, OH<\/td><td class=\"column-2\">$1,372 <\/td><td class=\"column-3\">2.4%<\/td><td class=\"column-4\">10.9%<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">Dallas, TX<\/td><td class=\"column-2\">$1,529 <\/td><td class=\"column-3\">-1.1%<\/td><td class=\"column-4\">-1.3%<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">Denver, CO<\/td><td class=\"column-2\">$1,849 <\/td><td class=\"column-3\">2.7%<\/td><td class=\"column-4\">0.3%<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">Detroit, MI<\/td><td class=\"column-2\">$1,403 <\/td><td class=\"column-3\">1.0%<\/td><td class=\"column-4\">3.9%<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">Houston, TX<\/td><td class=\"column-2\">$1,275 <\/td><td class=\"column-3\">0.2%<\/td><td class=\"column-4\">6.8%<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">Indianapolis, IN<\/td><td class=\"column-2\">$1,447 <\/td><td class=\"column-3\">-0.7%<\/td><td class=\"column-4\">7.2%<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">Jacksonville, FL<\/td><td class=\"column-2\">$1,520 <\/td><td class=\"column-3\">-1.7%<\/td><td class=\"column-4\">-10.1%<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">Las Vegas, NV<\/td><td class=\"column-2\">$1,527 <\/td><td class=\"column-3\">1.7%<\/td><td class=\"column-4\">5.3%<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">Los Angeles, CA<\/td><td class=\"column-2\">$2,811 <\/td><td class=\"column-3\">-0.3%<\/td><td class=\"column-4\">-2.6%<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">Miami, FL<\/td><td class=\"column-2\">$2,486 <\/td><td class=\"column-3\">0.6%<\/td><td class=\"column-4\">-4.2%<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">Minneapolis, MN<\/td><td class=\"column-2\">$1,676 <\/td><td class=\"column-3\">1.3%<\/td><td class=\"column-4\">10.3%<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">Nashville, TN<\/td><td class=\"column-2\">$1,605 <\/td><td class=\"column-3\">0.5%<\/td><td class=\"column-4\">-5.3%<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">New York, NY<\/td><td class=\"column-2\">$2,978 <\/td><td class=\"column-3\">1.2%<\/td><td class=\"column-4\">9.2%<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">Orlando, FL<\/td><td class=\"column-2\">$1,795 <\/td><td class=\"column-3\">-0.4%<\/td><td class=\"column-4\">-4.0%<\/td>\n<\/tr>\n<tr class=\"row-22\">\n\t<td class=\"column-1\">Philadelphia, PA<\/td><td class=\"column-2\">$1,948 <\/td><td class=\"column-3\">2.5%<\/td><td class=\"column-4\">2.5%<\/td>\n<\/tr>\n<tr class=\"row-23\">\n\t<td class=\"column-1\">Phoenix, AZ<\/td><td class=\"column-2\">$1,541 <\/td><td class=\"column-3\">0.4%<\/td><td class=\"column-4\">-5.5%<\/td>\n<\/tr>\n<tr class=\"row-24\">\n\t<td class=\"column-1\">Pittsburgh, PA<\/td><td class=\"column-2\">$1,450 <\/td><td class=\"column-3\">3.7%<\/td><td class=\"column-4\">-2.4%<\/td>\n<\/tr>\n<tr class=\"row-25\">\n\t<td class=\"column-1\">Portland, OR<\/td><td class=\"column-2\">$1,860 <\/td><td class=\"column-3\">-1.0%<\/td><td class=\"column-4\">-0.5%<\/td>\n<\/tr>\n<tr class=\"row-26\">\n\t<td class=\"column-1\">Riverside, CA<\/td><td class=\"column-2\">$2,312 <\/td><td class=\"column-3\">0.6%<\/td><td class=\"column-4\">0.5%<\/td>\n<\/tr>\n<tr class=\"row-27\">\n\t<td class=\"column-1\">Sacramento, CA<\/td><td class=\"column-2\">$2,040 <\/td><td class=\"column-3\">0.4%<\/td><td class=\"column-4\">1.7%<\/td>\n<\/tr>\n<tr class=\"row-28\">\n\t<td class=\"column-1\">San Diego, CA<\/td><td class=\"column-2\">$2,820 <\/td><td class=\"column-3\">-2.6%<\/td><td class=\"column-4\">-8.7%<\/td>\n<\/tr>\n<tr class=\"row-29\">\n\t<td class=\"column-1\">San Francisco, CA<\/td><td class=\"column-2\">$2,744 <\/td><td class=\"column-3\">0.3%<\/td><td class=\"column-4\">-2.7%<\/td>\n<\/tr>\n<tr class=\"row-30\">\n\t<td class=\"column-1\">San Jose, CA<\/td><td class=\"column-2\">$3,275 <\/td><td class=\"column-3\">1.2%<\/td><td class=\"column-4\">0.9%<\/td>\n<\/tr>\n<tr class=\"row-31\">\n\t<td class=\"column-1\">Seattle, WA<\/td><td class=\"column-2\">$2,090 <\/td><td class=\"column-3\">1.1%<\/td><td class=\"column-4\">-5.9%<\/td>\n<\/tr>\n<tr class=\"row-32\">\n\t<td class=\"column-1\">Tampa, FL<\/td><td class=\"column-2\">$1,757 <\/td><td class=\"column-3\">-0.8%<\/td><td class=\"column-4\">-5.0%<\/td>\n<\/tr>\n<tr class=\"row-33\">\n\t<td class=\"column-1\">Virginia Beach, VA<\/td><td class=\"column-2\">$1,587 <\/td><td class=\"column-3\">2.9%<\/td><td class=\"column-4\">10.3%<\/td>\n<\/tr>\n<tr class=\"row-34\">\n\t<td class=\"column-1\">Washington, D.C.<\/td><td class=\"column-2\">$2,067 <\/td><td class=\"column-3\">3.9%<\/td><td class=\"column-4\">11.1%<\/td>\n<\/tr>\n<tr class=\"row-35\">\n\t<td class=\"column-1\"><strong>National\u2014U.S.A.<\/strong><\/td><td class=\"column-2\"><strong>$1,653 <\/strong><\/td><td class=\"column-3\"><strong>0.5%<\/strong><\/td><td class=\"column-4\"><strong>0.8%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-406 from cache -->\n<h3>Methodology<\/h3>\n<p><span style=\"font-weight: 400;\">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 May 2024 covers rentals that were listed on Rent.com and Redfin.com during the three months ending May 31, 2024.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Metro-level data in this report covers 33 of the 50 most populous U.S. core-based statistical areas (CBSAs)\u2014those for which Rent. and Redfin have sufficient rental data. The national figures are based on data for the entire U.S.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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":"<p>The median asking rent climbed 0.8% year over year to $1,653\u2014just $47 below the record high. Washington, D.C., Cincinnati and Chicago all saw double-digit increases. The median U.S. asking rent rose 0.8% year over year in May to $1,653\u2014the highest level since October 2022. That\u2019s the second consecutive increase (rents climbed 0.9% year over year [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":77911,"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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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":[623,562,645,88],"coauthors":[125],"class_list":["post-78065","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","tag-renting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>U.S. Asking Rents Just Hit Highest Level Since 2022<\/title>\n<meta name=\"description\" content=\"The median U.S. asking rent climbed 0.8% year over year in May to $1,653\u2014just $47 below the record high.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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