{"id":78183,"date":"2024-07-10T05:00:56","date_gmt":"2024-07-10T12:00:56","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78183"},"modified":"2024-10-03T16:48:27","modified_gmt":"2024-10-03T23:48:27","slug":"rents-fall-in-florida-austin-june-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/rents-fall-in-florida-austin-june-2024\/","title":{"rendered":"Rent Prices Are Dropping Across Florida\u2019s Most Populous Metros"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Asking rents fell a record 12% year over year in Jacksonville last month, and also declined in Tampa, Orlando and Miami. Austin, TX posted a record drop, too.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Florida and Texas built a lot of apartments to meet surging demand during the pandemic, and now property owners are lowering prices as they compete for tenants.\u00a0<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Nationwide, the median asking rent rose roughly 1% in June to the highest level since 2022.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The median apartment asking rent in America rose 0.7% year over year in June to $1,654. That\u2019s the biggest gain in over a year and the highest median price since October 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Florida is bucking the national trend. The Sunshine State\u2019s four most populous metro areas are seeing rent prices decline. Jacksonville\u2019s median asking rent fell 12.4% year over year in June\u2014the metro\u2019s biggest drop in records dating back to 2019. Tampa posted a 6% decline\u2014also the largest on record. In Orlando and Miami, rent prices fell 4.8% and 3.8%, respectively.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-uqmc1\" style=\"border: none;\" title=\"Rents Are Falling Across Florida's Largest Metros\" src=\"https:\/\/datawrapper.dwcdn.net\/uqmc1\/2\/\" width=\"600\" height=\"469\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">Rents are also falling fast in Austin, TX. The median asking rent in the Texas capital decreased a record 12.6% from a year earlier in June\u2014the largest decline among the 33 metros for which Redfin has rent-price data.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Both Florida and Texas built a lot of apartments during the pandemic moving frenzy in an effort to meet surging demand, and now, many property owners are lowering prices to compete for tenants.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Austin issued more multifamily building permits per 10,000 people than anywhere else in the country in 2021-2023, and Jacksonville came in third place, a separate Redfin <\/span><a href=\"https:\/\/www.redfin.com\/news\/america-building-fewer-apartments-2024\"><span style=\"font-weight: 400;\">analysis<\/span><\/a><span style=\"font-weight: 400;\"> found. While construction has slowed in many parts of Florida and Texas (and across the country as a whole), metros in the two states continue to top the list of largest building permitters.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIt\u2019s a good time to hunt for bargains if you\u2019re a renter in Florida or Austin,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\"><span style=\"font-weight: 400;\">Sheharyar Bokhari<\/span><\/a><span style=\"font-weight: 400;\">. \u201cWith so much supply on the market, renters may be able to get concessions like free parking or discounted rent. But renters in Florida should be aware that landlords are grappling with <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-insurance-survey-report-2024\/\"><span style=\"font-weight: 400;\">surging<\/span><\/a><span style=\"font-weight: 400;\"> home insurance costs, and they may ultimately ask tenants to foot the bill via higher rents.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rents may also be falling in these areas because they overheated during the pandemic\u2014causing many residents to get priced out\u2014and are still coming back down to earth. In Tampa, for example, rents surged as much as 37.8% year over year in 2022\u2014more than double the nationwide gain at the time.\u00a0<\/span><\/p>\n<h3>Rent Prices Are Inching Up Nationally as Tough Homebuying Market Buoys Rental Demand\u2014But Rising Inventory Is Limiting Price Growth<\/h3>\n<p><span style=\"font-weight: 400;\">As we mentioned above, rents in June hit the highest level since 2022. <\/span><span style=\"font-weight: 400;\">Demand from <\/span><a href=\"https:\/\/www.redfin.com\/news\/gen-z-housing-affordability-important-vote\/\"><span style=\"font-weight: 400;\">young<\/span><\/a><span style=\"font-weight: 400;\"> renters, many of whom are opting to continue renting rather than face an increasingly <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-record-high-sales-decline\/\"><span style=\"font-weight: 400;\">unaffordable<\/span><\/a><span style=\"font-weight: 400;\"> homebuying market<\/span><span style=\"font-weight: 400;\">, is bolstering rent prices. But so far, price growth has been limited because there are still a lot of new apartments hitting the market to meet that demand. When supply is on the rise, landlords typically don\u2019t have a lot of leeway to jack up prices because they\u2019re working to fill vacancies.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Apartment builders have pumped the brakes on the number of projects they\u2019re <\/span><i><span style=\"font-weight: 400;\">starting<\/span><\/i><span style=\"font-weight: 400;\">\u2014multifamily building<\/span> <a href=\"https:\/\/fred.stlouisfed.org\/series\/HOUST5F\"><span style=\"font-weight: 400;\">starts<\/span><\/a><span style=\"font-weight: 400;\"> have fallen below their 10-year historical average\u2014but completions are still near their record high because there were so many construction projects kicked off during the pandemic that are just now being finished.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a result, newly built U.S. apartments are filling up at the <\/span><a href=\"https:\/\/www.redfin.com\/news\/apartments-rented-slowest-pace-since-2020\/\"><span style=\"font-weight: 400;\">slowest pace<\/span><\/a> <span style=\"font-weight: 400;\">since 2020, and the apartment vacancy rate (in <a href=\"https:\/\/www.census.gov\/housing\/hvs\/data\/histtab3.xlsx\" target=\"_blank\" rel=\"noopener\">5+ unit<\/a> buildings) stands at 7.8%, up slightly from 7.4% at the start of 2023 and 7% at the start of 2022.<\/span><\/p>\n<h3>Rents Are Up More Than 12% in Virginia Beach and Cincinnati<\/h3>\n<p><span style=\"font-weight: 400;\">In Virginia Beach, VA, the median apartment asking rent rose 12.9% year over year in June\u2014the biggest jump among the 33 metros Redfin analyzed. Next came Cincinnati (12.2%), Washington, D.C. (11.9%), Chicago (11.3%) and Baltimore (10.7%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rent prices are rising in many Midwest and Northeast metros because those regions haven\u2019t been building as many apartments as the Sun Belt.<\/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<p><span style=\"font-weight: 400;\">The biggest asking-rent declines were in Austin (-12.6%), Jacksonville (-12.4%), San Diego (-11.4%), San Francisco (-6.1%) and Tampa (-6%).<\/span><\/p>\n<h3>Metro-Level Summary: June 2024<\/h3>\n\n<table id=\"tablepress-410\" class=\"tablepress tablepress-id-410\">\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\">$1,580 <\/td><td class=\"column-3\">1.0%<\/td><td class=\"column-4\">-0.9%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Austin, TX<\/td><td class=\"column-2\">$1,485 <\/td><td class=\"column-3\">-4.2%<\/td><td class=\"column-4\">-12.6%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Baltimore, MD<\/td><td class=\"column-2\">$1,650 <\/td><td class=\"column-3\">3.2%<\/td><td class=\"column-4\">10.7%<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Boston, MA<\/td><td class=\"column-2\">$2,873 <\/td><td class=\"column-3\">1.6%<\/td><td class=\"column-4\">7.6%<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Charlotte, NC<\/td><td class=\"column-2\">$1,520 <\/td><td class=\"column-3\">0.3%<\/td><td class=\"column-4\">-3.4%<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Chicago, IL<\/td><td class=\"column-2\">$1,778 <\/td><td class=\"column-3\">1.8%<\/td><td class=\"column-4\">11.3%<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">Cincinnati, OH<\/td><td class=\"column-2\">$1,385 <\/td><td class=\"column-3\">1.5%<\/td><td class=\"column-4\">12.2%<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">Dallas, TX<\/td><td class=\"column-2\">$1,525 <\/td><td class=\"column-3\">0.1%<\/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\">$1,843 <\/td><td class=\"column-3\">0.3%<\/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\">$1,405 <\/td><td class=\"column-3\">0.4%<\/td><td class=\"column-4\">2.2%<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">Houston, TX<\/td><td class=\"column-2\">$1,290 <\/td><td class=\"column-3\">1.6%<\/td><td class=\"column-4\">8.0%<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">Indianapolis, IN<\/td><td class=\"column-2\">$1,450 <\/td><td class=\"column-3\">1.0%<\/td><td class=\"column-4\">7.1%<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">Jacksonville, FL<\/td><td class=\"column-2\">$1,494 <\/td><td class=\"column-3\">-1.1%<\/td><td class=\"column-4\">-12.4%<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">Las Vegas, NV<\/td><td class=\"column-2\">$1,520 <\/td><td class=\"column-3\">-0.3%<\/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\">$2,796 <\/td><td class=\"column-3\">-0.5%<\/td><td class=\"column-4\">-3.9%<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">Miami, FL<\/td><td class=\"column-2\">$2,471 <\/td><td class=\"column-3\">-0.3%<\/td><td class=\"column-4\">-3.8%<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">Minneapolis, MN<\/td><td class=\"column-2\">$1,662 <\/td><td class=\"column-3\">-0.3%<\/td><td class=\"column-4\">9.4%<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">Nashville, TN<\/td><td class=\"column-2\">$1,602 <\/td><td class=\"column-3\">0.3%<\/td><td class=\"column-4\">-4.2%<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">New York, NY<\/td><td class=\"column-2\">$3,025 <\/td><td class=\"column-3\">1.6%<\/td><td class=\"column-4\">5.8%<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">Orlando, FL<\/td><td class=\"column-2\">$1,780 <\/td><td class=\"column-3\">-0.6%<\/td><td class=\"column-4\">-4.8%<\/td>\n<\/tr>\n<tr class=\"row-22\">\n\t<td class=\"column-1\">Philadelphia, PA<\/td><td class=\"column-2\">$1,950 <\/td><td class=\"column-3\">0.5%<\/td><td class=\"column-4\">1.8%<\/td>\n<\/tr>\n<tr class=\"row-23\">\n\t<td class=\"column-1\">Phoenix, AZ<\/td><td class=\"column-2\">$1,539 <\/td><td class=\"column-3\">0.2%<\/td><td class=\"column-4\">-4.1%<\/td>\n<\/tr>\n<tr class=\"row-24\">\n\t<td class=\"column-1\">Pittsburgh, PA<\/td><td class=\"column-2\">$1,510 <\/td><td class=\"column-3\">4.1%<\/td><td class=\"column-4\">0.5%<\/td>\n<\/tr>\n<tr class=\"row-25\">\n\t<td class=\"column-1\">Portland, OR<\/td><td class=\"column-2\">$1,838 <\/td><td class=\"column-3\">-0.9%<\/td><td class=\"column-4\">-2.7%<\/td>\n<\/tr>\n<tr class=\"row-26\">\n\t<td class=\"column-1\">Riverside, CA<\/td><td class=\"column-2\">$2,323 <\/td><td class=\"column-3\">0.8%<\/td><td class=\"column-4\">1.7%<\/td>\n<\/tr>\n<tr class=\"row-27\">\n\t<td class=\"column-1\">Sacramento, CA<\/td><td class=\"column-2\">$2,045 <\/td><td class=\"column-3\">0.2%<\/td><td class=\"column-4\">2.3%<\/td>\n<\/tr>\n<tr class=\"row-28\">\n\t<td class=\"column-1\">San Diego, CA<\/td><td class=\"column-2\">$2,730 <\/td><td class=\"column-3\">-2.7%<\/td><td class=\"column-4\">-11.4%<\/td>\n<\/tr>\n<tr class=\"row-29\">\n\t<td class=\"column-1\">San Francisco, CA<\/td><td class=\"column-2\">$2,737 <\/td><td class=\"column-3\">0.1%<\/td><td class=\"column-4\">-6.1%<\/td>\n<\/tr>\n<tr class=\"row-30\">\n\t<td class=\"column-1\">San Jose, CA<\/td><td class=\"column-2\">$3,290 <\/td><td class=\"column-3\">0.6%<\/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\">$2,094 <\/td><td class=\"column-3\">0.9%<\/td><td class=\"column-4\">-4.6%<\/td>\n<\/tr>\n<tr class=\"row-32\">\n\t<td class=\"column-1\">Tampa, FL<\/td><td class=\"column-2\">$1,750 <\/td><td class=\"column-3\">-0.3%<\/td><td class=\"column-4\">-6.0%<\/td>\n<\/tr>\n<tr class=\"row-33\">\n\t<td class=\"column-1\">Virginia Beach, VA<\/td><td class=\"column-2\">$1,615 <\/td><td class=\"column-3\">1.7%<\/td><td class=\"column-4\">12.9%<\/td>\n<\/tr>\n<tr class=\"row-34\">\n\t<td class=\"column-1\">Washington, D.C.<\/td><td class=\"column-2\">$2,099 <\/td><td class=\"column-3\">2.1%<\/td><td class=\"column-4\">11.9%<\/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>$1,654 <\/strong><\/td><td class=\"column-3\"><strong>0.2%<\/strong><\/td><td class=\"column-4\"><strong>0.7%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-410 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 June 2024 covers rentals that were listed on Rent.com and Redfin.com during the three months ending June 30, 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>Asking rents fell a record 12% year over year in Jacksonville last month, and also declined in Tampa, Orlando and Miami. Austin, TX posted a record drop, too. Florida and Texas built a lot of apartments to meet surging demand during the pandemic, and now property owners are lowering prices as they compete for tenants.\u00a0 [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":73297,"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],"dashboard":[],"coauthors":[125],"class_list":["post-78183","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 v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Rent Prices Are Dropping Across Florida\u2019s Most Populous Metros<\/title>\n<meta name=\"description\" content=\"Nationwide, the median apartment asking rent rose roughly 1% year over year in June to the highest level since 2022.\" \/>\n<meta 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