{"id":78519,"date":"2024-09-10T05:00:17","date_gmt":"2024-09-10T12:00:17","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78519"},"modified":"2024-10-03T15:49:18","modified_gmt":"2024-10-03T22:49:18","slug":"rental-tracker-august-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/rental-tracker-august-2024\/","title":{"rendered":"Asking Rents Rose the Most in Over a Year in August, But Remain Below Record Highs Hit Two Years Earlier"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">The median asking rent climbed for the fifth consecutive month, up 0.9% year over year to $1,645.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Rents dropped 17.9% in Austin\u2014more than any other metro Redfin analyzed. East Coast and Midwest metros saw the steepest increases.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Asking rents for 0-1 and 2 bedroom apartments remained flat, while 3+ bedroom apartments fell 1.7%.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The median U.S. asking rent rose 0.9% year over year in August to $1,645\u2014the biggest annual increase since April 2023. Rents were up 0.1% on a month-over-month basis.\u00a0<\/span><\/p>\n<div id=\"viz1725899860114\" class=\"tableauPlaceholder\" style=\"position: relative;\"><noscript><a href='https:&#47;&#47;www.redfin.com&#47;'><img alt=' ' src='https:&#47;&#47;public.tableau.com&#47;static&#47;images&#47;Re&#47;RentalMarket-Public&#47;RentalMarket&#47;1_rss.png' style='border: none' \/><\/a><\/noscript><object class=\"tableauViz\" style=\"display: none;\" width=\"300\" height=\"150\"><param name=\"host_url\" value=\"https%3A%2F%2Fpublic.tableau.com%2F\" \/><param name=\"embed_code_version\" value=\"3\" \/><param name=\"site_root\" value=\"\" \/><param name=\"name\" value=\"RentalMarket-Public\/RentalMarket\" \/><param name=\"tabs\" value=\"yes\" \/><param name=\"toolbar\" value=\"yes\" \/><param name=\"static_image\" value=\"https:\/\/public.tableau.com\/static\/images\/Re\/RentalMarket-Public\/RentalMarket\/1.png\" \/><param name=\"animate_transition\" value=\"yes\" \/><param name=\"display_static_image\" value=\"yes\" \/><param name=\"display_spinner\" value=\"yes\" \/><param name=\"display_overlay\" value=\"yes\" \/><param name=\"display_count\" value=\"yes\" \/><param name=\"language\" value=\"en-US\" \/><param name=\"filter\" value=\"publish=yes\" \/><\/object><\/div>\n<p><script type='text\/javascript'>                    var divElement = document.getElementById('viz1725899860114');                    var vizElement = divElement.getElementsByTagName('object')[0];                    if ( divElement.offsetWidth > 800 ) { vizElement.style.width='1344px';vizElement.style.height='750px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='1344px';vizElement.style.height='750px';} else { vizElement.style.width='100%';vizElement.style.height='1550px';}                     var scriptElement = document.createElement('script');                    scriptElement.src = 'https:\/\/public.tableau.com\/javascripts\/api\/viz_v1.js';                    vizElement.parentNode.insertBefore(scriptElement, vizElement);                <\/script><\/p>\n<p><span style=\"font-weight: 400;\">Rents for 0-1 bedroom apartments ticked up 0.1% year over year to $1,495, while 2 bedroom apartments remained unchanged at $1,725. Rents for 3+ bedroom apartments fell 1.7% to $2,008. The discrepancy between the overall result (showing a 0.9% gain) and the three different bedroom counts (which either fell, remained the same, or rose by a lower amount) is the result of a statistical phenomenon known as <\/span><a href=\"https:\/\/www.britannica.com\/topic\/Simpsons-paradox\"><span style=\"font-weight: 400;\">Simpson\u2019s paradox<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While rents rose the most in nearly 18 months, August marked two years from when they hit an all-time high. Lower rents, paired with wages growing <\/span><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=1ttck\"><span style=\"font-weight: 400;\">3.8%<\/span><\/a><span style=\"font-weight: 400;\"> year over year, show that rental affordability has improved.\u00a0<\/span><\/p>\n<table style=\"height: 284px;\" width=\"1173\">\n<tbody>\n<tr>\n<td><\/td>\n<td style=\"text-align: center;\"><b>August 2022<\/b><\/td>\n<td style=\"text-align: center;\"><b>August 2024<\/b><\/td>\n<td style=\"text-align: center;\"><strong>+\/-\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Apartments (overall)<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,700<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,645<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-3.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">0-1 Bedroom Apartments<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,581<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,495<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-5.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">2 Bedroom Apartments<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,790<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,725<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-3.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">3+ Bedroom Apartments<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$2,024<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$2,008<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-0.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Median Home Sale Price<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$409,000<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$439,000 (July)<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">+7.3%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">Multifamily building completions are at <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/COMPU5MUSA\"><span style=\"font-weight: 400;\">historic highs<\/span><\/a><span style=\"font-weight: 400;\"> in 2024 and in some areas supply now outweighs demand. That is driving some building owners to reduce rents and offer concessions to prospective tenants.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cAlmost everything in our lives costs more than it did two years ago\u2014but rents have remained largely stable thanks to the <\/span><a href=\"https:\/\/www.redfin.com\/news\/america-building-fewer-apartments-2024\/\"><span style=\"font-weight: 400;\">construction boom<\/span><\/a><span style=\"font-weight: 400;\">, especially across the Sun Belt states,\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;\">. \u201cWe are seeing rents tick up a little now that new construction is starting to <\/span><a href=\"https:\/\/www.redfin.com\/news\/america-building-fewer-apartments-2024\/\"><span style=\"font-weight: 400;\">slow down<\/span><\/a><span style=\"font-weight: 400;\">, but asking rents are likely to stay relatively flat for some time due to the backlog of new apartments that are still coming onto the market.\u201d<\/span><\/p>\n<h2>Rents in Austin and other Sun Belt metros continue to fall the fastest<\/h2>\n<p><span style=\"font-weight: 400;\">The trend of increased construction leading to lower rents is most obvious in Austin, TX where the median asking rent fell 17.6% year over year in August\u2014the steepest decline of the 33 major metros we analyzed. In dollar terms, that means rents in Austin are $317 a month less now than they were a year ago.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-78522\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/Rental-Market.png\" alt=\"\" width=\"799\" height=\"599\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/Rental-Market.png 799w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/Rental-Market-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/Rental-Market-768x576.png 768w\" sizes=\"(max-width: 799px) 100vw, 799px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Authorities in the Texas capital signed off on the most <\/span><a style=\"font-size: 16px; background-color: #ffffff;\" href=\"https:\/\/www.redfin.com\/news\/america-building-fewer-apartments-2024\/\"><span style=\"font-weight: 400;\">new construction<\/span><\/a><span style=\"font-weight: 400;\"> in the country in an effort to keep up with soaring demand during the pandemic. Demand has now leveled off, but a lot of new apartments are still coming onto the market, so asking rents are falling.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">San Diego (-13.3%) and Jacksonville, FL (-13%) also recorded double-digit decreases in asking rents in August, while San Francisco (-7.8%) and Tampa, FL (-5.8%) rounded out the five metros with the largest rent decreases.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Metro-level data in this report covers apartment asking rents in 33 major U.S. metropolitan areas. National data represents the entire U.S.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The median asking rent in Virginia Beach, VA rose 15.2% year over year in August, the biggest jump among the metros Redfin analyzed. Washington, D.C. (up 12.2%), Baltimore, MD (up 11.3%), Chicago (up 10.8%) and Cincinnati, OH (up 9.4%) posted the next highest gains.<\/span><\/p>\n<h2><strong>Metro-Level Summary: August 2024<\/strong><\/h2>\n<table>\n<tbody>\n<tr>\n<td style=\"text-align: center;\"><b>U.S. metro area<\/b><\/td>\n<td style=\"text-align: center;\"><b>Median asking rent<\/b><\/td>\n<td style=\"text-align: center;\"><b>Month-over-month change in median asking rent<\/b><\/td>\n<td style=\"text-align: center;\"><b>Year-over-year change in median asking rent<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Atlanta, GA<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,575<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.3%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-0.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Austin, TX<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,482<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">2.2%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-17.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Baltimore, MD<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,640<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-1.4%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">11.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Boston, MA<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$2,804<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-0.7%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">4.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Charlotte, NC<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,513<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-0.2%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-3.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,779<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">1.1%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">10.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Cincinnati, OH<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,345<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-0.9%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">9.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Dallas, TX<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,488<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-0.8%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-3.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Denver, CO<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,820<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-0.2%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Detroit, MI<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,399<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.6%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">1.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Houston, TX<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,310<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.8%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">9.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Indianapolis, IN<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,412<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.5%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">3.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,478<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">1.2%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-13.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Las Vegas, NV<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,499<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-1.5%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">3.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Los Angeles, CA<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$2,775<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.3%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-4.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Miami, FL<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$2,404<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-0.9%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-3.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Minneapolis, MN<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,650<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.3%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">8.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Nashville, TN<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,576<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-1.0%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-4.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">New York, NY<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$2,962<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-2.5%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,762<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-0.3%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-4.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Philadelphia, PA<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,876<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-2.5%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-1.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Phoenix, AZ<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,518<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-0.3%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-5.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Pittsburgh, PA<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,420<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-2.3%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-4.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Portland, OR<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,792<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-0.2%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-3.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Riverside, CA<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$2,323<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.7%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">2.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$2,050<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.2%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">1.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">San Diego, CA<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$2,695<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.0%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-13.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">San Francisco, CA<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$2,668<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-0.7%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-7.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">San Jose, CA<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$3,299<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.1%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Seattle, WA<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$2,070<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.1%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-1.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,750<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.3%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-5.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Virginia Beach, VA<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,635<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">1.8%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">15.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Washington, DC<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$2,100<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.0%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">12.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><b>National\u2014U.S.A.<\/b><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1,645<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.1%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.9%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><b>Methodology<\/b><\/h2>\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 August 2024 covers rentals that were listed on Rent.com and Redfin.com during the three months ending August 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 for the fifth consecutive month, up 0.9% year over year to $1,645. Rents dropped 17.9% in Austin\u2014more than any other metro Redfin analyzed. East Coast and Midwest metros saw the steepest increases. Asking rents for 0-1 and 2 bedroom apartments remained flat, while 3+ bedroom apartments fell 1.7%. The median [&hellip;]<\/p>\n","protected":false},"author":13568,"featured_media":78520,"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":[27,8,694,563],"tags":[623,562],"coauthors":[682],"class_list":["post-78519","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","category-monthly-rental-tracker","category-rental-market","tag-national","tag-rental-report"],"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>Rents Rose 0.9% in August, But Remain Below Record Highs<\/title>\n<meta name=\"description\" content=\"While rents rose the most in nearly 18 months, August marked two years from when they hit an all-time high. 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