{"id":78617,"date":"2024-09-26T05:30:04","date_gmt":"2024-09-26T12:30:04","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78617"},"modified":"2024-09-27T14:37:46","modified_gmt":"2024-09-27T21:37:46","slug":"new-construction-rents-q2","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/new-construction-rents-q2\/","title":{"rendered":"Asking Rents for New Apartments Drop 6% to Lowest Level Since 2022, as Finished Buildings Soar"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">The asking rent for a new apartment fell to $1,746 in the second quarter, down 6.2% from a year ago.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">One-bedroom apartments fell the most, dropping 9% to $1,566.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Asking rents dropped at the same time new apartment completions rose to the highest level in at least 12 years.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Asking rents for newly constructed apartments fell to $1,746 in the second quarter, down 6.2% from a year earlier to the lowest level in more than two years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It was the second consecutive quarter that rents for newly built apartments posted an annual decline and the second-steepest drop in the past five years\u2014trailing only this year\u2019s first quarter, when rents fell 7.5%.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-Qe2b0\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Asking Rents For New Apartments Fall to Lowest Level Since Q1 2022\" src=\"https:\/\/datawrapper.dwcdn.net\/Qe2b0\/4\/\" height=\"336\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Multiple Lines\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s according to a Redfin analysis of the U.S. Census Bureau\u2019s data for newly-constructed, unfurnished, unsubsidized, privately financed rental apartments in buildings with five or more units, dating back to the first quarter of 2012. The most recent data available measures apartments that were completed in the first quarter of 2024, and either rented or not rented within three months of then.\u00a0<\/span><\/p>\n<h2>Apartment building construction boom leading to lower rents<\/h2>\n<p><span style=\"font-weight: 400;\">Monthly asking rents for new apartments hit a peak of $1,889 in the first quarter of 2022, but have trailed off since, as the number of newly constructed apartments shot up. Apartment completions rose 18.7% in the first quarter year over year to reach the highest number in over a decade.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-AheSX\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"New Apartment Completions Hit Highest Level in 12 Years\" src=\"https:\/\/datawrapper.dwcdn.net\/AheSX\/1\/\" height=\"431\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Column Chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">\u201cRents for new apartments will likely fall a little more this year, because there are still a ton of <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/UNDCON5MUSA\"><span style=\"font-weight: 400;\">new buildings<\/span><\/a><span style=\"font-weight: 400;\"> being completed,\u201d said <\/span><span style=\"font-weight: 400;\">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 new apartments popping up everywhere, owners are competing with one another to find tenants by reducing rents and offering concessions like free parking. If you\u2019re a renter in a market like Dallas or Nashville, where construction has been <\/span><a href=\"https:\/\/www.redfin.com\/news\/america-building-fewer-apartments-2024\/\"><span style=\"font-weight: 400;\">booming<\/span><\/a><span style=\"font-weight: 400;\">, there are likely deals to be found.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An example of how much impact new construction has on asking rents can be found in Austin, TX, where overall rents (for new <\/span><i><span style=\"font-weight: 400;\">and<\/span><\/i><span style=\"font-weight: 400;\"> existing apartments) fell 17.6% in August year over year, according to Redfin\u2019s <\/span><a href=\"https:\/\/www.redfin.com\/news\/rental-tracker-august-2024\/\"><span style=\"font-weight: 400;\">Rental Tracker<\/span><\/a><span style=\"font-weight: 400;\">. Austin\u2014like many Sun Belt metros\u2014saw some of the highest levels of multifamily housing construction over the past few years, but rents are now starting to fall as supply increases and demand levels off.<\/span><\/p>\n<h3>Newly-built one-bedroom apartments have seen the largest rent declines<\/h3>\n<p><span style=\"font-weight: 400;\">Rents for one-bedroom apartments\u2014the most common type of new apartment\u2014fell the most in the second quarter, down 9% year over year to $1,566. Two-bedroom apartments dropped 4.5% to $1,934, while three-or-more-bedroom apartments fell 3% to $2,309.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-U8GMT\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Asking Rents Decreasing for Newly Built 1BR, 2BR and 3BR Apartments\" src=\"https:\/\/datawrapper.dwcdn.net\/U8GMT\/3\/\" height=\"430\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">Studio apartments saw asking rents climb slightly, up 0.9% to $1,617. The median asking rent for newly constructed studio apartments is more volatile and\u2014like this month\u2014can sometimes be higher than those for one-bedroom apartments. That\u2019s because there are far fewer studios being built and they are more likely to be located in larger, more expensive cities.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The asking rent for a new apartment fell to $1,746 in the second quarter, down 6.2% from a year ago. One-bedroom apartments fell the most, dropping 9% to $1,566. Asking rents dropped at the same time new apartment completions rose to the highest level in at least 12 years. Asking rents for newly constructed apartments [&hellip;]<\/p>\n","protected":false},"author":13568,"featured_media":78618,"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":[27,8,25,563],"tags":[623,88],"dashboard":[],"coauthors":[682,115],"class_list":["post-78617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","category-new-construction","category-rental-market","tag-national","tag-renting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Rents for New Apartments Drop 6% to Lowest Level Since 2022<\/title>\n<meta name=\"description\" content=\"Asking rents for newly constructed apartments fell to $1,746 in the second quarter, down 6.2% from a year earlier to the lowest level in more than two years. It was the second consecutive quarter that rents for newly built apartments posted an annual decline and the second-steepest drop in the past five years\u2014trailing only this year\u2019s first quarter, when rents fell 7.5%.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/new-construction-rents-q2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asking Rents for New Apartments Drop 6% to Lowest Level Since 2022, as Finished Buildings Soar\" \/>\n<meta property=\"og:description\" content=\"Asking rents for newly constructed apartments fell to $1,746 in the second quarter, down 6.2% from a year earlier to the lowest level in more than two years. It was the second consecutive quarter that rents for newly built apartments posted an annual decline and the second-steepest drop in the past five years\u2014trailing only this year\u2019s first quarter, when rents fell 7.5%.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/new-construction-rents-q2\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-26T12:30:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-27T21:37:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/pexels-trygve-finkelsen-1500241-3029037-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1703\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mark Worley, Sheharyar Bokhari\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark Worley, Sheharyar Bokhari\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/new-construction-rents-q2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/new-construction-rents-q2\\\/\"},\"author\":{\"name\":\"Mark Worley\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/b27401b85d20cf494c7fe628d181b5d9\"},\"headline\":\"Asking Rents for New Apartments Drop 6% to Lowest Level Since 2022, as Finished Buildings Soar\",\"datePublished\":\"2024-09-26T12:30:04+00:00\",\"dateModified\":\"2024-09-27T21:37:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/new-construction-rents-q2\\\/\"},\"wordCount\":486,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/new-construction-rents-q2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/pexels-trygve-finkelsen-1500241-3029037-scaled.jpg\",\"keywords\":[\"national\",\"renting\"],\"articleSection\":[\"Affordability\",\"Housing Market News\",\"New Construction\",\"Rental Market\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/new-construction-rents-q2\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/new-construction-rents-q2\\\/\",\"name\":\"Rents for New Apartments Drop 6% to Lowest Level Since 2022\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/new-construction-rents-q2\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/new-construction-rents-q2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/pexels-trygve-finkelsen-1500241-3029037-scaled.jpg\",\"datePublished\":\"2024-09-26T12:30:04+00:00\",\"dateModified\":\"2024-09-27T21:37:46+00:00\",\"description\":\"Asking rents for newly constructed apartments fell to $1,746 in the second quarter, down 6.2% from a year earlier to the lowest level in more than two years. It was the second consecutive quarter that rents for newly built apartments posted an annual decline and the second-steepest drop in the past five years\u2014trailing only this year\u2019s first quarter, when rents fell 7.5%.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/new-construction-rents-q2\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.redfin.com/news\\\/new-construction-rents-q2\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/new-construction-rents-q2\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/pexels-trygve-finkelsen-1500241-3029037-scaled.jpg\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/pexels-trygve-finkelsen-1500241-3029037-scaled.jpg\",\"width\":1804,\"height\":1200},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/new-construction-rents-q2\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.redfin.com/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Asking Rents for New Apartments Drop 6% to Lowest Level Since 2022, as Finished Buildings Soar\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/\",\"name\":\"Redfin Real Estate News\",\"description\":\"The latest real estate news and research from technology-powered residential real estate company, Redfin.\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.redfin.com/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\",\"name\":\"Redfin\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com\\\/news\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Redfin-News-Logo.png\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com\\\/news\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Redfin-News-Logo.png\",\"width\":1100,\"height\":235,\"caption\":\"Redfin\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/redfin\",\"https:\\\/\\\/x.com\\\/redfin\",\"https:\\\/\\\/www.instagram.com\\\/redfinrealestate\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/redfin\",\"https:\\\/\\\/www.pinterest.com\\\/redfin\\\/\",\"https:\\\/\\\/en.wikipedia.org\\\/wiki\\\/Redfin\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/b27401b85d20cf494c7fe628d181b5d9\",\"name\":\"Mark Worley\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2025\\\/05\\\/25Q2_Mark_Worley_145_RT-1-150x150.jpg41afe87b6e554cf9936805e4a5d5675d\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2025\\\/05\\\/25Q2_Mark_Worley_145_RT-1-150x150.jpg\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2025\\\/05\\\/25Q2_Mark_Worley_145_RT-1-150x150.jpg\",\"caption\":\"Mark Worley\"},\"description\":\"As a data journalist, Mark helps to explain the range of economic factors impacting the housing market. Prior to joining Redfin, he spent seven years in content operations at real-time information company Dataminr, following reporting and editing roles in Australia, SE Asia and the Middle East.\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/author\\\/mark-worley\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Rents for New Apartments Drop 6% to Lowest Level Since 2022","description":"Asking rents for newly constructed apartments fell to $1,746 in the second quarter, down 6.2% from a year earlier to the lowest level in more than two years. It was the second consecutive quarter that rents for newly built apartments posted an annual decline and the second-steepest drop in the past five years\u2014trailing only this year\u2019s first quarter, when rents fell 7.5%.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.redfin.com\/news\/new-construction-rents-q2\/","og_locale":"en_US","og_type":"article","og_title":"Asking Rents for New Apartments Drop 6% to Lowest Level Since 2022, as Finished Buildings Soar","og_description":"Asking rents for newly constructed apartments fell to $1,746 in the second quarter, down 6.2% from a year earlier to the lowest level in more than two years. It was the second consecutive quarter that rents for newly built apartments posted an annual decline and the second-steepest drop in the past five years\u2014trailing only this year\u2019s first quarter, when rents fell 7.5%.","og_url":"https:\/\/www.redfin.com\/news\/new-construction-rents-q2\/","og_site_name":"Redfin Real Estate News","article_publisher":"https:\/\/www.facebook.com\/redfin","article_published_time":"2024-09-26T12:30:04+00:00","article_modified_time":"2024-09-27T21:37:46+00:00","og_image":[{"width":2560,"height":1703,"url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/pexels-trygve-finkelsen-1500241-3029037-scaled.jpg","type":"image\/jpeg"}],"author":"Mark Worley, Sheharyar Bokhari","twitter_card":"summary_large_image","twitter_creator":"@redfin","twitter_site":"@redfin","twitter_misc":{"Written by":"Mark Worley, Sheharyar Bokhari","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.redfin.com\/news\/new-construction-rents-q2\/#article","isPartOf":{"@id":"https:\/\/www.redfin.com\/news\/new-construction-rents-q2\/"},"author":{"name":"Mark Worley","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/person\/b27401b85d20cf494c7fe628d181b5d9"},"headline":"Asking Rents for New Apartments Drop 6% to Lowest Level Since 2022, as Finished Buildings Soar","datePublished":"2024-09-26T12:30:04+00:00","dateModified":"2024-09-27T21:37:46+00:00","mainEntityOfPage":{"@id":"https:\/\/www.redfin.com\/news\/new-construction-rents-q2\/"},"wordCount":486,"publisher":{"@id":"https:\/\/www.redfin.com\/news\/#organization"},"image":{"@id":"https:\/\/www.redfin.com\/news\/new-construction-rents-q2\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/pexels-trygve-finkelsen-1500241-3029037-scaled.jpg","keywords":["national","renting"],"articleSection":["Affordability","Housing Market News","New Construction","Rental Market"],"inLanguage":"en-US","copyrightYear":"2024","copyrightHolder":{"@id":"https:\/\/www.redfin.com\/news\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.redfin.com\/news\/new-construction-rents-q2\/","url":"https:\/\/www.redfin.com\/news\/new-construction-rents-q2\/","name":"Rents for New Apartments Drop 6% to Lowest Level Since 2022","isPartOf":{"@id":"https:\/\/www.redfin.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.redfin.com\/news\/new-construction-rents-q2\/#primaryimage"},"image":{"@id":"https:\/\/www.redfin.com\/news\/new-construction-rents-q2\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/pexels-trygve-finkelsen-1500241-3029037-scaled.jpg","datePublished":"2024-09-26T12:30:04+00:00","dateModified":"2024-09-27T21:37:46+00:00","description":"Asking rents for newly constructed apartments fell to $1,746 in the second quarter, down 6.2% from a year earlier to the lowest level in more than two years. It was the second consecutive quarter that rents for newly built apartments posted an annual decline and the second-steepest drop in the past five years\u2014trailing only this year\u2019s first quarter, when rents fell 7.5%.","breadcrumb":{"@id":"https:\/\/www.redfin.com\/news\/new-construction-rents-q2\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.redfin.com\/news\/new-construction-rents-q2\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/new-construction-rents-q2\/#primaryimage","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/pexels-trygve-finkelsen-1500241-3029037-scaled.jpg","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/pexels-trygve-finkelsen-1500241-3029037-scaled.jpg","width":1804,"height":1200},{"@type":"BreadcrumbList","@id":"https:\/\/www.redfin.com\/news\/new-construction-rents-q2\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.redfin.com\/news\/"},{"@type":"ListItem","position":2,"name":"Asking Rents for New Apartments Drop 6% to Lowest Level Since 2022, as Finished Buildings Soar"}]},{"@type":"WebSite","@id":"https:\/\/www.redfin.com\/news\/#website","url":"https:\/\/www.redfin.com\/news\/","name":"Redfin Real Estate News","description":"The latest real estate news and research from technology-powered residential real estate company, Redfin.","publisher":{"@id":"https:\/\/www.redfin.com\/news\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.redfin.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.redfin.com\/news\/#organization","name":"Redfin","url":"https:\/\/www.redfin.com\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/logo\/image\/","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/Redfin-News-Logo.png","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/Redfin-News-Logo.png","width":1100,"height":235,"caption":"Redfin"},"image":{"@id":"https:\/\/www.redfin.com\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/redfin","https:\/\/x.com\/redfin","https:\/\/www.instagram.com\/redfinrealestate\/","https:\/\/www.linkedin.com\/company\/redfin","https:\/\/www.pinterest.com\/redfin\/","https:\/\/en.wikipedia.org\/wiki\/Redfin"]},{"@type":"Person","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/person\/b27401b85d20cf494c7fe628d181b5d9","name":"Mark Worley","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/05\/25Q2_Mark_Worley_145_RT-1-150x150.jpg41afe87b6e554cf9936805e4a5d5675d","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/05\/25Q2_Mark_Worley_145_RT-1-150x150.jpg","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/05\/25Q2_Mark_Worley_145_RT-1-150x150.jpg","caption":"Mark Worley"},"description":"As a data journalist, Mark helps to explain the range of economic factors impacting the housing market. Prior to joining Redfin, he spent seven years in content operations at real-time information company Dataminr, following reporting and editing roles in Australia, SE Asia and the Middle East.","url":"https:\/\/www.redfin.com\/news\/author\/mark-worley\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/78617","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13568"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=78617"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/78617\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/78618"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=78617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=78617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=78617"},{"taxonomy":"dashboard","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/dashboard?post=78617"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=78617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}