{"id":78821,"date":"2024-11-12T05:00:26","date_gmt":"2024-11-12T13:00:26","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78821"},"modified":"2024-11-11T13:20:00","modified_gmt":"2024-11-11T21:20:00","slug":"rental-tracker-october-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/rental-tracker-october-2024\/","title":{"rendered":"Rents Flat Nationally in October, But Rising in East Coast and Midwest Metros"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">The median asking rent rose 0.2% year over year in October to $1,619, but was down 0.6% month over month.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Rents dropped slightly across all bedroom counts for the third time in four months.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">The asking price per square foot for rental apartments fell 1.1% year over year, the 18th consecutive month with a decline.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Virginia Beach, VA recorded the biggest rent increase, while Raleigh, NC posted the biggest decrease.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The median U.S. asking rent barely moved in October, nudging up 0.2% year over year to $1,619. Rents were down 0.6% on a month-over-month basis.\u00a0<\/span><\/p>\n<div id=\"viz1731359950746\" 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('viz1731359950746');                    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='1500px';}                     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 have remained largely flat over the past two years, after a surge in demand during the pandemic led to a construction boom across a number of Sun Belt states.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Depending on where you live in the country, however, you could be seeing very different rental markets\u2014with some metros seeing asking rents rising by double digits, while others are seeing similar-sized falls.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cNew apartments are being completed at the<\/span><a href=\"https:\/\/www.redfin.com\/news\/renter-household-growth-q3-2024\"><span style=\"font-weight: 400;\"> fastest pace<\/span><\/a><span style=\"font-weight: 400;\"> on record and that\u2019s leading to rents falling in places like Tampa or Jacksonville, where supply now outweighs demand,\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;\">. \u201cConstruction is slowing, but we will continue to see a wave of new apartment buildings coming onto the market in coming months, which is good news for renters looking for an affordable rental in 2025.\u201d<\/span><\/p>\n<h2><b>East Coast and Midwest metros post highest rent increase, as rents in Sun Belt metros fall<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Rents are rising the most\u00a0 in the Midwest and on the East Coast, where there has been less new construction in comparison to the Sun Belt. Virginia Beach, VA, posted the biggest rent increase of the 50 most-populous metros we analyzed in October, up 11.7% year over year to $1,647.<\/span><\/p>\n<p><b>Major Metros With Highest Rent Increases<\/b><\/p>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td><span style=\"font-weight: 400;\">Median Asking Rent (Oct)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Median Asking Rent YoY Change<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Price Per Square Foot YoY Change<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Virginia Beach, VA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,647<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, DC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,060<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cleveland, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,350<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,768<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,595<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,100<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Memphis, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,249<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minneapolis, MN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,625<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Columbus, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,450<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,405<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.2%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">Rents in Washington, D.C. rose 11.1%, while Cleveland, OH (+9.8%), Chicago (+8.8%) and Baltimore (+8.5%) rounded out the five major metros where rents rose the most.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Raleigh, NC saw the biggest rent decline, down 8.8% year over year to $1,450. It was followed by Tampa, FL (-8.5%), Jacksonville, FL (-8.4%), Austin, TX (-8.2%) and San Diego (-6.4%).<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><b>Major Metros With Highest Rent Decreases<\/b><\/p>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td><span style=\"font-weight: 400;\">Median Asking Rent (Oct)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">YoY Change<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Price Per Square Foot YoY Change<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Raleigh, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,450<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-8.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-10.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,736<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-8.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,495<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-8.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-9.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,515<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-8.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-10.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Diego, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,770<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-6.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,526<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-12.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Francisco, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,685<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-6.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pittsburgh, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,394<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,720<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-6.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,497<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.7%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><b>Rents fall across all bedroom counts for third time in four months<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Despite the slight overall rise last month, asking rents fell across all bedroom counts for the third time in four months.\u00a0 The minor discrepancy between the overall median rent (showing a small 0.2% gain) and the three different bedroom counts (which all fell) 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;\">Median asking rents for 0-1 bedroom apartments fell 0.4% year over year (to $1,475 a month), 2 bedroom apartments fell 0.1% (to $1,699) and 3+ bedroom apartments fell 1.5% (to $1,985).<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td><b>Median Asking Rent<\/b><\/td>\n<td><b>YoY Change<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">0-1 Bedroom Apartments<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,475<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">2 Bedroom Apartments<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,699<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">3+ Bedroom Apartments<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,985<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.5%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><b>Asking rent price per square foot falls for 18th consecutive month<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Highlighting the improved affordability for renters overall, the asking price per square foot for rental apartments fell for the 18th consecutive month in October, dropping 1.1% from a year ago.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One reason the price per square foot is falling is the overall increase in supply stemming from the recent construction boom. <\/span><span style=\"font-weight: 400;\">Rents for newly constructed apartments <\/span><a href=\"https:\/\/www.redfin.com\/news\/new-construction-rents-Q2\/\"><span style=\"font-weight: 400;\">fell 6.2%<\/span><\/a><span style=\"font-weight: 400;\"> year over year in the second quarter, the most recent data available. In areas where new construction has boomed, including Florida and Texas, building owners are now competing with each other to fill their units\u2014leading to lower rents and concessions being offered.\u00a0<\/span><\/p>\n<h2><b>Metro-Level Summary: October 2024<\/b><\/h2>\n<table>\n<tbody>\n<tr>\n<td><b>U.S. metro area<\/b><\/td>\n<td><b>Median asking rent<\/b><\/td>\n<td><b>Month-over-month change in median asking rent<\/b><\/td>\n<td><b>Year-over-year change in median asking rent<\/b><\/td>\n<td><b>Median asking rent (PPSF)<\/b><\/td>\n<td><b>Year-over-year change in median asking rent (PPSF)<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Atlanta, GA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,551<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.60<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,515<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-8.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.70<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-10.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,595<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.70<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Birmingham, AL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,357<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.30<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Boston, MA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,741<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3.10<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Buffalo, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,350<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.70<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charlotte, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,499<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.60<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,768<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.20<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cincinnati, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,323<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.50<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cleveland, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,350<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.50<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Columbus, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,450<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.60<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Dallas, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,485<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.80<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,769<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.20<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,405<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.50<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Houston, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,282<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.50<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Indianapolis, IN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,387<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.50<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,495<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-8.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.50<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-9.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Las Vegas, NV<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,450<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.70<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Los Angeles, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,785<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3.40<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Louisville\/Jefferson County, KY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,249<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.40<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Memphis, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,249<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.30<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,380<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.50<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minneapolis, MN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,625<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.00<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,526<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.70<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-12.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New Orleans, LA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,235<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.60<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New York, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,800<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3.50<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,720<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.80<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-6.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Philadelphia, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,845<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.10<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,497<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.80<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pittsburgh, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,394<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.60<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Portland, OR<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,796<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.10<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,100<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.50<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Raleigh, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,450<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-8.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.50<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-10.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Richmond, VA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,586<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.80<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Riverside, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,319<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.70<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.40<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Salt Lake City, UT<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,479<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.80<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Diego, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,770<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-6.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3.30<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Francisco, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,685<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3.50<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-6.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Jose, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,248<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3.70<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Seattle, WA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,026<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.70<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">St. Louis, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,220<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.40<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,736<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-8.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.90<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Virginia Beach, VA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,647<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.70<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, DC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,060<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.30<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">National<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,619<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.80<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.1%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><b>Methodology<\/b><\/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 October 2024 covers rentals that were listed on Rent.com and Redfin.com during the three months ending October 31, 2024.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Metro-level data in this report covers 45 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 rose 0.2% year over year in October to $1,619, but was down 0.6% month over month. Rents dropped slightly across all bedroom counts for the third time in four months. The asking price per square foot for rental apartments fell 1.1% year over year, the 18th consecutive month with a decline. [&hellip;]<\/p>\n","protected":false},"author":13568,"featured_media":78822,"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":[694,563],"tags":[20,623,562,697,88],"dashboard":[],"coauthors":[682],"class_list":["post-78821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-monthly-rental-tracker","category-rental-market","tag-housing-affordability","tag-national","tag-rental-report","tag-rentals","tag-renting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Rents Flat Nationally in October, But Rising in East Coast Metros<\/title>\n<meta name=\"description\" content=\"The median U.S. asking rent barely moved in October, nudging up 0.2% year over year to $1,619. Rents were down 0.6% on a month-over-month basis.\" \/>\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\/rental-tracker-october-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rents Flat Nationally in October, But Rising in East Coast and Midwest Metros\" \/>\n<meta property=\"og:description\" content=\"The median U.S. asking rent barely moved in October, nudging up 0.2% year over year to $1,619. 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