{"id":78973,"date":"2024-12-11T05:00:14","date_gmt":"2024-12-11T13:00:14","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78973"},"modified":"2024-12-11T08:39:36","modified_gmt":"2024-12-11T16:39:36","slug":"rental-tracker-november-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/rental-tracker-november-2024\/","title":{"rendered":"Asking Rents Fall 0.7% to Lowest Level Since March 2022"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">The median asking rent fell 0.7% year over year in November to $1,595, dropping 1.1% month over month.<\/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 2.2% year over year to the lowest level since December 2021.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Rents dropped across all bedroom counts for the fifth consecutive month.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Cleveland recorded the biggest rent increase, while Austin, TX posted the biggest decrease.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-size: 16px; font-weight: 400;\">The median U.S. asking rent fell 0.7% year over year in November to $1,595, the lowest level since March 2022. Rents were down 1.1% on a month-over-month basis.\u00a0<\/span><\/p>\n<div id=\"viz1733850940893\" 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('viz1733850940893');                    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><i><\/i><span style=\"font-weight: 400;\">The median rent is now 6.2% lower than when it hit an all-time high of $1,700 in August 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Highlighting improved rental affordability, November marked the 19th consecutive month where the median asking rent price per square foot (PPSF) fell year over year, down 2.2% to $1.79. That\u2019s the first time the median PPSF has been below $1.80 since November 2021.\u00a0<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-eEHtT\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Asking Rent Price Per Square Foot Falls For 19th Consecutive Month\" src=\"https:\/\/datawrapper.dwcdn.net\/eEHtT\/3\/\" height=\"450\" 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;\">While the rental market has remained essentially flat over the past two years, rents have started to tick down slightly in recent months, thanks in part to the record number of new apartments that have been completed this year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nationally, apartment completions rose 22.6% year over year to the highest level in over 12 years in the second quarter. As a result, the <\/span><span style=\"font-weight: 400;\">vacancy rate for buildings with five or more units rose to <\/span><a href=\"https:\/\/www.census.gov\/housing\/hvs\/data\/histtab3.xlsx\"><span style=\"font-weight: 400;\">8%<\/span><\/a><span style=\"font-weight: 400;\"> in the third quarter, the highest level since early 2021.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cRenters in areas where construction has boomed are in a sweet spot right now. Affordability is improving as rents fall and wages rise, and there is increased choice with more and more new apartment buildings opening,\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;\">. \u201cAs construction starts to slow, rents will eventually tick back up, but <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-predictions-2025\/\"><span style=\"font-weight: 400;\">2025<\/span><\/a><span style=\"font-weight: 400;\"> is shaping up as a renter\u2019s market with potential for the affordability gap between buying and renting to widen.\u201d<\/span><\/p>\n<h2><b>Rents for 0-1 bedroom apartments fall to three-year low<\/b><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">With a major boost in supply, November marked the fifth consecutive month that asking rents fell across all bedroom counts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Median asking rents for 0-1 bedroom apartments fell 1.7% year over year to $1,450 a month, the lowest level since November 2021. Rents for 2 bedroom apartments fell 1.1% (to $1,671) and 3+ bedroom apartments fell 2.3% (to $1,955).<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td><b>Median Asking Rent (Nov)<\/b><\/td>\n<td><b>Median Asking Rent<\/b><\/p>\n<p><b>YoY Change<\/b><\/td>\n<td><b>Price Per Square Foot 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;\">$1,450<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.5%<\/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;\">$1,671<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.2%<\/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;\">$1,955<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.4%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">On a price per square foot basis, the decline was more apparent, with 0-1 bedroom apartments falling the most (-2.5%), followed by 3+ bedroom apartments (-2.4%) and 2 bedroom apartments (-1.2%).<\/span><\/p>\n<h2><b>Austin rents drop 12%, leading a number of Sun Belt metros seeing significant declines<\/b><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">As has been the case for most of 2024, of the 44 major metros Redfin analyzes, Sun Belt metros saw the most significant declines in median rents, led by Austin, TX (-12.4%), Tampa, FL (-11.3%), Raleigh, NC (-8.4%), Jacksonville, FL (-7.5%) and Nashville, TN (-7%).\u00a0<\/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><b>Median Asking Rent (Nov)<\/b><\/td>\n<td><b>Median Asking Rent<\/b><\/p>\n<p><b>YoY Change<\/b><\/td>\n<td><b>Price Per Square Foot YoY Change<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,445<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-12.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-15.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,740<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-11.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Raleigh, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,424<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-8.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-7.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,475<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-7.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,506<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-7.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-9.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,710<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Seattle, WA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,995<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New York, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,798<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,703<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pittsburgh, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,390<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.9%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">Rents rose the most in Midwest and East Coast metros, where there has been less new construction compared to the Sun Belt.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cleveland posted the biggest increase (10.6%), followed by Louisville, KY (10.2%), Baltimore (9.4%), Washington D.C. (9.4%) and Providence, RI (9.3%).<\/span><\/p>\n<p><b>Major Metros With Highest Rent Increases<\/b><\/p>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td><b>Median Asking Rent (Nov)<\/b><\/td>\n<td><b>Median Asking Rent YoY Change<\/b><\/td>\n<td><b>Price Per Square Foot YoY Change<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cleveland, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,360<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Louisville, KY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,236<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,597<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, DC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,044<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,120<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Buffalo, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,315<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,395<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.8%<\/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;\">$1,600<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,736<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Memphis, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,222<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.8%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><\/h2>\n<h2><b>Metro-Level Summary: November 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;\">$1,541<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.57<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,445<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-12.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.62<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-15.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,597<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.72<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Birmingham, AL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,363<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.34<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Boston, MA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,682<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3.05<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Buffalo, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,315<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.68<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charlotte, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,484<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.57<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,736<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.16<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cincinnati, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,315<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.49<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cleveland, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,360<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.52<\/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;\">$1,430<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.55<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Dallas, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,475<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.76<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,710<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.13<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,395<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.54<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Houston, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,259<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.43<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Indianapolis, IN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,358<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.49<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,475<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-7.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.52<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.2%<\/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;\">$1,444<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.66<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.1%<\/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;\">0.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3.37<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.9%<\/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;\">$1,236<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.37<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Memphis, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,222<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.24<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,356<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.46<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minneapolis, MN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,579<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.95<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,506<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-7.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.68<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-9.9%<\/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;\">$2,798<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3.41<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,703<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.81<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Philadelphia, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,850<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.14<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,480<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.76<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pittsburgh, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,390<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.67<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Portland, OR<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,789<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.08<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,120<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.49<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Raleigh, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,424<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-8.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.49<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-7.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Richmond, VA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,581<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.75<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Riverside, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,290<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.63<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,969<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.39<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.2%<\/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;\">$1,466<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.81<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.7%<\/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;\">$2,850<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3.42<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.2%<\/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;\">$2,677<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3.54<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.2%<\/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;\">$3,200<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3.68<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Seattle, WA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,995<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.65<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.4%<\/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;\">$1,229<\/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;\">$1.42<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,740<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-11.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.95<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.0%<\/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;\">$1,600<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.72<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, DC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,044<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.33<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>National<\/b><\/td>\n<td><b>$1,595<\/b><\/td>\n<td><b>-1.1%<\/b><\/td>\n<td><b>-0.7%<\/b><\/td>\n<td><b>$1.79<\/b><\/td>\n<td><b>-2.2%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\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 November 2024 covers rentals that were listed on Rent.com and Redfin.com during the three months ending November 30, 2024.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Metro-level data in this report covers 44 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 fell 0.7% year over year in November to $1,595, dropping 1.1% month over month. The asking price per square foot for rental apartments fell 2.2% year over year to the lowest level since December 2021. Rents dropped across all bedroom counts for the fifth consecutive month. Cleveland recorded the biggest rent [&hellip;]<\/p>\n","protected":false},"author":13568,"featured_media":78974,"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":[20,623,562,88],"dashboard":[],"coauthors":[682],"class_list":["post-78973","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-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>Asking Rents Fall 0.7% to Lowest Level Since March 2022<\/title>\n<meta name=\"description\" content=\"The median U.S. asking rent fell 0.7% year over year in November to $1,595, the lowest level since March 2022. Rents were down 1.1% on a month-over-month basis. The median rent is now 6.2% lower than when it hit an all-time high of $1,700 in August 2022.\" \/>\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-november-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asking Rents Fall 0.7% to Lowest Level Since March 2022\" \/>\n<meta property=\"og:description\" content=\"The median U.S. asking rent fell 0.7% year over year in November to $1,595, the lowest level since March 2022. Rents were down 1.1% on a month-over-month basis. 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