{"id":79084,"date":"2025-01-09T05:30:52","date_gmt":"2025-01-09T13:30:52","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79084"},"modified":"2025-01-09T09:53:37","modified_gmt":"2025-01-09T17:53:37","slug":"rental-tracker-december-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/rental-tracker-december-2024\/","title":{"rendered":"U.S. Asking Rents Ended 2024 at the Lowest Level in Nearly Three Years"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>The median asking rent fell 0.3% year over year in December to $1,594, the lowest since March 2022.\u00a0<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Austin, TX posted the biggest decline, with asking rents down 16%, followed by Tampa and Jacksonville. Rents rose most in Providence, RI, Virginia Beach and Louisville.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Property owners are lowering rents to attract tenants as an influx of new supply drives up vacancies; apartment completions surged 58% in the third quarter to the highest level in half a century.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The median U.S. asking rent fell 0.3% year over year in December to $1,594\u2014the lowest level since March 2022. It was down 0.1% from a month earlier, and down 6.2% from its August 2022 record high of $1,700.<\/span><\/p>\n<div id=\"viz1736361413305\" 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('viz1736361413305');                    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;\">The median asking rent per square foot dropped 1.9% year over year in December to $1.78, and fell 0.1% month over month.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Asking rents have been inching down because an influx of supply has left apartment owners with rising vacancies. Apartment completions <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/COMPU5MUSA#0\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">surged<\/span><\/a><span style=\"font-weight: 400;\"> 58.1% year over year to the highest level since 1974 in the third quarter\u2014the most recent period for which data is available. <\/span><span style=\"font-weight: 400;\">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\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">8%<\/span><\/a><span style=\"font-weight: 400;\">, the highest since early 2021.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe\u2019re kicking off 2025 in a <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-predictions-2025\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">renter\u2019s market<\/span><\/a><span style=\"font-weight: 400;\">, with many renters finding that apartments cost less than a year ago\u2014especially in the Sun Belt,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Sheharyar Bokhari<\/span><\/a><span style=\"font-weight: 400;\">. \u201cWhile asking rents declined in 2024, they may not have much further to fall this year given that apartment construction has begun to <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/HOUST5F\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">slow<\/span><\/a><span style=\"font-weight: 400;\">.\u201d<\/span><\/p>\n<h3>Asking rents fell across all apartment types, with 3+ bedrooms seeing the largest decline<\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nAsking rents fell across all bedroom counts for the sixth consecutive month in December.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The median asking rent for 0-1 bedroom apartments fell 1% year over year to $1,449. For 2 bedroom apartments, it declined 0.6% to $1,665, and for 3+ bedroom apartments, it dropped 2.5% to $1,950.<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td><b>Median asking rent<\/b><\/td>\n<td><b>YoY change in median asking rent<\/b><\/td>\n<td><b>Median asking rent per square foot<\/b><\/td>\n<td><b>YoY change in median asking rent per square foot<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>0-1 bedroom apartments<\/b><\/td>\n<td><span style=\"font-weight: 400;\">$1,449<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2.05<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>2 bedroom apartments\u00a0<\/b><\/td>\n<td><span style=\"font-weight: 400;\">$1,665<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.60<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>3+ bedroom apartments<\/b><\/td>\n<td><span style=\"font-weight: 400;\">$1,950<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1.49<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.2%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Asking rents fell fastest in Austin, now 23% below their all-time high<\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nIn Austin, TX, the median asking rent dropped 16.3% year over year in December\u2014the largest decline among the 44 major U.S. metropolitan areas Redfin analyzed. At $1,393, Austin\u2019s median asking rent last month was 22.6% below its August 2023 record high.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Florida is home to the two metros that posted the next steepest declines: Tampa (-10.4%) and Jacksonville (-6.7%). Next came Nashville (-6.3%) and New York (-4.6%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Asking rents are falling most in the Sun Belt because the region has been building a lot of housing, and because in some areas, rents are coming back down to earth after rising to unsustainable levels during the pandemic moving frenzy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rents rose most in Providence, RI (12.6% YoY), followed by Virginia Beach, VA (10.9%), Louisville, KY (10%), Baltimore (10%) and Buffalo, NY (9.4%).<\/span><\/p>\n<h3>Metro-Level Summary: December 2024<\/h3>\n\n<table id=\"tablepress-429\" class=\"tablepress tablepress-id-429\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>U.S. metro area<\/strong><\/th><th class=\"column-2\"><strong>Median asking rent<\/strong><\/th><th class=\"column-3\"><strong>YoY change in median asking rent<\/strong><\/th><th class=\"column-4\"><strong>MoM change in median asking rent<\/strong><\/th><th class=\"column-5\"><strong>Median asking rent per square foot<\/strong><\/th><th class=\"column-6\"><strong>YoY change in median asking rent per square foot<\/strong><\/th><th class=\"column-7\"><strong>MoM change in median asking rent per square foot<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Atlanta, GA<\/td><td class=\"column-2\">$1,530 <\/td><td class=\"column-3\">1.9%<\/td><td class=\"column-4\">-0.6%<\/td><td class=\"column-5\">$1.56 <\/td><td class=\"column-6\">-1.3%<\/td><td class=\"column-7\">-0.6%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Austin, TX<\/td><td class=\"column-2\">$1,393 <\/td><td class=\"column-3\">-16.3%<\/td><td class=\"column-4\">-1.9%<\/td><td class=\"column-5\">$1.60 <\/td><td class=\"column-6\">-22.9%<\/td><td class=\"column-7\">-1.3%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Baltimore, MD<\/td><td class=\"column-2\">$1,600 <\/td><td class=\"column-3\">10.0%<\/td><td class=\"column-4\">0.3%<\/td><td class=\"column-5\">$1.71 <\/td><td class=\"column-6\">5.0%<\/td><td class=\"column-7\">-0.2%<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Birmingham, AL<\/td><td class=\"column-2\">$1,349 <\/td><td class=\"column-3\">2.0%<\/td><td class=\"column-4\">-1.0%<\/td><td class=\"column-5\">$1.33 <\/td><td class=\"column-6\">10.2%<\/td><td class=\"column-7\">0.0%<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Boston, MA<\/td><td class=\"column-2\">$2,660 <\/td><td class=\"column-3\">5.8%<\/td><td class=\"column-4\">-0.7%<\/td><td class=\"column-5\">$3.05 <\/td><td class=\"column-6\">1.4%<\/td><td class=\"column-7\">0.0%<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Buffalo, NY<\/td><td class=\"column-2\">$1,315 <\/td><td class=\"column-3\">9.4%<\/td><td class=\"column-4\">-0.4%<\/td><td class=\"column-5\">$1.68 <\/td><td class=\"column-6\">3.2%<\/td><td class=\"column-7\">0.0%<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">Charlotte, NC<\/td><td class=\"column-2\">$1,475 <\/td><td class=\"column-3\">-0.9%<\/td><td class=\"column-4\">-0.4%<\/td><td class=\"column-5\">$1.56 <\/td><td class=\"column-6\">-2.2%<\/td><td class=\"column-7\">-0.3%<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">Chicago, IL<\/td><td class=\"column-2\">$1,705 <\/td><td class=\"column-3\">7.9%<\/td><td class=\"column-4\">-1.7%<\/td><td class=\"column-5\">$2.13 <\/td><td class=\"column-6\">2.6%<\/td><td class=\"column-7\">-1.3%<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">Cincinnati, OH<\/td><td class=\"column-2\">$1,364 <\/td><td class=\"column-3\">9.1%<\/td><td class=\"column-4\">3.7%<\/td><td class=\"column-5\">$1.54 <\/td><td class=\"column-6\">6.9%<\/td><td class=\"column-7\">3.3%<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">Cleveland, OH<\/td><td class=\"column-2\">$1,280 <\/td><td class=\"column-3\">6.2%<\/td><td class=\"column-4\">-5.8%<\/td><td class=\"column-5\">$1.42 <\/td><td class=\"column-6\">1.9%<\/td><td class=\"column-7\">-6.7%<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">Columbus, OH<\/td><td class=\"column-2\">$1,400 <\/td><td class=\"column-3\">1.5%<\/td><td class=\"column-4\">-2.0%<\/td><td class=\"column-5\">$1.56 <\/td><td class=\"column-6\">9.5%<\/td><td class=\"column-7\">0.9%<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">Dallas, TX<\/td><td class=\"column-2\">$1,461 <\/td><td class=\"column-3\">-3.8%<\/td><td class=\"column-4\">-0.7%<\/td><td class=\"column-5\">$1.74 <\/td><td class=\"column-6\">-1.7%<\/td><td class=\"column-7\">-0.6%<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">Denver, CO<\/td><td class=\"column-2\">$1,697 <\/td><td class=\"column-3\">-3.6%<\/td><td class=\"column-4\">-0.5%<\/td><td class=\"column-5\">$2.09 <\/td><td class=\"column-6\">-5.8%<\/td><td class=\"column-7\">-1.7%<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">Detroit, MI<\/td><td class=\"column-2\">$1,345 <\/td><td class=\"column-3\">-0.3%<\/td><td class=\"column-4\">-3.6%<\/td><td class=\"column-5\">$1.52 <\/td><td class=\"column-6\">4.6%<\/td><td class=\"column-7\">-1.2%<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">Houston, TX<\/td><td class=\"column-2\">$1,239 <\/td><td class=\"column-3\">2.4%<\/td><td class=\"column-4\">-1.3%<\/td><td class=\"column-5\">$1.43 <\/td><td class=\"column-6\">-5.0%<\/td><td class=\"column-7\">-0.2%<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">Indianapolis, IN<\/td><td class=\"column-2\">$1,350 <\/td><td class=\"column-3\">3.9%<\/td><td class=\"column-4\">-0.7%<\/td><td class=\"column-5\">$1.48 <\/td><td class=\"column-6\">4.4%<\/td><td class=\"column-7\">-0.2%<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">Jacksonville, FL<\/td><td class=\"column-2\">$1,451 <\/td><td class=\"column-3\">-6.7%<\/td><td class=\"column-4\">-1.4%<\/td><td class=\"column-5\">$1.54 <\/td><td class=\"column-6\">-1.8%<\/td><td class=\"column-7\">2.0%<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">Las Vegas, NV<\/td><td class=\"column-2\">$1,449 <\/td><td class=\"column-3\">-2.5%<\/td><td class=\"column-4\">0.6%<\/td><td class=\"column-5\">$1.65 <\/td><td class=\"column-6\">-0.9%<\/td><td class=\"column-7\">-0.4%<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">Los Angeles, CA<\/td><td class=\"column-2\">$2,780 <\/td><td class=\"column-3\">-0.4%<\/td><td class=\"column-4\">-0.1%<\/td><td class=\"column-5\">$3.37 <\/td><td class=\"column-6\">1.1%<\/td><td class=\"column-7\">0.1%<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">Louisville\/Jefferson County, KY<\/td><td class=\"column-2\">$1,230 <\/td><td class=\"column-3\">10.0%<\/td><td class=\"column-4\">-0.3%<\/td><td class=\"column-5\">$1.36 <\/td><td class=\"column-6\">12.7%<\/td><td class=\"column-7\">-0.3%<\/td>\n<\/tr>\n<tr class=\"row-22\">\n\t<td class=\"column-1\">Memphis, TN<\/td><td class=\"column-2\">$1,199 <\/td><td class=\"column-3\">1.5%<\/td><td class=\"column-4\">-1.9%<\/td><td class=\"column-5\">$1.22 <\/td><td class=\"column-6\">-0.5%<\/td><td class=\"column-7\">-1.9%<\/td>\n<\/tr>\n<tr class=\"row-23\">\n\t<td class=\"column-1\">Miami, FL<\/td><td class=\"column-2\">$2,371 <\/td><td class=\"column-3\">1.3%<\/td><td class=\"column-4\">0.5%<\/td><td class=\"column-5\">$2.47 <\/td><td class=\"column-6\">1.6%<\/td><td class=\"column-7\">0.4%<\/td>\n<\/tr>\n<tr class=\"row-24\">\n\t<td class=\"column-1\">Minneapolis, MN<\/td><td class=\"column-2\">$1,540 <\/td><td class=\"column-3\">-3.7%<\/td><td class=\"column-4\">-2.4%<\/td><td class=\"column-5\">$1.90 <\/td><td class=\"column-6\">-0.2%<\/td><td class=\"column-7\">-2.7%<\/td>\n<\/tr>\n<tr class=\"row-25\">\n\t<td class=\"column-1\">Nashville, TN<\/td><td class=\"column-2\">$1,495 <\/td><td class=\"column-3\">-6.3%<\/td><td class=\"column-4\">-0.7%<\/td><td class=\"column-5\">$1.70 <\/td><td class=\"column-6\">-1.6%<\/td><td class=\"column-7\">1.0%<\/td>\n<\/tr>\n<tr class=\"row-26\">\n\t<td class=\"column-1\">New York, NY<\/td><td class=\"column-2\">$2,804 <\/td><td class=\"column-3\">-4.6%<\/td><td class=\"column-4\">0.3%<\/td><td class=\"column-5\">$3.47 <\/td><td class=\"column-6\">-3.9%<\/td><td class=\"column-7\">1.7%<\/td>\n<\/tr>\n<tr class=\"row-27\">\n\t<td class=\"column-1\">Orlando, FL<\/td><td class=\"column-2\">$1,715 <\/td><td class=\"column-3\">-2.0%<\/td><td class=\"column-4\">0.6%<\/td><td class=\"column-5\">$1.80 <\/td><td class=\"column-6\">-3.8%<\/td><td class=\"column-7\">-0.8%<\/td>\n<\/tr>\n<tr class=\"row-28\">\n\t<td class=\"column-1\">Philadelphia, PA<\/td><td class=\"column-2\">$1,865 <\/td><td class=\"column-3\">-0.8%<\/td><td class=\"column-4\">0.8%<\/td><td class=\"column-5\">$2.15 <\/td><td class=\"column-6\">-2.2%<\/td><td class=\"column-7\">0.5%<\/td>\n<\/tr>\n<tr class=\"row-29\">\n\t<td class=\"column-1\">Phoenix, AZ<\/td><td class=\"column-2\">$1,479 <\/td><td class=\"column-3\">-1.3%<\/td><td class=\"column-4\">0.1%<\/td><td class=\"column-5\">$1.76 <\/td><td class=\"column-6\">-1.3%<\/td><td class=\"column-7\">0.5%<\/td>\n<\/tr>\n<tr class=\"row-30\">\n\t<td class=\"column-1\">Pittsburgh, PA<\/td><td class=\"column-2\">$1,370 <\/td><td class=\"column-3\">-4.2%<\/td><td class=\"column-4\">-0.7%<\/td><td class=\"column-5\">$1.67 <\/td><td class=\"column-6\">1.7%<\/td><td class=\"column-7\">0.2%<\/td>\n<\/tr>\n<tr class=\"row-31\">\n\t<td class=\"column-1\">Portland, OR<\/td><td class=\"column-2\">$1,754 <\/td><td class=\"column-3\">-2.0%<\/td><td class=\"column-4\">-1.7%<\/td><td class=\"column-5\">$2.04 <\/td><td class=\"column-6\">-5.4%<\/td><td class=\"column-7\">-1.6%<\/td>\n<\/tr>\n<tr class=\"row-32\">\n\t<td class=\"column-1\">Providence, RI<\/td><td class=\"column-2\">$2,145 <\/td><td class=\"column-3\">12.6%<\/td><td class=\"column-4\">0.9%<\/td><td class=\"column-5\">$2.53 <\/td><td class=\"column-6\">9.9%<\/td><td class=\"column-7\">1.5%<\/td>\n<\/tr>\n<tr class=\"row-33\">\n\t<td class=\"column-1\">Raleigh, NC<\/td><td class=\"column-2\">$1,418 <\/td><td class=\"column-3\">-4.1%<\/td><td class=\"column-4\">-0.3%<\/td><td class=\"column-5\">$1.49 <\/td><td class=\"column-6\">-3.1%<\/td><td class=\"column-7\">0.1%<\/td>\n<\/tr>\n<tr class=\"row-34\">\n\t<td class=\"column-1\">Richmond, VA<\/td><td class=\"column-2\">$1,583 <\/td><td class=\"column-3\">5.6%<\/td><td class=\"column-4\">0.3%<\/td><td class=\"column-5\">$1.72 <\/td><td class=\"column-6\">5.9%<\/td><td class=\"column-7\">-1.2%<\/td>\n<\/tr>\n<tr class=\"row-35\">\n\t<td class=\"column-1\">Riverside, CA<\/td><td class=\"column-2\">$2,268 <\/td><td class=\"column-3\">1.0%<\/td><td class=\"column-4\">-0.9%<\/td><td class=\"column-5\">$2.61 <\/td><td class=\"column-6\">6.2%<\/td><td class=\"column-7\">-0.6%<\/td>\n<\/tr>\n<tr class=\"row-36\">\n\t<td class=\"column-1\">Sacramento, CA<\/td><td class=\"column-2\">$1,965 <\/td><td class=\"column-3\">1.8%<\/td><td class=\"column-4\">-0.2%<\/td><td class=\"column-5\">$2.36 <\/td><td class=\"column-6\">2.9%<\/td><td class=\"column-7\">-0.8%<\/td>\n<\/tr>\n<tr class=\"row-37\">\n\t<td class=\"column-1\">Salt Lake City, UT<\/td><td class=\"column-2\">$1,476 <\/td><td class=\"column-3\">-2.2%<\/td><td class=\"column-4\">0.8%<\/td><td class=\"column-5\">$1.83 <\/td><td class=\"column-6\">-3.2%<\/td><td class=\"column-7\">0.9%<\/td>\n<\/tr>\n<tr class=\"row-38\">\n\t<td class=\"column-1\">San Diego, CA<\/td><td class=\"column-2\">$2,837 <\/td><td class=\"column-3\">1.3%<\/td><td class=\"column-4\">-0.4%<\/td><td class=\"column-5\">$3.37 <\/td><td class=\"column-6\">2.1%<\/td><td class=\"column-7\">-1.4%<\/td>\n<\/tr>\n<tr class=\"row-39\">\n\t<td class=\"column-1\">San Francisco, CA<\/td><td class=\"column-2\">$2,697 <\/td><td class=\"column-3\">0.4%<\/td><td class=\"column-4\">0.9%<\/td><td class=\"column-5\">$3.55 <\/td><td class=\"column-6\">-3.4%<\/td><td class=\"column-7\">0.3%<\/td>\n<\/tr>\n<tr class=\"row-40\">\n\t<td class=\"column-1\">San Jose, CA<\/td><td class=\"column-2\">$3,173 <\/td><td class=\"column-3\">6.8%<\/td><td class=\"column-4\">-0.8%<\/td><td class=\"column-5\">$3.70 <\/td><td class=\"column-6\">8.7%<\/td><td class=\"column-7\">0.7%<\/td>\n<\/tr>\n<tr class=\"row-41\">\n\t<td class=\"column-1\">Seattle, WA<\/td><td class=\"column-2\">$2,017 <\/td><td class=\"column-3\">0.5%<\/td><td class=\"column-4\">1.3%<\/td><td class=\"column-5\">$2.65 <\/td><td class=\"column-6\">-2.2%<\/td><td class=\"column-7\">0.1%<\/td>\n<\/tr>\n<tr class=\"row-42\">\n\t<td class=\"column-1\">St. Louis, MO<\/td><td class=\"column-2\">$1,230 <\/td><td class=\"column-3\">1.7%<\/td><td class=\"column-4\">0.4%<\/td><td class=\"column-5\">$1.43 <\/td><td class=\"column-6\">2.1%<\/td><td class=\"column-7\">0.7%<\/td>\n<\/tr>\n<tr class=\"row-43\">\n\t<td class=\"column-1\">Tampa, FL<\/td><td class=\"column-2\">$1,737 <\/td><td class=\"column-3\">-10.4%<\/td><td class=\"column-4\">-0.2%<\/td><td class=\"column-5\">$1.97 <\/td><td class=\"column-6\">-3.8%<\/td><td class=\"column-7\">0.2%<\/td>\n<\/tr>\n<tr class=\"row-44\">\n\t<td class=\"column-1\">Virginia Beach, VA<\/td><td class=\"column-2\">$1,578 <\/td><td class=\"column-3\">10.9%<\/td><td class=\"column-4\">-1.3%<\/td><td class=\"column-5\">$1.70 <\/td><td class=\"column-6\">10.0%<\/td><td class=\"column-7\">-0.5%<\/td>\n<\/tr>\n<tr class=\"row-45\">\n\t<td class=\"column-1\">Washington, D.C.<\/td><td class=\"column-2\">$2,040 <\/td><td class=\"column-3\">8.5%<\/td><td class=\"column-4\">-0.2%<\/td><td class=\"column-5\">$2.35 <\/td><td class=\"column-6\">12.3%<\/td><td class=\"column-7\">0.6%<\/td>\n<\/tr>\n<tr class=\"row-46\">\n\t<td class=\"column-1\"><strong>National<\/strong><\/td><td class=\"column-2\"><strong>$1,594 <\/strong><\/td><td class=\"column-3\"><strong>-0.3%<\/strong><\/td><td class=\"column-4\"><strong>-0.1%<\/strong><\/td><td class=\"column-5\"><strong>$1.78 <\/strong><\/td><td class=\"column-6\"><strong>-1.9%<\/strong><\/td><td class=\"column-7\"><strong>-0.1%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-429 from cache -->\n<h3>Methodology<\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nMedian 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 December 2024 covers rentals that were listed on Rent.com and Redfin.com during the three months ending December 31, 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 0.3% year over year in December to $1,594, the lowest since March 2022.\u00a0 Austin, TX posted the biggest decline, with asking rents down 16%, followed by Tampa and Jacksonville. Rents rose most in Providence, RI, Virginia Beach and Louisville. Property owners are lowering rents to attract tenants as an influx [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":79005,"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":[20,623,701,697,648,88],"dashboard":[],"coauthors":[125],"class_list":["post-79084","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-tracker","tag-rentals","tag-rentals-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>U.S. Asking Rents Ended 2024 at Lowest Level in Nearly 3 Years<\/title>\n<meta name=\"description\" content=\"Austin posted the biggest decline, with asking rents down 16%, followed by Tampa and Jacksonville. 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