Redfin Reports Newly Built Apartments Are Filling Up at the Slowest Pace Since 2020
2024年7月1日 - 9:00PM
ビジネスワイヤ(英語)
There are more new apartments hitting the
market than normal. As a result, building owners are competing with
one another for tenants, which is limiting how much they can boost
prices.
(NASDAQ: RDFN) — Less than half (47%) of newly constructed
apartments that were completed in the fourth quarter were rented
within three months, according to a new report from Redfin
(redfin.com), the technology-powered real estate brokerage. That’s
down from 60% a year earlier and is the lowest seasonally-adjusted
share on record aside from the first quarter of 2020, when the
onset of the pandemic brought the housing market to a halt.
New apartments are taking longer to rent out because there are a
lot of them hitting the market, meaning building owners are
competing with one another for tenants. There were 90,260 new
apartments completed in the fourth quarter—the second highest
number in records dating back to 2012 (the highest was the second
quarter of 2023).
For the past three quarters, the rental vacancy rate has hovered
at 6.6%. That’s the highest level since 2021, though it’s worth
noting that the vacancy rate is no longer growing like it was
during the pandemic.
Apartment builders have pumped the brakes on the number of
projects they’re starting—multifamily building starts have fallen
below their 10-year historical average—but completions are still
near their record high because there were so many construction
projects kicked off during the pandemic moving frenzy that are just
now being finished.
This backlog of new units is putting a lid on how much rent
prices can grow. But at the same time, demand from renters who
can’t afford to buy their own homes is keeping rents near their
record high.
The median U.S. apartment asking rent rose 0.8% year over year
in May 2024 to the highest level since October 2022, a separate
Redfin report found. Renters today must earn $66,120 to afford the
median priced apartment—$11,408 more than we estimate the typical
U.S renter earns. But rental affordability does vary greatly from
market to market.
“If you’re looking for a rental and you’ve noticed a lot of new
apartments popping up in your neighborhood, it may mean you have
room to negotiate on price or ask for concessions like discounted
parking or a free month’s rent,” said Redfin Senior Economist
Sheharyar Bokhari. “But if you live in an area where the supply of
new apartments is limited, deals may be harder to come by. Building
more housing is a tried and true way to ease the housing
affordability crisis, and with rent and home prices at historic
highs, local and federal leaders should continue to encourage more
construction.”
Small Newly Built Apartments Have Seen the Largest Rent
Declines Because Supply Has Surged
Note: This section covers median asking rents in the
first quarter of 2024 for apartments that were completed in the
fourth quarter of 2023.
The median asking rent for newly built studio apartments fell
20.9% year over year in the first quarter—the most recent period
for which we have asking rent data broken down by number of
bedrooms. Meanwhile, new one-bedroom apartments saw a 11.9%
decline, and new two-bedroom apartments saw a 1.2% drop. But the
median asking rent for new three-plus-bedroom units rose
9.1%—indicating that they’re a relatively hot commodity.
The supply of small apartments in America has been growing
quickly, which is likely why this segment of the market has faced
the steepest rent declines. The number of studio apartments
completed in the fourth quarter was up 32.6% from a year earlier,
compared with a 22.2% increase for one-bedroom apartments, a 2.3%
increase for two-bedroom apartments and a 0.9% decrease for
three-plus-bedroom apartments. Apartment construction in America
tends to skew towards single people, with many builders deterred
from focusing on families.
To view the full report, including methodology and charts,
please visit:
https://www.redfin.com/news/apartments-rented-slowest-pace-since-2020
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate
company. We help people find a place to live with brokerage,
rentals, lending, title insurance, and renovations services. We run
the country's #1 real estate brokerage site. Our customers can save
thousands in fees while working with a top agent. Our home-buying
customers see homes first with on-demand tours, and our lending and
title services help them close quickly. Customers selling a home
can have our renovations crew fix it up to sell for top dollar. Our
rentals business empowers millions nationwide to find apartments
and houses for rent. Since launching in 2006, we've saved customers
more than $1.6 billion in commissions. We serve more than 100
markets across the U.S. and Canada and employ over 4,000
people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity
Home Loans®, Rent.™, Apartment Guide®, Title Forward® and
WalkScore®.
For more information or to contact a local Redfin real estate
agent, visit www.redfin.com. To learn about housing market trends
and download data, visit the Redfin Data Center. To be added to
Redfin's press release distribution list, email press@redfin.com.
To view Redfin's press center, click here.
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version on businesswire.com: https://www.businesswire.com/news/home/20240701127868/en/
Contact Redfin Redfin Journalist Services: Kenneth Applewhaite
press@redfin.com
Redfin (NASDAQ:RDFN)
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