Asking rents fell a record 12% year over year
in Jacksonville last month, and also declined in Tampa, Orlando and
Miami. Austin, TX posted a record drop, too.
(NASDAQ: RDFN) —The median apartment asking rent in America rose
0.7% year over year in June to $1,654, the biggest gain in over a
year and the highest median price since October 2022. That’s
according to a new report from Redfin (redfin.com), the
technology-powered real estate brokerage.
Florida is bucking the national trend. The Sunshine State’s four
most populous metro areas are seeing rent prices decline.
Jacksonville’s median asking rent fell 12.4% year over year in
June—the metro’s biggest drop in records dating back to 2019. Tampa
posted a 6% decline—also the largest on record. In Orlando and
Miami, rent prices fell 4.8% and 3.8%, respectively.
Rents are also falling fast in Austin, TX. The median asking
rent in the Texas capital decreased a record 12.6% from a year
earlier in June—the largest decline among the 33 metros for which
Redfin has rent-price data.
Both Florida and Texas built a lot of apartments during the
pandemic moving frenzy in an effort to meet surging demand, and
now, many property owners are lowering prices to compete for
tenants.
Austin issued more multifamily building permits per 10,000
people than anywhere else in the country in 2021-2023, and
Jacksonville came in third place, a separate Redfin analysis found.
While construction has slowed in many parts of Florida and Texas
(and across the country as a whole), metros in the two states
continue to top the list of largest building permitters.
“It’s a good time to hunt for bargains if you’re a renter in
Florida or Austin,” said Redfin Senior Economist Sheharyar Bokhari.
“With so much supply on the market, renters may be able to get
concessions like free parking or discounted rent. But renters in
Florida should be aware that landlords are grappling with surging
home insurance costs, and they may ultimately ask tenants to foot
the bill via higher rents.”
Rents may also be falling in these areas because they overheated
during the pandemic—causing many residents to get priced out—and
are still coming back down to earth. In Tampa, for example, rents
surged as much as 37.8% year over year in 2022—more than double the
nationwide gain at the time.
Rent Prices Are Inching Up Nationally as Tough Homebuying
Market Buoys Rental Demand—But Rising Inventory Is Limiting Price
Growth
Demand from young renters, many of whom are opting to continue
renting rather than face an increasingly unaffordable homebuying
market, is bolstering rent prices nationwide. But so far, price
growth has been limited because there are still a lot of new
apartments hitting the market to meet that demand. When supply is
on the rise, landlords typically don’t have a lot of leeway to jack
up prices because they’re working to fill vacancies.
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 that are just now being
finished.
As a result, newly built U.S. apartments are filling up at the
slowest pace since 2020, and the apartment vacancy rate stands at
7.8%, up slightly from 7.4% at the start of 2023 and 7% at the
start of 2022.
Rents Are Up More Than 12% in Virginia Beach and
Cincinnati
In Virginia Beach, VA, the median apartment asking rent rose
12.9% year over year in June—the biggest jump among the 33 metros
Redfin analyzed. Next came Cincinnati (12.2%), Washington, D.C.
(11.9%), Chicago (11.3%) and Baltimore (10.7%).
Rent prices are rising in many Midwest and Northeast metros
because those regions haven’t been building as many apartments as
the Sun Belt. The Midwest is also the most affordable region to
live in, which helps bolster demand at a time when housing
affordability is strained across most of the U.S.
The biggest asking-rent declines were in Austin (-12.6%),
Jacksonville (-12.4%), San Diego (-11.4%), San Francisco (-6.1%)
and Tampa (-6%).
To view the full report, including charts, methodology and
metro-level data, please visit:
https://www.redfin.com/news/rents-fall-in-florida-austin-june-2024
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240710496525/en/
Redfin Journalist Services: Kenneth Applewhaite
press@redfin.com
Redfin (NASDAQ:RDFN)
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