Redfin Reports Asking Rents Rose the Most in Over a Year in August, But Remain Below Record Highs Hit Two Years Earlier
2024年9月10日 - 9:01PM
ビジネスワイヤ(英語)
The median asking rent climbed for the fifth
consecutive month, up 0.9% year over year to $1,645
The median U.S. asking rent rose 0.9% year over year in August
to $1,645—the biggest annual increase since April 2023. That’s
according to a new report from Redfin (redfin.com), the
technology-powered real estate brokerage. Rents were up 0.1% on a
month-over-month basis.
Rents for 0-1 bedroom apartments ticked up 0.1% year over year
to $1,495, while 2 bedroom apartments remained unchanged at $1,725.
Rents for 3+ bedroom apartments fell 1.7% to $2,008. The
discrepancy between the overall result (showing a 0.9% gain) and
the three different bedroom counts (which either fell, remained the
same, or rose by a lower amount) is the result of a statistical
phenomenon known as Simpson’s paradox.
While rents rose the most in nearly 18 months, August marked two
years from when they hit an all-time high. Lower rents, paired with
wages growing 3.8% year over year, show that rental affordability
has improved.
August 2022
August 2024
+/-
Apartments (overall)
$1,700
$1,645
-3.2%
0-1 Bedroom Apartments
$1,581
$1,495
-5.4%
2 Bedroom Apartments
$1,790
$1,725
-3.6%
3+ Bedroom Apartments
$2,024
$2,008
-0.8%
Median Home Sale Price
$409,000
$439,000 (July)
+7.3%
Multifamily building completions are at historic highs in 2024
and in some areas supply now outweighs demand. That is driving some
building owners to reduce rents and offer concessions to
prospective tenants.
“Almost everything in our lives costs more than it did two years
ago—but rents have remained largely stable thanks to the
construction boom, especially across the Sun Belt states,” said
Redfin Senior Economist Sheharyar Bokhari. “We are seeing rents
tick up a little now that new construction is starting to slow
down, but asking rents are likely to stay relatively flat for some
time due to the backlog of new apartments that are still coming
onto the market.”
Rents in Austin and other Sun Belt metros continue to fall
the fastest
The trend of increased construction leading to lower rents is
most obvious in Austin, TX where the median asking rent fell 17.6%
year over year in August—the steepest decline of the 33 major
metros Redfin analyzed. In dollar terms, that means rents in Austin
are $317 a month less now than they were a year ago.
Authorities in the Texas capital signed off on the most new
construction in the country in an effort to keep up with soaring
demand during the pandemic. Demand has now leveled off, but a lot
of new apartments are still coming onto the market, so asking rents
are falling.
San Diego (-13.3%) and Jacksonville, FL (-13%) also recorded
double-digit decreases in asking rents in August, while San
Francisco (-7.8%) and Tampa, FL (-5.8%) rounded out the five metros
with the largest rent decreases.
The median asking rent in Virginia Beach, VA rose 15.2% year
over year in August, the biggest jump among the metros Redfin
analyzed. Washington, D.C. (up 12.2%), Baltimore, MD (up 11.3%),
Chicago (up 10.8%) and Cincinnati, OH (up 9.4%) posted the next
highest gains.
To view the full report, including charts, metro-level data and
methodology, please visit:
https://www.redfin.com/news/rental-tracker-august-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/20240910165342/en/
Contact Redfin Redfin Journalist Services: Kenneth Applewhaite
press@redfin.com
Redfin (NASDAQ:RDFN)
過去 株価チャート
から 8 2024 まで 9 2024
Redfin (NASDAQ:RDFN)
過去 株価チャート
から 9 2023 まで 9 2024