40% of renters that pay under $1,000 a month
have lived in their apartments for five years or more—a higher
share than renters in all other price brackets
(NASDAQ: RDFN) — Less than one-third (32.1%) of renter
households pay under $1,000 in monthly rent—the lowest share on
record, according to a new report from Redfin (redfin.com), the
technology-powered real estate brokerage. That’s down from 35.2% in
2022 and 50.4% in 2012.
The lion’s share (47.9%) of renter households pay between $1,000
and $1,999, while 14.4% pay $2,000-$2,999 and 5.7% pay $3,000 or
more.
Redfin’s report is based on an analysis of U.S. Census Bureau
data released this month, and covers U.S. apartments in buildings
with five or more units. The most recent year for which the Census
has data is 2023. Historical rents are inflation-adjusted to
represent 2023 dollars.
Rents skyrocketed during the pandemic moving frenzy and then
stabilized near their record high, which is why the share of rental
listings under $1,000 has been shrinking. The median apartment
asking rent now sits at $1,634, little changed from last year but
up roughly 20% from before the pandemic.
“Rising rents have made it increasingly difficult for people to
find housing in America,” said Redfin Senior Economist Sheharyar
Bokhari. “Low-income workers, college students, immigrants and
people on the fringes of homelessness have had to come up with new
ways to be resourceful, with some taking on multiple roommates and
others receiving financial support from family or friends.”
Less Than 10% of Apartments on the Market Today Cost Under
$1,000, Prompting Many Renters to Stay Put
While about one of every three renter households pays less than
$1,000 in monthly rent, as noted above, the share of apartments
that are currently listed for under $1,000 is much lower.
Roughly one of every thirteen (7.5%) apartments on the market
has an asking rent below $1,000. The majority—63.7%—cost between
$1,000 and $1,999. Meanwhile, 22% are listed for $2,000-$2,999, and
6.9% are listed for $3,000 or more. That’s based on listing data
from Redfin.com and Rent.com covering the three months ending Sept.
30, 2024. Please note that the remainder of Redfin’s report uses
Census data through 2023.
Some renters who pay less than $1,000 a month are staying put
because they don’t make enough money to afford the typical
apartment on the market today. Many signed their leases years ago,
when housing was more affordable. Property owners do often raise
rents for existing tenants, but those increases are typically
smaller than the increases they institute when looking for a new
tenant.
Two of every five (40.2%) renter households paying under $1,000
a month have been in their apartment for five years or more,
compared with 26.1% of renters paying $1,000-$1,999, 17.2% of
renters paying $2,000-$2,999 and 15.6% of renters paying $3,000 or
more.
Renters in Oklahoma City, New Orleans and Cleveland Are Most
Likely to Pay Under $1,000 a Month
Nearly two-thirds (64.3%) of renter households in Oklahoma City
pay less than $1,000 in monthly rent—the highest share among the 50
most populous core-based statistical areas (CBSAs). Next come New
Orleans (63.5%), Cleveland (63.4%), Louisville, KY (57.6%) and
Pittsburgh (55.8%). There are four other metros where the majority
of renters pay under $1,000: Buffalo, NY (55.2%), Cincinnati
(54.9%), St. Louis (53.9%) and Memphis, TN (53.5%).
The aforementioned metro areas have among the lowest asking
rents in the country, but it’s worth noting that some have seen
large increases lately—likely because those low rents have fueled
an uptick in demand. The median asking rent in Cleveland, for
example, rose 11.1% year over year last month—one of the largest
jumps among the metros Redfin analyzed. Cincinnati and Louisville
also saw sizable increases.
Renters in California Are Least Likely to Pay Under $1,000 a
Month
In San Diego, just 7.1% of renter households pay less than
$1,000 in monthly rent—the lowest share among the 50 most populous
metros. Next came San Jose, CA (7.8%), Washington, D.C. (8%),
Denver (8.5%) and Austin, TX (9.1%). All are places that have
either long been expensive or exploded in popularity in recent
years, causing rents to rise.
There Are Four Metros Where Renters Are More Likely Than They
Were Before the Pandemic to Pay Under $1,000 a Month
In Baltimore, one-quarter (25.1%) of renter households pay less
than $1,000 in monthly rent, up from 21.6% in 2019—the biggest
increase among the metros Redfin analyzed. Three other metros saw
increases: New Orleans (63.5% from 60.5%), New York (24.9% from
23.7%) and Los Angeles (13% from 12.3).
On the other end of the spectrum is Birmingham, AL, where 44% of
renter households pay under $1,000. That’s down from 61.7% in
2019—the largest decline among the metros Redfin analyzed. Next
came Phoenix (12.4% from 28.1%), Las Vegas (17.8% from 32.5%),
Charlotte, NC (16.4% from 30.8%) and Richmond, VA (18.6% from
33%).
Many of those metros, such as Phoenix, surged in popularity
during the pandemic. That drove up demand for housing, and in turn,
rents—which is why they have seen large declines in the share of
renters paying under $1,000.
To view the full report, including charts, additional
metro-level data, and full methodology, please visit:
https://www.redfin.com/news/apartments-for-rent-under-1000
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/20241030875714/en/
Contact Redfin Redfin Journalist Services: Kenneth Applewhaite
press@redfin.com
Redfin (NASDAQ:RDFN)
過去 株価チャート
から 10 2024 まで 11 2024
Redfin (NASDAQ:RDFN)
過去 株価チャート
から 11 2023 まで 11 2024
