Redfin Reports The Number of Renter Households Is Growing Three Times Faster Than Homeowner Households
2024年11月5日 - 10:00PM
ビジネスワイヤ（英語）
San Jose, CA, Los Angeles and San Diego have
the highest shares of renter households, while Cape Coral, FL,
Charleston, SC and Columbia, SC have the lowest
(NASDAQ: RDFN) — The number of renter households rose 2.7%, in
the third quarter year over year, to a record 45.6 million. That’s
according to a new report from Redfin (redfin.com), the
technology-powered real estate brokerage. That rate of growth is
three times faster than the 0.9% increase in homeowner households,
which now total a record 86.9 million.
The 2.7% increase—representing 1.18 million additional renter
households—was the second fastest pace since 2015, only trailing
the first quarter’s 2.8% rate.
Renter households have formed faster than homeowner households
for the past four quarters as the cost of buying a home rose faster
than the cost of renting.
The median asking rent was up 0.6% year over year in September,
but rents have remained largely flat for the past two
years—becoming more affordable as wages grew at around 4%.
In contrast, home prices climbed 6% year over year in September
and have grown more than 10% in the past two years. Highlighting
the affordability barriers that exist for prospective homeowners,
just 2.5% of U.S. homes changed hands in the first eight months of
2024—the lowest rate in decades.
“Affordable housing has been at the forefront of this election
cycle because so many people are struggling to see how they will
ever become homeowners—especially those from younger generations,”
said Redfin Senior Economist Sheharyar Bokhari. “With home prices
at record highs and mortgage rates remaining elevated, renting is
increasingly the only viable choice for many young people and
families. Building more homes will help address that, but we also
have to recognize that Gen Z and future generations may not view
homeownership as a life goal and the rentership rate may continue
to rise for years to come.”
New multifamily units are being completed at a record
pace
Part of the reason rents have remained stable—and renting has
become more attractive to many—is the boom in multifamily
construction over the past two years. The country is adding new
multifamily housing units at an annual rate of 647,000 (as of the
third quarter)—the fastest pace in records dating back to 1994.
The recent boom in multifamily construction helped meet surging
demand in some areas—especially in Sun Belt states—but builders are
now pumping the brakes. Permits to build multifamily housing units
were down 16% year over year in September, and down 47% from the
post-pandemic high in February 2023—which was the highest mark in
nearly 40 years.
More than half the households in San Jose and Los Angeles
rent
Nationwide, just over one-third (34.4%) of households in the
U.S. are renter households—a figure that has remained the same for
the past three quarters.
The rentership share is highest in metros in California and in
New York City, where homes are generally more expensive to buy. San
Jose, CA has a rentership rate of 52%, the highest among the 75
largest U.S. metropolitan areas. It’s followed by Los Angeles
(50.8%), New York (49.1%), San Diego (48%) and Fresno, CA
(47.4%).
Rentership rates are lower in metros where, historically, it’s
been more affordable to buy a home. In Cape Coral, FL, 21.8% of
households are renter households—the lowest share among the metros
Redfin analyzed. It’s followed by Charleston, SC (23.7%), Columbia,
SC (24.5%), Allentown, PA (27.2%) and Detroit (28.2%).
To view the full report, including charts, methodology and
additional metro level data, please visit:
https://www.redfin.com/news/renter-household-growth-q3-2024
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/20241105783328/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
