by Calculated Risk on 10/04/2024 12:37:00 PM

Today, in the Real Estate Newsletter: Asking Rents Mostly Unchanged Year-over-year

Brief excerpt:

Tracking rents is important for understanding the dynamics of the housing market. For example, the sharp increase in rents helped me deduce that there was a surge in household formation in 2021 (See from September 2021: Household Formation Drives Housing Demand).

Slower household formation and increased supply (more multi-family completions) has kept asking rents under pressure. ...

Welcome to the October 2024 Apartment List National Rent Report. The national median rent dipped by 0.5% in September, as we turn the corner into the slow season for the rental market. The median rent nationally now stands at $1,405, and we’re likely to see that number continue to dip modestly through the remainder of the year.

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Realtor.com: 13th Consecutive Month with Year-over-year Decline in Rents

In August 2024, the U.S. median rent continued to decline year over year for the 13th month in a row, down $5, or -0.3%, year over year for 0-2 bedroom properties across the top 50 metros