Rental Market News
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The Single-Family Rental Is On the Decline
A record 33% of U.S. rentals are in large multifamily buildings, while 31% are single-family homes—a record low. As recently as 2021, single-family homes made
Typical Retail Worker Earns $37,000 Less Than Needed to Afford Typical Apartment
The typical retail worker earns $34,000 per year, or 52% less than they would need to afford the typical apartment. Rental affordability has improved slightly
New Apartments Are Increasingly Likely to Get Snapped Up Quickly As Construction Slows
48% of apartments built in Q1 were rented within three months, up from 47% in Q4 2024 and 46% in Q3 2024. As the balance
U.S. Asking Rents Rise Most Since 2022 As Apartment Construction Slows
Asking rents climbed 3% in August as slowing supply and robust demand gave landlords more bargaining power; the number of new apartments hitting the market
U.S. Homeowner Population Stops Growing for First Time in Nearly a Decade
The number of homeowner households fell 0.1% year over year in the second quarter—a small decline, but the first since 2016. Meanwhile, the number of
Permits to Build U.S. Apartments Have Fallen 23% Since the Pandemic Construction Boom
Developers obtained permits to build 12.8 multifamily housing units for every 10,000 people in the U.S. over the past year—down from an average of 16.7
U.S. Apartment Asking Rents Post Biggest Increase in 2.5 Years
The median asking rent rose 1.7% ($30) year over year to $1,790 in July. Shrinking supply may be tilting the balance of power toward landlords.
Redfin Rental Data Methodology
Asking-rent data cover newly listed units in apartment buildings with 25 or more units. The median is calculated based on rolling three-month periods, i.e., the
U.S. Asking Rents Have Declined for 4 Months in a Row, But Are Still Only $63 Below Their Record High
Asking rents fell in over half the major U.S. metros Redfin analyzed in June. In Austin, rents dropped 6% year over year to the lowest
Asking Rents Are Falling in 28 Major U.S. Metros—the Most Since 2023
The median U.S. asking rent dropped 1% year over year to $1,633 in May as elevated apartment supply gave renters room to negotiate. Asking rents
New Apartments Are Sitting Vacant for Months, Giving Renters Power to Negotiate Concessions
49% of newly built apartments completed in the fourth quarter of 2024 were rented within three months—the fifth consecutive quarter with an absorption rate below
U.S. Asking Rents Fell 1% Year Over Year in April—Biggest Drop in 14 Months
The median asking rent was $1,625, down $80 from the record high, as elevated apartment supply pushed rents lower. Asking rents fell fastest in Austin,
