Rental Market News
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U.S. Asking Rents Ended 2024 at the Lowest Level in Nearly Three Years
The median asking rent fell 0.3% year over year in December to $1,594, the lowest since March 2022. Austin, TX posted the biggest decline, with
America’s Renters Are Moving Less Than Ever, With a Third Staying in the Same Home for at Least 5 Years
33.6% of U.S. renters have lived in the same home for at least five years, up from 28.4% a decade ago. Baby boomers stay put
New Apartments Fill Up Slower, Returning to Pre-Pandemic Speeds Amid Construction Boom
52% of U.S. apartments were rented within three months, down from 54% a quarter earlier. Newly-built 3+ bedroom apartments rented out faster in the third
Asking Rents for Newly Built Apartments Rise 1.5%, the Biggest Spike in 18 Months
The median asking rent for a new apartment rose 1.5% year over year to $1,802 in the third quarter. Asking rents fell in the Northeast,
Asking Rents Fall 0.7% to Lowest Level Since March 2022
The median asking rent fell 0.7% year over year in November to $1,595, dropping 1.1% month over month. The asking price per square foot for
Renters on a $2,000 Budget Can Afford 70 More Square Feet Than They Could During the Pandemic. That’s Enough for a Small Office.
A renter on a $2,000-a-month budget can afford an 1,103-square-foot apartment, up from 1,029 square feet when rents peaked in 2022. Renters are getting more
Permits to Build U.S. Apartments Drop Below Pre-Pandemic Levels
Developers obtained permits to build 12.4 multifamily housing units for every 10,000 people in the U.S. over the past year—down 27.1% from the pandemic building
U.S. Asking Rents Fell Slightly in March, But Tariffs Could Drive Up Costs for Renters
The median asking rent dropped 0.6% year over year to $1,610, the 13th-straight month in which rents have been fairly stable. New tariffs could increase
Homebuyers Need to Earn Over $50,000 More Than Renters to Afford Monthly Payments—And the Gap Is Widening
Americans need an annual income of $117,000 to afford the typical home for sale. That’s 82% more than they need for the typical rental, up
America’s Renter Population Grew 1% in the Fourth Quarter
New York and Los Angeles are the only metro areas where the majority of households rent. Renting is least common in Cape Coral, FL and
The Rise of the Rich Renter
Affluent renters have become more common in 35 of the 50 most populous U.S. metros since 2019, with Raleigh and Orlando seeing the biggest upticks.
New Apartments Are Filling Up at Nearly the Slowest Pace on Record, But That May Change as Builders Pull Back
Just 47% of newly-built apartments completed in Q3 were rented within three months as a record number of new apartments hit the market. But construction
