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
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
