The Big Money Show delves into the topics of mortgage rates, property taxes, and the challenges home sellers are currently facing.
In February, rental prices showed some easing, with various metropolitan areas recording noticeable declines. The national median asking rent reached its lowest point in four years.
Research from Realtor.com indicates that the median asking rent for properties with 0 to 2 bedrooms across 50 metropolitan areas has fallen for 30 straight months, decreasing by $29 (1.7%) year-over-year as of February.
The median asking rent in these markets is $1,667, which is down 5.1% from the peak last summer but still 14.2% higher than pre-pandemic figures. All fifty cities analyzed showed median asking rents below previous peak levels.
In fact, 15 of these markets have seen median asking rents fall at least 10% from their peak, providing some relief for renters since the pandemic began.
Reno has surpassed Las Vegas as the top choice for California homebuyers seeking affordability.
Austin, Texas, has experienced the largest decrease in median asking rents since the pandemic peak, with a reduction of 18.2% from that peak and a year-over-year decline of 7.1%.
Birmingham, Alabama, follows closely with a 17.1% decrease from its peak, alongside a 3.4% drop compared to the previous year.
The Memphis, Tennessee area holds the third position, observing a 16.1% decline, with rents down 3.8% year-over-year.
Miami now leads as the highest-risk housing market in the world, overtaking Los Angeles and New York.
Other cities in the Sunbelt region have also noted significant drops in median asking rents, like Phoenix, Arizona, which is down 15.6% from its peak, including a 4.4% decline from the previous year.
Atlanta has shown a similar pattern, with rents declining by 15.2% from peak levels and 2% year-over-year.
Las Vegas mirrors these trends, having a median asking price that’s 14.8% lower than its peak and just 1.8% less compared to the prior year.
America’s ten most expensive zip codes have been revealed.
San Diego, California, has also recorded a significant drop in median asking rents, falling 14.3% from their peak and 3.7% year-over-year.
However, several metropolitan areas have seen slower rental price declines. For example, Virginia Beach, Virginia, is down only 1.7% from its peak, partly due to a 4.5% increase in rent prices over the past year.
Kansas City is down 1.8% from its peak, with median asking rents increasing by 1% year-over-year. Baltimore has seen a 2.4% drop from its peak, but rents have increased by 0.8% since last year.
