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Asking rent prices in January edged down across the U.S. for the sixth consecutive month, but not enough to reassure renters given the price hikes of recent years, with rents still rising in some areas. are doing.
Realtor.com January Rental Report Median rents fell 0.3% last month from a year ago, but prices were still 18.3% higher than four years ago, the report released Thursday said.
“For Rent” sign in front of a building in Miami Beach, Florida, on December 6, 2022. (Joe Radle/Getty Images)
Median rents for studio apartments fell 1% to $1,434, but are still up 11.95% from the same month four years ago, and prices for two-bedroom units fell just 0.6% to $1,892. It became. Two-bedroom prices have increased by 20.4% since January 2020.
In fact, one-bedroom rents rose 0.1% on an annualized basis last month to $1,591, 17.9% higher than four years ago.
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According to the report, prices in the western U.S. were higher in Phoenix (-4.0%), Riverside, California (-2.6%), Las Vegas. But rents are rising in some of the region’s largest cities, including Los Angeles (0.2%) and Seattle (1.3%), where rents rose year over year last month after eight months of declines.
Rent prices fell in the West and South last month, but rose in the Midwest. (RJ Johnston/Toronto Star, via/Getty Images)
Prices also declined overall in the southern United States, with median asking rents down 1.2%, led by year-over-year declines in Memphis, Tennessee (-5.5%), Atlanta (-3.8%), and Austin, Texas. -3.6%), Miami (-3.4%). The report attributes the decline in rental prices in the region to an increase in the supply of newly built apartment buildings.
But in the Midwest, median asking rents rose 0.2% last month, driven by markets such as Chicago (4.2%), Indianapolis (3.5%) and Kansas City, Missouri (3.1%).
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The report noted that these markets currently have low unemployment rates, which is stimulating rental demand. Still, it’s still affordable compared to other parts of the country, Realtor.com notes. The median rent in Chicago is $1,852, nearly $1,000 less than rents in larger cities. new york ($2,844) and Los Angeles ($2,829).
On October 19, 2022, an “Apartment for Rent” sign goes up in South Pasadena, California. (Frederick J. Brown/via AFP/Getty Images)
Daniel Hale said: “Rental prices have fallen, particularly in areas where new homes are entering the market, but many renters, including potential first-home buyers, are on the sidelines for now. “There is still ample demand, driven by the number of people living in the United States,” he said. Chief Economist at Realtor.com.
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“Looking forward, Realtor.com expects the rental market to decline slightly in 2024 as continued enthusiasm for renting as a more affordable alternative to buying offsets increased supply of new properties. “I expect that,” Hale added.
