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Housing Market: US: Difference between revisions
→Rent Developments
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== Rent Developments == | == Rent Developments == | ||
=== Apartment List === | |||
Historical: [[Apartment List National Rent: 2023]] | Historical: [[Apartment List National Rent: 2023]] | ||
Seasonality: https://www.apartmentlist.com/research/best-time-of-year-to-rent | |||
[[File:Screenshot 2024-04-09 110515.png|alt=|center|thumb|643x643px|https://www.apartmentlist.com/research/national-rent-data]] | [[File:Screenshot 2024-04-09 110515.png|alt=|center|thumb|643x643px|https://www.apartmentlist.com/research/national-rent-data]] | ||
<ref name=":0" />[[File:Screenshot 2024-02-12 102605.png|alt=|center|thumb|643x643px|https://www.apartmentlist.com/research/national-rent-data]] | <ref name=":0" />[[File:Screenshot 2024-02-12 102605.png|alt=|center|thumb|643x643px|https://www.apartmentlist.com/research/national-rent-data]] | ||
=== March 2024 === | ==== April 2024 ==== | ||
Rent prices ticked up for the third straight month, but rent growth remains modest, signaling ongoing sluggishness in the market. The national median rent increased by 0.5% in April and now stands at $1,396. <ref name=":0" /> | |||
* Rents are up 0.5% month-over-month, down 0.8% year-over-year. | |||
* The national vacancy index continues trending up and stands today at 6.7 percent. After a historic tightening in 2021, multifamily occupancy has been slowly but consistently easing for over two years. | |||
* 83 of the nation’s 100 largest cities saw rents go up in April. But on a year-over-year basis, rent growth is positive for only 43 of these cities | |||
==== March 2024 ==== | |||
The rental market continued to pull out of its slow season in March; prices ticked up 0.6 percent this month, the second consecutive monthly increase following six straight months of rent declines. The nationwide median rent now stands at $1,388.<ref name=":0" /> | The rental market continued to pull out of its slow season in March; prices ticked up 0.6 percent this month, the second consecutive monthly increase following six straight months of rent declines. The nationwide median rent now stands at $1,388.<ref name=":0" /> | ||
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* Zooming in a bit, 81 of the nation’s 100 largest cities saw rents go up in March. But on a year-over-year basis, rent growth is positive for only 42 of these cities. | * Zooming in a bit, 81 of the nation’s 100 largest cities saw rents go up in March. But on a year-over-year basis, rent growth is positive for only 42 of these cities. | ||
=== February 2024 === | ==== February 2024 ==== | ||
The rental market turned a corner in February; after six consecutive months of rent declines, prices ticked up 0.2 percent this month and today the nationwide median rent stands at $1,377. The rental market turned a corner in February; after six consecutive months of rent declines, prices ticked up 0.2 percent this month and today the nationwide median rent stands at $1,377.<ref name=":0" /> | The rental market turned a corner in February; after six consecutive months of rent declines, prices ticked up 0.2 percent this month and today the nationwide median rent stands at $1,377. The rental market turned a corner in February; after six consecutive months of rent declines, prices ticked up 0.2 percent this month and today the nationwide median rent stands at $1,377.<ref name=":0" /> | ||
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* On the supply side of the market, our national vacancy index continues trending up and stands today at 6.6 percent. | * On the supply side of the market, our national vacancy index continues trending up and stands today at 6.6 percent. | ||
=== January 2024 === | ==== January 2024 ==== | ||
The rental market kicked off the new year with a sixth straight month of negative rent growth, as the nationwide median rent fell by 0.3 percent to $1,373. The recent declines are in line with the rental market’s typical seasonal pattern, as fewer renters are looking to move in the fall and winter, although this year’s dip has been a bit sharper and more prolonged than what we normally see.<ref name=":0">https://www.apartmentlist.com/research/national-rent-data?utm_source=twitter.com</ref> | The rental market kicked off the new year with a sixth straight month of negative rent growth, as the nationwide median rent fell by 0.3 percent to $1,373. The recent declines are in line with the rental market’s typical seasonal pattern, as fewer renters are looking to move in the fall and winter, although this year’s dip has been a bit sharper and more prolonged than what we normally see.<ref name=":0">https://www.apartmentlist.com/research/national-rent-data?utm_source=twitter.com</ref> | ||
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* On the supply side of the market, our national vacancy index stands at 6.5 percent, slightly higher than the pre-pandemic average. After a historic tightening in 2021, multifamily occupancy rates have been slowly but consistently easing for over two years. And with this year expected to bring the most new apartment completions in decades, we expect that there will continue to be an abundance of vacant units on the market in the year ahead. | * On the supply side of the market, our national vacancy index stands at 6.5 percent, slightly higher than the pre-pandemic average. After a historic tightening in 2021, multifamily occupancy rates have been slowly but consistently easing for over two years. And with this year expected to bring the most new apartment completions in decades, we expect that there will continue to be an abundance of vacant units on the market in the year ahead. | ||
* Regionally, rents fell in January in 73 of the nation’s 100 largest cities, and prices are down year-over-year in 53 of these 100 cities. | * Regionally, rents fell in January in 73 of the nation’s 100 largest cities, and prices are down year-over-year in 53 of these 100 cities. | ||
=== Zillow === | |||
== Forecasts == | == Forecasts == | ||