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Housing Market: US: Difference between revisions
→Rent Developments
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[[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]] | ||
==== May 2024 ==== | |||
Rent prices ticked up for the fourth straight month, but rent growth over the course of 2024 as a whole remains modest, signaling ongoing sluggishness in the market. The national median rent increased by 0.5% in May and now stands at $1,404 | |||
* Rents are up 0.5% month-over-month, down 0.8% year-over-year | |||
* Vacancy index sits at 6.7 percent, the highest reading since August 2020. And there’s good reason to expect that it could rise even further during the remainder of the year. Despite a recent slowdown in new permits being issued and new construction projects breaking ground, the number of multifamily units under construction remains near record levels. | |||
* Rents up month-over-month in 80 of 100 largest cities, up year-over-year in 43 | |||
==== April 2024 ==== | ==== April 2024 ==== | ||
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[[File:Screenshot 2024-05-14 110051.png|center|thumb|840x840px|https://www.zillow.com/research/april-2024-rent-report-34018/]] | [[File:Screenshot 2024-05-14 110051.png|center|thumb|840x840px|https://www.zillow.com/research/april-2024-rent-report-34018/]] | ||
==== May 2024 ==== | |||
* Asking rents increased by 0.6% month over month in April. The pre-pandemic average for this time of year is 0.7% growth.<ref>https://www.zillow.com/research/april-2024-market-report-34050/</ref> | |||
* Rents are now up 3.6% from last year. | |||
* Rents are up from year-ago levels in 48 of the 50 largest metro areas. Annual rent increases are highest in Providence (7.7%), Louisville (7%), Buffalo (6.5%), Cleveland (6.5%) and Hartford (6.2%). | |||
==== April 2024 ==== | |||
The typical U.S. rent is now only a whisker away from $2,000, at $1,997, according to the Zillow Observed Rent Index. <ref>https://www.zillow.com/research/april-2024-rent-report-34018/</ref> | The typical U.S. rent is now only a whisker away from $2,000, at $1,997, according to the Zillow Observed Rent Index. <ref>https://www.zillow.com/research/april-2024-rent-report-34018/</ref> | ||