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Housing Market: US: Difference between revisions
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== Rent Developments == | == Rent Developments == | ||
[[File:Screenshot 2023-09-12 104036.png|center|thumb|643x643px|https://www.apartmentlist.com/research/national-rent-data]] | |||
=== August 2023 === | |||
Annual rent growth turned negative last month, for the first time since the beginning of the pandemic. Today it stands at -1.2 percent, meaning that on average, apartments across the country are 1.2 percent cheaper today than they were one year ago. This is a major deceleration from recent years, when annual rent growth neared 18 percent nationally and soared to over 40 percent in a handful of popular cities.<ref name=":0" /> | |||
* Rents are down 0.1% month-over-month, 1.2% year-over-year | |||
* Seasonal trends suggest that monthly rent growth will continue to slow for the remainder of the year, and it’s possible that annual rent growth will sink further into negative territory in the months ahead. | |||
* Year-to-date, rents are up 2.5 percent and trending slower than every previous year measured by our index, aside from 2020. Rent growth from January through August averaged 4.3 percent during the steady-state years of 2017-2019 and then averaged 11.0 percent during the rapid inflationary period of 2021-2022. | |||
* Our vacancy index has increased for 22 consecutive months and now sits at 6.4 percent, slightly above the pre-pandemic average. | |||
* On a local level, rents fell month-over-month in August in 53 of the nation’s 100 largest cities, but thanks to sluggish rent growth throughout the past 12 months, prices are down year-over-year in 72 of these 100 cities. | |||
=== July 2023 === | === July 2023 === | ||
July is peak moving season and a month where we typically measure some of the fastest rent growth each calendar year. In pre-pandemic years, '''July rent growth averaged 0.6 percent. But in 2023, July rent growth came in at just 0.3 percent and is trending down for the season'''. This stagnation indicates that the market cooldown that started in the second half of 2022 is continuing, even as prices rise modestly month-over-month.<ref>https://www.apartmentlist.com/research/national-rent-data?utm_source=twitter.com</ref> | July is peak moving season and a month where we typically measure some of the fastest rent growth each calendar year. In pre-pandemic years, '''July rent growth averaged 0.6 percent. But in 2023, July rent growth came in at just 0.3 percent and is trending down for the season'''. This stagnation indicates that the market cooldown that started in the second half of 2022 is continuing, even as prices rise modestly month-over-month.<ref name=":0">https://www.apartmentlist.com/research/national-rent-data?utm_source=twitter.com</ref> | ||
* Rents nationally are up 0.3% month-over-month, but are down 0.7% year-over-year. | * Rents nationally are up 0.3% month-over-month, but are down 0.7% year-over-year. | ||