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Housing Market: US: Difference between revisions
→October 2023
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The seasonal slowdown in the rental market continued this month, with the nationwide median rent falling by 0.7 percent to $1,354. This marks the third consecutive month of negative rent growth, and declines are likely to persist in the coming months as we head into the winter. | The seasonal slowdown in the rental market continued this month, with the nationwide median rent falling by 0.7 percent to $1,354. This marks the third consecutive month of negative rent growth, and declines are likely to persist in the coming months as we head into the winter. | ||
* Rents are down 0.7% month-over-month, down 1.2% year-over-year | * Rents are down 0.7% month-over-month, down 1.2% year-over-year<ref name=":0" /> | ||
* Year-to-date, rents are up 1.2 percent and trending slower than every previous year measured by our index, aside from 2020. Setting aside the rapid inflation period of 2021 to 2022, rent growth from January through October averaged 3.5 percent during the steady-state years of 2017 to 2019, nearly triple the increase we’ve seen this year. | * Year-to-date, rents are up 1.2 percent and trending slower than every previous year measured by our index, aside from 2020. Setting aside the rapid inflation period of 2021 to 2022, rent growth from January through October averaged 3.5 percent during the steady-state years of 2017 to 2019, nearly triple the increase we’ve seen this year. | ||
* On the supply side of the market, our national vacancy index currently stands at 6.4 percent, slightly higher than the pre-pandemic average. This represents the culmination of vacancies gradually easing for two full years after a historic tightening in 2021. And with the construction pipeline of new apartments still near record levels, 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 currently stands at 6.4 percent, slightly higher than the pre-pandemic average. This represents the culmination of vacancies gradually easing for two full years after a historic tightening in 2021. And with the construction pipeline of new apartments still near record levels, we expect that there will continue to be an abundance of vacant units on the market in the year ahead. | ||