The Realtor.com September Rental Report revealed the housing market balance continues to tip in favor of renters amid an uptick in construction rates of multi-family homes, which helped push down rents for 0-2 bedroom properties (-0.7%) for the fifth consecutive month. Meanwhile, compared to pre-pandemic years, faster absorption rates of newly constructed apartments within the first three months after completion signal strong renter demand, particularly for lower-priced units.
In September, median asking rents in the 50 largest metros dropped to $1,747, down $29 from the peak seen in July 2022. Rent prices, while still significantly higher than pre-pandemic levels, dipped on an annual basis for units of all sizes.
“As rents ease and both home prices and mortgage rates continue to climb, it’s become more economical to rent than to buy in nearly all major markets,” said Danielle Hale, Chief Economist at Realtor.com®. “However, even with an influx of new apartment units coming onto the market and putting a lid on rent growth, renters are claiming these new apartments faster than prior to the pandemic. Those considering new housing options will want to do their research on their desired neighborhoods, determine their priorities, and set their budget well ahead of time if possible, so they’re ready to move quickly when the time comes.”
September 2023 Rental Metrics by Unit Size – National
Unit Size |
Median Rent |
Rent YoY |
Rent Change – July 2019 |
Overall |
$1,747 |
-0.7 % |
24.0 % |
Studio |
$1,447 |
-0.5 % |
17.5 % |
1-bed |
$1,630 |
-0.3 % |
24.0 % |
2-bed |
$1,934 |
-0.7 % |
26.3 % |
Rent prices continue downward trend for units of all sizes
In September 2023, rental affordability continued to improve, although rent prices remained well above pre-pandemic levels. Median asking rents for two-bedroom units dropped for the fifth consecutive month…
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