Today, in the Real Estate Newsletter: Asking Rents Mostly Unchanged Year-over-year
Brief excerpt:
Another monthly update on rents.
Tracking rents is important for understanding the dynamics of the housing market. Slower household formation and increased supply (more multi-family completions) has kept asking rents under pressure. …
Apartment List: Asking Rent Growth -0.4% Year-over-year …
On the supply side of the rental market, our national vacancy index now sits at 6.9 percent, the highest reading in the history of that monthly data series, which goes back to the start of 2017. After a historic tightening in 2021, multifamily occupancy has been slowly but consistently easing for over three years amid an influx of new inventory. 2024 saw the most new apartment completions since the mid-1980s, and with nearly 800 thousand units still in the construction pipeline, the supply boom has runway to continue into 2025.
Realtor.com: 18th Consecutive Month with Year-over-year Decline in Rents
In the first month of 2025, the median asking rent across the 50 largest U.S. metropolitan areas picked up slightly to $1,703, from $1,695 in December 2024, but it remains down 0.2% from one year ago. This marks the 18th consecutive month in which rents have fallen year over year.
This is much more in the article.
