Realtor.com® December Rental Report: Rents Continued to Fall as New Construction Outpaced Rental Demand

PR Newswire

01-21

Memphis, Tenn., Denver, and Austin, Texas Saw the Biggest Year-over-Year Declines in Rents SANTA CLARA, Calif., Jan. 21, 2025 /PRNewswire/ -- For the 17th consecutive month, rents declined in December...

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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRealtor.com® December Rental Report: Rents Continued to Fall as New Construction Outpaced Rental Demand\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-01-21 19:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/realtor-com-december-rental-report-110000109.html><strong>PR Newswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Memphis, Tenn., Denver, and Austin, Texas Saw the Biggest Year-over-Year Declines in Rents\nSANTA CLARA, Calif., Jan. 21, 2025 /PRNewswire/ -- For the 17th consecutive month, rents declined in December...</p>\n\n<a href=\"https://finance.yahoo.com/news/realtor-com-december-rental-report-110000109.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://finance.yahoo.com/news/realtor-com-december-rental-report-110000109.html","article_id":"2505228541","we_media_id":null,"thumbnails":[],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/realtor-com-december-rental-report-110000109.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2505228541","pubTimestamp":1737457200,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Memphis, Tenn., Denver, and Austin, Texas Saw the Biggest Year-over-Year Declines in Rents. SANTA CLARA, Calif., Jan. 21, 2025 /PRNewswire/ -- For the 17th consecutive month, rents declined in December, falling by -1.1% year over year to a median of $1,695, according to the Realtor.com December Rental Report released today. This is the first time since April 2022 where the national median asking rent fell below $1,700, as new construction nationally continues to outpace demand.The West experienced the largest decline in absorption rates within the first three months of completion, dropping from 72% for the third quarter in 2023 to 58% for the third quarter in 2024. This slowdown can be attributed to the increased supply of new rental units in the region. With more rental options available, eight out of 11 Western markets reported year-over-year rent declines, led by markets such as Denver; Riverside, Calif. ; and San Francisco .","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"房地产经纪人。com®12月租金报告：由于新建筑超过租赁需求，租金继续下跌","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NA":0.9,"NWS":0.9,"NWS.AU":0.9,"NWSA":0.9,"NWSLV.AU":0.9},"content_text":"Memphis, Tenn., Denver, and Austin, Texas Saw the Biggest Year-over-Year Declines in Rents\nSANTA CLARA, Calif., Jan. 21, 2025 /PRNewswire/ -- For the 17th consecutive month, rents declined in December, falling by -1.1% year over year to a median of $1,695, according to the Realtor.com® December Rental Report released today. This is the first time since April 2022 where the national median asking rent fell below $1,700, as new construction nationally continues to outpace demand.\n\"We are reaping the benefits of the multi-family surge in housing starts that lasted throughout 2023, but as starts and completions slow we anticipate seeing more balance in the rental market ahead,\" said Danielle Hale, chief economist at Realtor.com®. \"For renters, balance is welcome and signals an end to the pandemic era rental market spikes.\"  \nStrong Rental Supply Growth Helps Bring Market Closer to BalanceStrong rental supply growth in recent years has returned the market to a more balanced state as the nationwide absorption rate, the share of newly built rental units that are successfully leased out within three months of completed construction, fell to 55%, in line with 2019 levels.\nAbsorption rate is not the only signal of a move into balanced market territory. The influx of new multi-family construction is helping bring balance to the rental market, especially when looking at the change in rents over the last five years and the inflation rate. Since 2019, overall inflation has increased 22.8%, yet rents have only increased 16% during the same time period. \nBalance Lags for Affordable RentalsMore supply is helping ease the high demand seen during the height of the pandemic years; however, absorption rates for affordable rentals show stronger demand for these properties than for more expensive ones. The weighted average absorption rates within three months of completion were 56.3% for the affordable apartments and 53.8% for the pricier units, underscoring a relatively stronger demand for affordable rental options relative to supply.\nApartments Continue to Fill Fast in the Northeast while the West saw Falling AbsorptionRegionally the Northeast has the highest absorption rates and is the only area experiencing a higher absorption rate in the third quarter of 2024 compared to the same period last year, rising from 58% to 67%. This trend corresponds with ongoing annual rent growth in markets like New York City, where rental prices continue to climb.\nThe West experienced the largest decline in absorption rates within the first three months of completion, dropping from 72% for the third quarter in 2023 to 58% for the third quarter in 2024. This slowdown can be attributed to the increased supply of new rental units in the region. With more rental options available, eight out of 11 Western markets reported year-over-year rent declines, led by markets such as Denver(-5.9%); Riverside, Calif. (-4,8%); and San Francisco (-4.3%).\nTable One: National Rents by Unit Size\n\n\n\n\nUnit Size \nMedian Rent \nRent YoY \nRent Change - 5 Years \n\n\nOverall \n$1,695 \n-1.1 % \n16.0 % \n\n\nStudio \n$1,419 \n-1.3 % \n11.3 % \n\n\n1-Bedroom      \n$1,579 \n-0.9 % \n15.9 % \n\n\n2-Bedroom \n$1,880 \n-0.9 % \n19.8 % \n\n\n\n\nTable Two: Rental Data–50 Largest Metropolitan Areas–December 2024\n\n\n\n\nMetro \n Median Rent (0-2 Bedrooms)  \nYoY Change (0-2 Bedrooms \n\n\nAtlanta-Sandy Springs-Alpharetta, GA \n$ 1,571 \n-2.9 % \n\n\nAustin-Round Rock-Georgetown, TX \n$ 1,469 \n-5.0 % \n\n\nBaltimore-Columbia-Towson, MD \n$ 1,794 \n-0.4 % \n\n\nBirmingham-Hoover, AL \n$ 1,216 \n-2.4 % \n\n\nBoston-Cambridge-Newton, MA-NH \n$ 2,940 \n-0.5 % \n\n\nBuffalo-Cheektowaga, NY \nNA \nNA \n\n\nCharlotte-Concord-Gastonia, NC-SC \n$ 1,519 \n-2.2 % \n\n\nChicago-Naperville-Elgin, IL-IN-WI \n$ 1,785 \n-2.8 % \n\n\nCincinnati, OH-KY-IN \n$ 1,336 \n0.5 % \n\n\nCleveland-Elyria, OH \n$ 1,184 \n-3.4 % \n\n\nColumbus, OH \n$ 1,186 \n0.7 % \n\n\nDallas-Fort Worth-Arlington, TX \n$ 1,445 \n-4.1 % \n\n\nDenver-Aurora-Lakewood, CO \n$ 1,799 \n-5.9 % \n\n\nDetroit-Warren-Dearborn, MI \n$ 1,309 \n-0.2 % \n\n\nHartford-East Hartford-Middletown, CT \nNA \nNA \n\n\nHouston-The Woodlands-Sugar Land, TX \n$ 1,363 \n-2.3 % \n\n\nIndianapolis-Carmel-Anderson, IN \n$ 1,286 \n-0.5 % \n\n\nJacksonville, FL \n$ 1,515 \n-1.0 % \n\n\nKansas City, MO-KS \n$ 1,348 \n3.1 % \n\n\nLas Vegas-Henderson-Paradise, NV \n$ 1,468 \n-1.4 % \n\n\nLos Angeles-Long Beach-Anaheim, CA \n$ 2,750 \n-2.7 % \n\n\nLouisville/Jefferson County, KY-IN \n$ 1,258 \n1.2 % \n\n\nMemphis, TN-MS-AR \n$ 1,174 \n-6.7 % \n\n\nMiami-Fort Lauderdale-Pompano Beach, FL \n$ 2,344 \n-1.0 % \n\n\nMilwaukee-Waukesha, WI \n$ 1,593 \n-1.2 % \n\n\nMinneapolis-St. Paul-Bloomington, MN-WI \n$ 1,510 \n0.2 % \n\n\nNashville-Davidson--Murfreesboro--Franklin, TN \n$ 1,536 \n-4.4 % \n\n\nNew Orleans-Metairie, LA \nNA \nNA \n\n\nNew York-Newark-Jersey City, NY-NJ-PA \n$ 2,967 \n5.3 % \n\n\nOklahoma City, OK \n$ 1,015 \n1.3 % \n\n\nOrlando-Kissimmee-Sanford, FL \n$ 1,674 \n-0.6 % \n\n\nPhiladelphia-Camden-Wilmington, PA-NJ-DE-MD \n$ 1,760 \n-1.0 % \n\n\nPhoenix-Mesa-Chandler, AZ \n$ 1,491 \n-3.9 % \n\n\nPittsburgh, PA \n$ 1,437 \n-0.2 % \n\n\nPortland-Vancouver-Hillsboro, OR-WA \n$ 1,674 \n1.0 % \n\n\nProvidence-Warwick, RI-MA \nNA \nNA \n\n\nRaleigh-Cary, NC \n$ 1,491 \n-2.4 % \n\n\nRichmond, VA \n$ 1,480 \n-0.8 % \n\n\nRiverside-San Bernardino-Ontario, CA \n$ 2,076 \n-4.8 % \n\n\nRochester, NY \nNA \nNA \n\n\nSacramento-Roseville-Folsom, CA \n$ 1,883 \n1.2 % \n\n\nSan Antonio-New Braunfels, TX \n$ 1,236 \n-3.1 % \n\n\nSan Diego-Chula Vista-Carlsbad, CA \n$ 2,702 \n-4.2 % \n\n\nSan Francisco-Oakland-Berkeley, CA \n$ 2,715 \n-4.3 % \n\n\nSan Jose-Sunnyvale-Santa Clara, CA \n$ 3,305 \n3.3 % \n\n\nSeattle-Tacoma-Bellevue, WA \n$ 1,963 \n-1.3 % \n\n\nSt. Louis, MO-IL \n$ 1,317 \n1.3 % \n\n\nTampa-St. Petersburg-Clearwater, FL \n$ 1,711 \n-1.6 % \n\n\nVirginia Beach-Norfolk-Newport News, VA-NC \n$ 1,497 \n-0.8 % \n\n\nWashington-Arlington-Alexandria, DC-VA-MD-WV \n$ 2,244 \n2.1 % \n\n\n\n\nMethodologyRental data as of December 2024 for studio, 1-bedroom, or 2-bedroom units advertised as for-rent on Realtor.com. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within the 50 largest metropolitan areas. Realtor.com began publishing regular monthly rental trends reports in October 2020 with data history stretching back to March 2019.\nAbout Realtor.com®Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.\nMedia Contact: Mallory Micetich, press@realtor.com \n View original content:https://www.prnewswire.com/news-releases/realtorcom-december-rental-report-rents-continued-to-fall-as-new-construction-outpaced-rental-demand-302355387.html\nSOURCE Realtor.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"code":"91000000","status":"200"}}}