Tag Archives: asking rents

Rents are elevating, growing at a much faster pace than home prices in most local U.S. markets. According to new data, however, renting remains more affordable than homeownership for many.

As rental activity remains steady across the U.S., the Midwest was ranked the most popular region for renting this year, according to a new RentCafe report, revealing the hottest markets to keep an eye out for in 2024.

Renters nationwide are catching a slight break in their monthly payments, as Redfin data shows asking rents dropped for the third straight month in December.

U.S. rent prices fell for the seventh consecutive month in November, according to a new Realtor.com report, as rental supply outpaced elevated demand in the West and South. However, Northeastern renters continued to struggle with higher costs.

Asking rents have declined year-over-year in three of the last four months, according to a new Rent.com report, dropping a total of four times in 2023. As prices continue to climb in the Midwest, other regions saw annual declines in November, as the market continues its seasonal slowdown.

While available rental inventory has increased, the overall rental vacancy rate hit nearly 7% in Q3, representing the highest level since 2021. A new Redfin report shows asking rents continuing to linger just below their record high from October.

According to Realtor.com's August 2023 Rental Report, buying a starter home in the top 50 metros cost approximately 60.3% more than renting, while median U.S. rents experienced their fourth consecutive month of year-over-year declines.

According to a new report from Redfin, only Western regions are experiencing a drop in asking rents, which are continuing to cool after surging nearly 20% last year.

While rents remain nearly 25% higher compared to the same time in pre-pandemic 2019, rent prices in the expensive West are seeing the largest year-over-year declines, according to Realtor.com's May 2023 Rental Report.

“The balance of power in the rental market is tipping back in tenants’ favor as supply catches up with demand. That’s easing affordability challenges and giving renters a little wiggle room to negotiate in some areas,” said Redfin Deputy Chief Economist Taylor Marr.