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Asking rents remain roughly the same compared to the previous year

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by Calculated Risk June 4, 2024, 10:39 AM

In today’s Real Estate Newsletter: Asking rents remain roughly the same compared to the previous year

excerpt:

Tracking rents is important for understanding trends in the housing market: For example, a surge in rents helped infer a surge in household formation in 2021 (see September 2021). Household formation drives housing demandRents are coming under pressure as household formation slows and apartment complex completions increase.

ApartmentList.com says: Apartment List National Rent Report

The national average rent rose 0.5% in May and now stands at $1,404, but the pace of increases has slowed slightly this month. This time of year typically marks the height of moving season and a period when rent increases accelerate, so this month’s sluggish growth suggests the market is heading into another slow summer.

Since the second half of 2022, seasonal declines have been sharper than usual and seasonal increases have been more moderate. As a result, the average price of an apartment is slightly lower than a year ago. Nationwide, year-over-year rent increases are currently at -0.8%, and have been in negative territory since last summer..

CoreLogic: “Rental prices for row homes fall for first annual period in 14 years”

U.S. single-family home rent growth continued to increase modestly in March, at 3.4% year-over-year.

After recording an annual increase of 2.9% in February, rent increases slowed in March, recording a decrease of -0.6%.

There’s a lot more in the article.

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