{"id":505327,"date":"2024-11-15T13:43:12","date_gmt":"2024-11-15T18:43:12","guid":{"rendered":"https:\/\/www.rent.com\/research\/?p=505327"},"modified":"2024-12-12T13:52:21","modified_gmt":"2024-12-12T18:52:21","slug":"september-2024-rent-report","status":"publish","type":"post","link":"https:\/\/www.rent.com\/research\/september-2024-rent-report\/","title":{"rendered":"September 2024 Rent Report: Sun Belt Sees Big Declines"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\">Top takeaways from this report:<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The U.S. median asking rent rose 0.6% year over year in September to $1,634<\/li>\n\n\n\n<li>However, rents actually fell 0.2% ($2) on a monthly basis, down from $1,636 in August&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.rent.com\/district-of-columbia\/washington-apartments\">Washington, D.C.<\/a>, <a href=\"https:\/\/www.rent.com\/virginia\/virginia-beach-apartments\">Virginia Beach<\/a>, and <a href=\"https:\/\/www.rent.com\/ohio\/cleveland-apartments\">Cleveland<\/a> saw the biggest increases; <a href=\"https:\/\/www.rent.com\/florida\/jacksonville-apartments\">Jacksonville<\/a>, <a href=\"https:\/\/www.rent.com\/north-carolina\/raleigh-apartments\">Raleigh<\/a>, and <a href=\"https:\/\/www.rent.com\/california\/san-diego-apartments\">San Diego<\/a> posted the biggest decreases<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">What\u2019s happening with rents nationwide?&nbsp;<\/h2>\n\n\n\n<p><strong>The median U.S. asking rent rose 0.6% year over year in September to $1,634. <\/strong>This is the sixth consecutive increase following 11 months of decreases.&nbsp;<\/p>\n\n\n\n<p>In general, rents have held steady for the past year and a half since they hit their record high of $1,700 in August 2022. And on a monthly basis, rents actually fell by 0.2% ($2) compared to August.<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<div style=\"min-height:443px\" id=\"datawrapper-vis-rtsu2\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/rtsu2\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-rtsu2\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/rtsu2\/full.png\" alt=\"A graph showing U.S. median asking rents from May, 2019 through September, 2024. Rents have risen by nearly $300 in that time span.\" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n\n\n\n<p>Rents are holding steady nationally but could look very different depending on where you are in the country. In some areas, especially in the Sun Belt states, multifamily building completions have been at <a href=\"https:\/\/fred.stlouisfed.org\/series\/COMPU5MUSA\">historic highs<\/a>, and some metros now have too much supply. This has prompted an <a href=\"https:\/\/www.globest.com\/2024\/08\/14\/rent-concessions-rise-amid-elevated-supply\/\">uptick<\/a> in <a href=\"https:\/\/www.redfin.com\/blog\/rent-concession\/\">rent concessions<\/a> from some property managers to attract prospective tenants.<\/p>\n\n\n\n<p>In other areas, where construction has been more limited, rents are rising. Demand from young renters and a <a href=\"https:\/\/www.redfin.com\/news\/renter-household-growth-2024\/\">fast-growing<\/a> renter population are also contributing factors.<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<div style=\"min-height:455px\" id=\"datawrapper-vis-NQ1J3\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/NQ1J3\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-NQ1J3\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/NQ1J3\/full.png\" alt=\"A graph showing the year-over-year change in national median asking rent from May 2020 through September 2024. Changes were greatest from late 2020 to early 2023. \" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Rental breakout by bedroom type<\/h2>\n\n\n\n<p>When looking at all bedroom types combined, rents rose slightly year over year. However, when isolating by bedroom type, rents actually fell for the second month in a row:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Rents for <strong>0-1-bedroom apartments<\/strong> fell 0.4% YoY to $1,486<\/li>\n\n\n\n<li>Rents for <strong>2-bedroom apartments<\/strong> fell 0.2% to $1,711<\/li>\n\n\n\n<li>Rents for <strong>3+-bedroom apartments<\/strong> fell 1.9% YoY to $1,995<\/li>\n<\/ul>\n\n\n\n<p>It may seem odd that rents rose when looking at all bedroom types combined but fell when isolating by bedroom type. This is due to the statistical phenomenon known as <a href=\"https:\/\/www.britannica.com\/topic\/Simpsons-paradox\">Simpson\u2019s paradox<\/a>, where trends that appear in groups of data may disappear or reverse when looking at the data as a whole.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<div style=\"min-height:454px\" id=\"datawrapper-vis-PbtPV\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/PbtPV\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-PbtPV\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/PbtPV\/full.png\" alt=\"A graph showing national median asking rents by bedroom type. 0-1 bedrooms, 2 bedrooms, and 3+ bedrooms are all shown. \" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">U.S. metros where rents are rising and falling<\/h2>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<div style=\"min-height:371px\" id=\"datawrapper-vis-vjPbu\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/vjPbu\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-vjPbu\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/vjPbu\/full.png\" alt=\"A color-coded chart showing the median rent, year-over-year change, and month-over-month change of asking rents for the 10 metros that saw the largest year-over-year rises and falls. \" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Why are rents rising in these metros?<\/h3>\n\n\n\n<p>Several historically affordable Midwest and East Coast metros have experienced months of steady rent growth, primarily due to limited new apartment construction. This supply-demand imbalance has helped drive rents higher.&nbsp;<\/p>\n\n\n\n<p>Washington, D.C. is unique because rents aren\u2019t particularly affordable, but they\u2019re <a href=\"https:\/\/www.axios.com\/local\/washington-dc\/2024\/08\/08\/rent-prices-rise-real-estate-arlington\" rel=\"nofollow\">still rising<\/a> because construction hasn\u2019t kept up with strong demand in recent years.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Why are rents falling in these metros?<\/h3>\n\n\n\n<p>Rents are falling in several Sun Belt metros, which built the most apartments since the pandemic in an effort to meet <a href=\"https:\/\/www.redfin.com\/news\/housing-migration-trends-november-2022\/\">booming demand<\/a>. Now, they\u2019re faced with an abundance of supply, a <a href=\"https:\/\/www.redfin.com\/news\/apartments-rented-slowest-pace-since-2020\/\">rise<\/a> in unfilled apartments, and a <a href=\"https:\/\/www.redfin.com\/news\/america-building-fewer-apartments-2024\/\">drop<\/a> in new construction.&nbsp;<\/p>\n\n\n\n<p>This trend has been <a href=\"https:\/\/www.newsweek.com\/www-newsweek-com-austin-construction-collapses-housing-market-struggles-1923300\">most obvious<\/a> in Austin, which experienced a <a href=\"https:\/\/www.redfin.com\/news\/q4-2020-housing-migration-trends\/\">wave of migration<\/a> during the pandemic and ramped up construction to meet demand. Now, apartment supply outweighs demand. Austin also led the nation in year-over-year rent drops from June to August this year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Year-over-year change by metro<\/h2>\n\n\n\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<div style=\"min-height:841px\" id=\"datawrapper-vis-HSSTI\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/HSSTI\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-HSSTI\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/HSSTI\/full.png\" alt=\"A map showing the year-over-year change in asking rents by metro., limited to the 45 largest metropolitan areas. Excluding Alaska and Hawaii.\" \/><\/noscript><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Historical change in median rents by metro area<\/h2>\n\n\n\n<p>Rents have changed significantly since the pandemic, but some metros have seen much larger fluctuations than others.&nbsp;<\/p>\n\n\n\n<p>San Francisco, for example, has fallen nearly $800 from a record high of $3,455 in 2022 to $2,683 in September 2024. On the other end of the spectrum, Nashville rose almost $700 from $1,288 to $1,940 in just five months in 2022, before leveling out at $1,561 in September 2024.<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<div style=\"min-height:497px\" id=\"datawrapper-vis-agwJt\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/agwJt\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-agwJt\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/agwJt\/full.png\" alt=\"A graph showing median rents for 45 of the 50 most populous US metros from May 2019 through September 2024. \" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">September 2024: Complete median metro-level data<\/h2>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<div style=\"min-height:1964px\" id=\"datawrapper-vis-C2Wcz\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/C2Wcz\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-C2Wcz\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/C2Wcz\/full.png\" alt=\"A color-coded chart showing the median rent, year-over-year change, and month-over-month change of asking rents for 45 of the 50 largest U.S. metros. Washington, DC showed the largest year-over-year increase, while Jacksonville saw the largest decrease. \" \/><\/noscript> <\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Methodology<\/h2>\n\n\n\n<p>According to a <a href=\"https:\/\/www.redfin.com\/news\/rental-tracker-september-2024\/\">Redfin analysis<\/a>. Asking rent figures in this report cover newly listed units in buildings with five or more units. The median is calculated based on a rolling three-month period. For example, the median asking rent for September 2024 covers rentals that were listed on Rent. and Redfin during the three months ending September 30, 2024. Data on Rent. market trends pages may differ from data shown in this report.&nbsp;<\/p>\n\n\n\n<p>Metro-level data in this report covers 45 of the 50 most populous U.S. core-based statistical areas (CBSAs). National figures are based on data for the entire U.S.<\/p>\n\n\n\n<p>Asking rents reflect the current costs of new leases. In other words, the amount shown as the median asking rent is not the median of what all renters are paying, but the median asking price of apartments available for rent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The national rental market held steady again in September, with median asking rents rising just 0.6% year over year. Learn everything else you need to know in our monthly report. <\/p>\n","protected":false},"author":1022,"featured_media":505181,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19832,19828],"tags":[],"topics":[],"renters":[],"cities":[],"propertymanagement":[],"class_list":["post-505327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-renting-trends","category-research"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.1 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>September 2024 Rent Report | Rent. Research<\/title>\n<meta name=\"description\" content=\"The national rental market held steady in September, with median asking rents rising just 0.6% YoY. Learn more in our monthly report.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rent.com\/research\/september-2024-rent-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"September 2024 Rent Report: Sun Belt Sees Big Declines\" \/>\n<meta property=\"og:description\" content=\"The national rental market held steady again in September, with median asking rents rising just 0.6% year over year. Learn everything else you need to know in our monthly report.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rent.com\/research\/september-2024-rent-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Rent. 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