{"id":505402,"date":"2025-01-09T13:24:20","date_gmt":"2025-01-09T18:24:20","guid":{"rendered":"https:\/\/www.rent.com\/research\/?p=505402"},"modified":"2025-01-09T13:24:23","modified_gmt":"2025-01-09T18:24:23","slug":"november-2024-rent-report","status":"publish","type":"post","link":"https:\/\/www.rent.com\/research\/november-2024-rent-report\/","title":{"rendered":"November 2024 Rent Report: Rents Fall as Affordability Improves"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\">Top takeaways from November:<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The median asking rent fell 0.7% year over year in November to $1,595.<\/li>\n\n\n\n<li>Rents also fell 1.1% ($17) on a monthly basis, down from $1,612 in October.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.rent.com\/ohio\/cleveland-apartments\">Cleveland<\/a>, <a href=\"https:\/\/www.rent.com\/kentucky\/louisville-apartments\">Louisville<\/a>, and <a href=\"https:\/\/www.rent.com\/maryland\/baltimore-apartments\">Baltimore<\/a> saw the biggest increases; <a href=\"https:\/\/www.rent.com\/texas\/austin-apartments\">Austin<\/a>, <a href=\"https:\/\/www.rent.com\/florida\/tampa-apartments\">Tampa<\/a>, and <a href=\"https:\/\/www.rent.com\/north-carolina\/raleigh-apartments\">Raleigh<\/a> posted the biggest declines.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.redfin.com\/news\/housing-market-predictions-2025\/\">2025<\/a> is shaping up to be a renters market, with the affordability gap between buying and renting likely widening.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">National rental trends<\/h2>\n\n\n\n<p><strong>The median U.S. asking rent fell 0.7% year over year in November to $1,595<\/strong>. On a monthly basis, rent prices fell by 1.1%. Rents are now at their lowest level since March 2022.<\/p>\n\n\n\n<p>On average, rents have held steady for the past two years. Prices are now 6.2% below their record high of $1,700 in August 2022.<\/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:470px\" id=\"datawrapper-vis-D8yX5\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/D8yX5\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-D8yX5\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/D8yX5\/full.png\" alt=\"A graph showing U.S. median asking rents from May 2019 through October 2024. Rents have risen nearly $300 in that time span. \" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n\n\n\n<p>In some cities, primarily in the Sun Belt, new apartment completions have been at <a href=\"https:\/\/www.redfin.com\/news\/renter-household-growth-q3-2024\/\">record highs<\/a>, resulting in an abundance of supply and lower rents. This frenzy has prompted some property managers to offer <a href=\"https:\/\/www.redfin.com\/blog\/rent-concession\/\">rent concessions<\/a> (free parking, free month of rent, etc) to attract prospective tenants. Construction has <a href=\"https:\/\/www.redfin.com\/news\/new-rentals-absorption-Q2\/\">recently slowed<\/a>, but a wave of new apartments will still come onto the market in the coming months, which should keep rents down into 2025.&nbsp;<\/p>\n\n\n\n<p>On the other end of the spectrum, cities where apartment construction has been more limited are seeing rents rise. Midwest and East Coast metros like Cleveland and Baltimore are the primary examples.&nbsp;<\/p>\n\n\n\n<p>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. In metros like San Jose and Los Angeles, for example, more than half of households are now renters.&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:456px\" id=\"datawrapper-vis-0PzRu\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/0PzRu\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-0PzRu\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/0PzRu\/full.png\" alt=\"A graph showing the year-over-year change in national median asking rent from May 2020 through November 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 trends by bedroom type<\/h2>\n\n\n\n<p>Median rents fell across all bedroom types in November, highlighting how record levels of construction have improved affordability.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Rents for <strong>0-1-bedroom apartments<\/strong> fell 1.7% YoY to $1,450<\/li>\n\n\n\n<li>Rents for <strong>2-bedroom apartments<\/strong> fell 1.1% YoY to $1,671<\/li>\n\n\n\n<li>Rents for <strong>3+-bedroom apartments<\/strong> fell 2.3% YoY to $1,955<\/li>\n<\/ul>\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-WGawV\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/WGawV\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-WGawV\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/WGawV\/full.png\" alt=\"A graph showing national median asking rents by bedroom type from May 2019 through November 2024. 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\">Metros with the biggest rent increases and decreases<\/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-RFlDy\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/RFlDy\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-RFlDy\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/RFlDy\/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 U.S. 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\">Rents keep climbing in the Midwest<\/h3>\n\n\n\n<p>Several historically affordable Midwest and East Coast metros continue to see steady rent growth, primarily because they haven\u2019t built as many new apartments. 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\">still rising<\/a> because construction hasn\u2019t kept up with strong demand in recent years. Demand for <a href=\"https:\/\/www.axios.com\/local\/washington-dc\/2024\/02\/24\/rent-apartment-prices-luxury-washington-dc\">lower-priced rentals<\/a> is especially high.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Prices fall again in the Sun Belt<\/h3>\n\n\n\n<p>Similar to past months, rents are falling the most in 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\/\">historic demand<\/a>. Now, they\u2019re faced with an abundance of supply, <a href=\"https:\/\/www.census.gov\/housing\/hvs\/data\/histtab3.xlsx\">rising<\/a> vacancy rates, and a <a href=\"https:\/\/www.redfin.com\/news\/america-building-fewer-apartments-2024\/\">drop<\/a> in new construction. New apartments are also cheaper than they\u2019ve been in <a href=\"https:\/\/www.redfin.com\/news\/new-construction-rents-Q2\/\">over two years<\/a>.&nbsp;<br>Austin again topped the list of the largest rent decreases, continuing its <a href=\"https:\/\/www.housingwire.com\/articles\/austin-texas-rental-market-apartments-post-pandemic-growth\/#:~:text=Social%20media%20posts%20have%20fueled,than%20pre%2Dpandemic%20levels.%E2%80%9D\">steep decline<\/a> from <a href=\"https:\/\/www.redfin.com\/news\/q4-2020-housing-migration-trends\/\">pandemic-induced<\/a> highs. As people <a href=\"https:\/\/www.newsweek.com\/austin-housing-market-exodus-real-estate-1881538\">leave in droves<\/a>, apartment supply now far outweighs demand, leading developers to <a href=\"https:\/\/www.newsweek.com\/www-newsweek-com-austin-construction-collapses-housing-market-struggles-1923300\">halt<\/a> construction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Year-over-year rent changes 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-9Obn3\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/9Obn3\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-9Obn3\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/9Obn3\/full.png\" alt=\"A map showing the year-over-year change in asking rents by metro., limited to the 44 largest U.S. metropolitan areas. Excluding Alaska and Hawaii.\" \/><\/noscript><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Historical change in rents by metro area<\/h2>\n\n\n\n<p>Rent prices have changed significantly since the pandemic, but some metros have seen much larger changes than others.&nbsp;<\/p>\n\n\n\n<p>The median rent in San Francisco, for example, has fallen nearly $800 from a record high of $3,455 in 2022 to $2,677 in November 2024. On the other end of the spectrum, the typical rent in San Diego rose nearly $1,000 in 2021 before leveling out at $2,850 in November 2024. Nashville saw a similar trend.<\/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-JIWRs\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/JIWRs\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-JIWRs\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/JIWRs\/full.png\" alt=\"A graph showing median rents for 45 of the 50 most populous U.S. metros from May 2019 through November 2024. \" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Complete 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:2476px\" id=\"datawrapper-vis-PvjXW\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/PvjXW\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-PvjXW\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/PvjXW\/full.png\" alt=\"A color-coded chart showing the median rent, year-over-year change, and month-over-month change of asking rents for 44 of the 50 largest U.S. metros. Washington, DC showed the largest year-over-year increase, while Jacksonville saw the largest decrease. Data is a rolling three-month period ending November 30, 2024. \" \/><\/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-november-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 November 2024 covers rentals that were listed on Rent. and Redfin during the three months ending November 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 44 of the 50 most populous U.S. core-based statistical areas (CBSAs)<em>. <\/em>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<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The rental market remained flat in November, with median asking rents falling 0.7% year over year to their lowest level since early 2022. Learn everything else you need to know in our monthly report. <\/p>\n","protected":false},"author":1022,"featured_media":505409,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19832,19828],"tags":[],"topics":[195,202],"renters":[],"cities":[],"propertymanagement":[],"class_list":["post-505402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-renting-trends","category-research","topics-data-research","topics-news-trends"],"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>November 2024 Rent Report | Rent. Research<\/title>\n<meta name=\"description\" content=\"The rental market remained flat in November, with median asking rents falling 0.7% year over year. 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\/november-2024-rent-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"November 2024 Rent Report: Rents Fall as Affordability Improves\" \/>\n<meta property=\"og:description\" content=\"The rental market remained flat in November, with median asking rents falling 0.7% year over year to their lowest level since early 2022. Learn everything else you need to know in our monthly report.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rent.com\/research\/november-2024-rent-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Rent. 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