The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

World News

Here’s where rents are rising — and where they’re falling

by admin May 22, 2024
May 22, 2024
Here’s where rents are rising — and where they’re falling

Driven by the work-from-home dynamic, as well as by new migration patterns, both single-family and multifamily rent prices were red-hot during the first years of the pandemic.

Now different drivers are pushing some rents higher — and throwing cold water on others.

Multifamily rents in April were 0.8% lower than they were in the same month last year, according to Apartment List. Rents cooled because a massive amount of new supply entered the market, with still more in the pipeline.

Apartment rents did rise for the third straight month, but the growth, at 0.5%, is very small. Rents usually begin to rise in the spring, and the gain this year is not only smaller than usual but smaller than the previous month’s gain. The national median rent in April was $1,396.

“This is typically the time of year when rent growth is accelerating heading into the busy moving season, so the fact that growth stalled this month could be a sign that the market is headed for another slow summer,” according to the Apartment List report.

Apartment vacancies are also climbing, hitting 6.7% as of March, marking the highest reading since August 2020. New multifamily building permits are slowing down, but the number of units currently under construction is near a record high, and last year saw the most new apartments hit the market in over 30 years.

Single-family rents are much stronger, up 3.4% in March year over year, according to a new report from CoreLogic. That annual increase, however, continues to shrink as more supply comes onto the market from build-for-rent companies.

Roughly 18,000 single-family, built-for-rent homes were started during the first quarter, a 20% increase from the first quarter of 2023, according to an analysis of Census data by the National Association of Home Builders. Over the last four quarters, 80,000 such homes began construction, representing a nearly 16% jump from the prior four quarters.

“U.S. single-family rent growth strengthened overall in March, though some weaknesses are revealed in the latest numbers,” said Molly Boesel, principal economist for CoreLogic. “Overbuilt areas, such as Austin, Texas, continued to soften, decreasing by 3.5% annually in March.”

The continued strength overall in single-family rents indicates that potential homebuyers who are priced out of the home-purchase market are choosing to rent similar alternatives, according to Boesel. Mortgage rates have risen back into the 7% range, and home prices continue to rise, making it harder to buy a home.

Of the nation’s 20 largest cities, Seattle saw the highest year-over-year increase in single-family rents at 6.3%, followed by New York at 5.3% and Boston at 5.2%. Those leading the declines were Austin, Texas, down 3.5%; Miami, down 3.2%; and New Orleans, down 1.4%.

For the first time in 14 years, however, single-family attached properties, namely townhomes, posted a year-over-year rent decline.

“The decrease in the attached segment is being driven by a subset of markets, mostly in Florida, but including Austin and New Orleans. As multifamily apartments are being completed, some markets are gaining rental supply, which competes with the attached segment of the single-family rental market,” Boesel added.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Spirit Airlines gets rid of change and cancellation fees, joining Frontier
next post
Warner Bros. Discovery and ESPN strike 5-year deal for College Football Playoff games

Related Posts

Southwest Airlines pauses corporate hiring, most summer internships...

January 15, 2025

Elon Musk is $70 billion richer since Trump...

November 13, 2024

Murdoch family battle highlights Nevada’s secret trust boom

August 15, 2024

People are earning more from side gigs and...

July 11, 2024

Peloton CEO Barry McCarthy to step down, company...

May 3, 2024

OpenAI tops 3 million paying business users, launches...

June 5, 2025

JPMorgan creates new role overseeing junior bankers as...

September 19, 2024

It wasn’t the endless shrimp that doomed Red...

May 25, 2024

5 new Uber features you should know —...

May 15, 2025

White House freeze on federal aid won’t affect...

January 30, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Bed Bath & Beyond relaunches with first store in Nashville, plans dozens more

      August 14, 2025
    • The Real Drivers of This Market: AI, Semis & Robotics

      August 14, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      August 14, 2025
    • House Democrat presses DOJ on Ghislaine Maxwell prison transfer, meeting with top official

      August 14, 2025
    • Vance to visit US troops during high-stakes UK trip ahead of Trump’s Putin meeting

      August 14, 2025
    • Vulnerable Democrats hammered with scathing ad handcuffing them to Mamdani, Jeffries

      August 14, 2025

    Categories

    • Business (1,338)
    • Politics (4,240)
    • Stocks (1,585)
    • Uncategorized (45)
    • World News (1,331)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved