by Calculated Risk on 4/04/2025 02:36:00 PM
Today, in the Real Estate Newsletter: Asking Rents Mostly Unchanged Year-over-year
Brief excerpt:
Another monthly update on rents.
Tracking rents is important for understanding the dynamics of the housing market. Slower household formation and increased supply (more multi-family completions) has kept asking rents under pressure. …
Apartment List: Asking Rent Growth -0.4% Year-over-year …
On the supply side of the rental market, our national vacancy index now sits at 6.9 percent, the highest reading in the history of that monthly data series, which goes back to the start of 2017. After a historic tightening in 2021, multifamily occupancy has been slowly but consistently easing for over three years amid an influx of new inventory. 2024 saw the most new apartment completions since the mid-1980s, and with 750 thousand units still in the construction pipeline, the supply boom has runway to continue this year.
Realtor.com: 19th Consecutive Month with Year-over-year Decline in Rents
The median asking rent across the 50 largest metropolitan areas in the United States fell again in February, to $1,691. This marks 19 months in a row in which rent has fallen year over year, this time by 0.9% from February 2024.
This is much more in the article.
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