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U.S. Apartment Rents Eke Out Annual Growth in September
The typical U.S. asking rent ticked up 0.6% year over year in September to $1,634, with several East Coast and Midwestern metros seeing the biggest increases, led by Washington, DC. So says a report from residential brokerage Redfin, which noted that rents were down 0.2% on a month-over-month basis.
The median rent has stayed largely flat for the past two years, ranging between $1,599 and $1,663, with the median in a tight window between $1,630 and $1,650 for 16 of the past 24 months. Simultaneously, wages are growing around 4% annually, indicating that rent is more affordable now than it was two years ago, according to Redfin.
“Rents remain stable nationally, but could look very different depending on where you live in the country,” said Redfin senior economist Sheharyar Bokhari. “On the East Coast and in the Midwest, there hasn’t been as much building activity, so asking rents are rising. Meanwhile, if you’re in a Sun Belt city where construction boomed following the pandemic, rents are now falling pretty fast.”
Led by Jacksonville at -11.3%, three of the 10 metros with the biggest year-over-declines are in Florida, according to Redfin data.
- ◦Lease
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