Redfin Reports Asking Rents Climb 2% in February, Biggest Gain in Over a Year
11 Março 2024 - 9:30AM
Business Wire
The Northeast and Midwest were the biggest
gainers, with asking rents rising roughly 5% from a year earlier.
Rents in the West and South were roughly flat.
(NASDAQ: RDFN) —The median U.S. asking rent rose 2.2% year over
year to $1,981 in February, the largest gain since January 2023,
and increased 0.9% from a month earlier. That’s according to a new
report from Redfin (redfin.com), the technology-powered real estate
brokerage.
Asking rents hit a low point last February, which is one reason
for the sizable year-over-year increase this February. Mortgage
rates were also likely at play.
“Mortgage rates ticked back up in February—a disappointing
development for prospective homebuyers, who just a few months ago
got a glimmer of hope as rates finally started to fall,” said
Redfin Chief Economist Daryl Fairweather. “With rates still
elevated, many are opting to continue renting, which is buoying
rental demand, and as a result, rent prices.”
It’s worth noting that the Federal Reserve is expected to lower
interest rates before the end of the year, which could turn more
renters into buyers and cause asking rents to dip again.
While rents jumped in February, they’re relatively stable
compared to the past two years, when the pandemic sent the rental
market on a rollercoaster ride. For the majority of 2022, growth in
asking rents slowed rapidly following a surge during the pandemic,
and in 2023, asking rents actually declined on a year-over-year
basis.
The median asking rent in February was $73 below (-3.5%) the
record high set in August 2022 (rents often peak in the summer and
trough in the winter), but was still $387 higher (+24.3%) than it
was in February 2020—the month before the coronavirus was declared
a pandemic and a moving frenzy started driving up rents. That means
affordability remains strained for many U.S. renters.
The Northeast and Midwest Lead the Nation in Rent
Increases
The median asking rent in the Northeast jumped 5.2% year over
year to $2,481 in February—the largest gain in nine months. Rents
in the Midwest saw a similar increase, rising 4.9% to $1,441—the
biggest increase in five months. Meanwhile, asking rents in the
South and West were essentially flat, rising 0.3% to $1,635 and
falling 0.1% to $2,349, respectively.
The Northeast and West have been nearly tied for the most
expensive rental region for much of recent history, but switched
spots over the last year; the West was the priciest region for much
of the pandemic homebuying frenzy, but the Northeast reclaimed the
top spot in November 2022 and has held it ever since.
Rents are likely holding up best in the Northeast and Midwest
because those regions haven’t been building as much as the South
and West, meaning landlords aren’t under as much pressure to fill
vacancies.
To view the full report, including charts and methodology,
please visit:
https://www.redfin.com/news/redfin-rental-report-february-2024
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate
company. We help people find a place to live with brokerage,
rentals, lending, title insurance, and renovations services. We run
the country's #1 real estate brokerage site. Our customers can save
thousands in fees while working with a top agent. Our home-buying
customers see homes first with on-demand tours, and our lending and
title services help them close quickly. Customers selling a home
can have our renovations crew fix it up to sell for top dollar. Our
rentals business empowers millions nationwide to find apartments
and houses for rent. Since launching in 2006, we've saved customers
more than $1.6 billion in commissions. We serve more than 100
markets across the U.S. and Canada and employ over 4,000
people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity
Home Loans®, Rent.™, Apartment Guide®, Title Forward® and
WalkScore®.
For more information or to contact a local Redfin real estate
agent, visit www.redfin.com. To learn about housing market trends
and download data, visit the Redfin Data Center. To be added to
Redfin's press release distribution list, email press@redfin.com.
To view Redfin's press center, click here.
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version on businesswire.com: https://www.businesswire.com/news/home/20240311887739/en/
Redfin Journalist Services: Kenneth Applewhaite, 206-414-8880
press@redfin.com
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