Asking Apartment Rents Fall to Lowest Level Since March 2022

MT Newswires12-12

apartment.jpg -Shutterstock Asking rents for apartments declined on both sequential and annual bases last month to the lowest level since March 2022 amid a cooldown across all bedroom counts, ...

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The asking price per square foot for rental apartments dropped 2.2% annually to the lowest level since December 2021.Rents declined across bedroom counts for the fifth straight month, according to the real estate brokerage's report. For studios and one bedroom units, asking rents dropped 1.7% year over year to the lowest level since November 2021. For two bedroom units and units with three or more bedrooms, rents slid 1.1% and 2.3%, respectively.\"As construction starts to slow, rents will eventually tick back up, but 2025 is shaping up as a renter's market with potential for the affordability gap between buying and renting to widen,\" Bokhari said.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4548":"巴美列捷福持仓","BK4079":"房地产服务","RDFN":"Redfin Corp"},"translate_title":"公寓租金跌至2022年3月以来最低水平","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"RDFN":0.9},"content_text":"apartment.jpg -Shutterstock\n \n Asking rents for apartments declined on both sequential and annual bases last month to the lowest level since March 2022 amid a cooldown across all bedroom counts, Redfin (RDFN) reported on Wednesday. \n\n The median asking rent in the US fell 1.1% month over month in November and 0.7% year over year to $1,595. The asking price per square foot for rental apartments dropped 2.2% annually to the lowest level since December 2021.\n\n Rents declined across bedroom counts for the fifth straight month, according to the real estate brokerage's report. For studios and one bedroom units, asking rents dropped 1.7% year over year to the lowest level since November 2021. For two bedroom units and units with three or more bedrooms, rents slid 1.1% and 2.3%, respectively.\n\n \"Renters in areas where construction has boomed are in a sweet spot right now,\" said Redfin Senior Economist Sheharyar Bokhari. \"Affordability is improving as rents fall and wages rise, and there is increased choice with more and more new apartment buildings opening.\"\n\n Shelter price growth decelerated to 0.3% in November from 0.4% in October and rose 4.7% on an annual basis, the smallest 12-month increase since February 2022, the Bureau of Labor Statistics reported on Wednesday. \n\n The rental market has stayed virtually flat over the past two years and has ticked down slightly in recent months due largely due a record number of new apartments hitting the market this year, according to Redfin. \n\n Apartment completions jumped nearly 23% nationally on a year-over-year basis in the second quarter, which was the highest level in more than 12 years, Redfin said. The vacancy rate for buildings with five or more units increased to 8% in the third quarter, the highest level since early 2021.\n\n \"As construction starts to slow, rents will eventually tick back up, but 2025 is shaping up as a renter's market with potential for the affordability gap between buying and renting to widen,\" Bokhari said.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2490181516"}