Asking Rents for New Apartments Notch Biggest Increase in 18 Months, Redfin Says

MT Newswires12-17

apartment.jpg -Shutterstock Third-quarter asking rents on apartments in newly completed buildings rose at the fastest annual pace in a year and a half, reversing course after two straight quarters ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAsking Rents for New Apartments Notch Biggest Increase in 18 Months, Redfin Says\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-17 01:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/asking-rents-apartments-notch-biggest-173836117.html><strong>MT Newswires</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>apartment.jpg -Shutterstock\n \n Third-quarter asking rents on apartments in newly completed buildings rose at the fastest annual pace in a year and a half, reversing course after two straight quarters ...</p>\n\n<a href=\"https://finance.yahoo.com/news/asking-rents-apartments-notch-biggest-173836117.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"RDFN","symbol_name":"Redfin Corp","start_time":0,"source_url":"https://finance.yahoo.com/news/asking-rents-apartments-notch-biggest-173836117.html","article_id":"2492643839","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/lP0dGAvOUznqK3r_LjeaPw--~B/aD02ODM7dz0xMDI0O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/mt_newswires_premium_news_706/7f64bb687b74d0331c566f0ed6e0b651"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2492643839","pubTimestamp":1734370716,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Third-quarter asking rents on apartments in newly completed buildings rose at the fastest annual pace in a year and a half, reversing course after two straight quarters of declines, Redfin  said on Monday.The median asking rent on new apartments increased 1.5% year over year to $1,802 last quarter, according to the real estate brokerage's data. That follows declines of more than 7% in each of the first two quarters of 2024 and marks the first time the asking rent for newly constructed apartments has risen above $1,800 since late 2023.In the second quarter, rents in these buildings clocked in at $1,714, which was the lowest level since mid 2021. Recent declines have reflected historically elevated completion rates following a construction boom that began during the migration frenzy of the pandemic, Redfin said.While the vacancy rate for buildings with five or more units was 8% in the third quarter, the highest rate since the first quarter of 2021, apartment construction is slowing, Redf","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"RDFN":"Redfin Corp","BK4079":"房地产服务","BK4548":"巴美列捷福持仓"},"translate_title":"Redfin表示，新公寓的租金要价创18个月来最大涨幅","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"RDFN":0.9},"content_text":"apartment.jpg -Shutterstock\n \n Third-quarter asking rents on apartments in newly completed buildings rose at the fastest annual pace in a year and a half, reversing course after two straight quarters of declines, Redfin (RDFN) said on Monday.\n\n The median asking rent on new apartments increased 1.5% year over year to $1,802 last quarter, according to the real estate brokerage's data. That follows declines of more than 7% in each of the first two quarters of 2024 and marks the first time the asking rent for newly constructed apartments has risen above $1,800 since late 2023.\n\n In the second quarter, rents in these buildings clocked in at $1,714, which was the lowest level since mid 2021. Recent declines have reflected historically elevated completion rates following a construction boom that began during the migration frenzy of the pandemic, Redfin said.\n\n \"We would usually predict that rents will stay flat, or even potentially fall, when there are so many new apartment buildings opening up,\" said Redfin Senior Economist Sheharyar Bokhari. \"What's interesting in the third quarter is that rents are rising by more than the national average in the West and Midwest, even after the number of new apartments spiked between 30%-50%.\"\n\n In the Northeast, asking rents for new apartments dropped 3.6% year over year in the September quarter amid a 13% annual jump in apartment completions.\n\n However, rents in the West were up 4.4% while completions soared about 34%, according to Redfin. Midwest and South rents increased 3.3% and 1.1%, respectively, despite completions soaring.\n\n Asking rent levels are possibly being buoyed by new apartments opening up in more expensive metros within each of the regions, Bokhari said. \n\n While the vacancy rate for buildings with five or more units was 8% in the third quarter, the highest rate since the first quarter of 2021, apartment construction is slowing, Redfin said. Permits for those projects fell 21% year over year in October, according to Census Bureau data.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","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/2492643839"}