Today's Video Headlines: 11/22/24
The median asking rent in the 50 largest metros registered at $1,720, down $23 from last month and $40 from its August 2022 peak, notes Realtor.com economist Jiayi Xu in theStill, even with this downward trend, rents remain higher than they were before the COVID-19 pandemic. Compared with October 2019, the median asking rent is $272 more, showing just how much the rental market has transformed over the past few years.Chalk the general rise in rents over the past few years up to inflation.
“Regionally, all four areas saw a significant increase in multifamily completions in 2024, driven by surges in new starts from prior years,” says Xu. The region saw a 49.1% increase in home completions between January and September 2024 compared with the same period in 2023, and an eye-popping 76.6% increase compared with pre-pandemic levels in 2019.During the pandemic, remote workers flocked to Sun Belt cities, driving up demand and rental prices.
While rents remain higher than pre-pandemic levels, the added supply is beginning to ease pressure on renters, making these cities more accessible in general.
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