- Rental price demand decreased Nearly 5 % since 2022, but prices may soon rise with the delay of the housing boom after birth, according to RedFin. The developers are struggling to fill the newly built apartments as it sits more than half after three months of completion.
Redvin said that the request for rent has decreased in the past three years, but prices may start to rise soon.
The average ask the rent in the United States was $ 1,625 in April, a decrease of 5 % of the record of $ 1.705 in August 2022.
A month more than a month, the average rental request increased by 1.2 %, which is a typical matter for this time of the year, but it decreased by 1 % from last year, which is the largest decrease in 14 months as a result of the unbalanced offer and demand.
“The request for rents is slow because there are more apartments than the people who want to rent them,” said Shuhari Buchari in Redvin in A. A statement on Monday. “The rented demand is strong, but the growth in the supply of apartments is stronger because the multi -capacity construction has risen in the wake of the bouquet.
In fact, the data confirmed on Friday this trend. Building permits in April Housing fell by five or more units by 3.2 % from last year and decreased by 4.7 % from March, according to it. American census data.
This comes after a construction boom that added millions of new units. The average annual housing rate was 1.46 million in April, as it slowed from 1.76 million in August 2024, but it is still much higher than the May 2020 pace of 1.17 million American census data collected by Saint Louis Federal Reserve.
In all parts of the country, the flowing demand and the lowest strength in an increase of 5.1 % on an annual basis in new lists and 14.3 % in the total number of homes offered for sale, according to what he said. Redvin a report.
Since more units have reached the market in recent years, the number of tenants has not accompanied the newly built houses and residential complexes to suit the supply current with the demand.
During the first quarter, the average vacancy in buildings with one unit from 6.1 % in the last quarter of last year grew to 6.3 %, and buildings with two or more than 7.5 % to 7.7 %, according to L. American census data. Buildings with five or more vacancies remain 8.2 %, the same as the previous quarter.
In addition, 47 % of the newly built apartments were rented in the third quarter of 2024 within three months of completion, according to anyone. Redvin American census data analysis. This is linked to the lowest percentage in records dating back to 2012, regardless of the fourth quarter of 2023 and the beginning of the epidemic.
While requesting rental costs has decreased throughout the country, Austin, Texas, led a decrease by almost 10 % on an average year to average $ 1,399 last month.
“Many people in Austin find it one of the cheapest rental,” said Andrew Valigo, Austin Real Estate Undersecretary Andrew Valigo. “You can buy a house and get a monthly mortgage payment of $ 3,200, but the house itself will rent $ 1900. Unless the buyer has a good amount of money for a payment payment, the rent is less expensive.”
Other cities that are witnessing a decrease in rent include Minneapolis (-7.3 %), Portland, Oregon (-5.3 %), Rally, North Carolina (-5.2 %), San Diego (-5.2 %), Jacksonville, Florida, (-5.2 %).
With the continued rise in housing prices and the high mortgage rates in influencing Housing marketSome cities throughout the country are witnessing an increase in rent.
Rental price demand increased more than others in Cincinnati (8.7 %), Petsburg (7.5 %), Baltimore (5.9 %), Birmingham, Alaa (5.8 %), and Washington, DC (5.2 %).
This story was originally shown on Fortune.com
https://fortune.com/img-assets/wp-content/uploads/2025/05/GettyImages-2195130358-e1747513377972.jpg?resize=1200,600
Source link