When we talk about the October 2024 national rent trends, it might seem like just another update, but this month’s numbers reveal some pretty interesting shifts. According to Redfin’s latest report, rent changes across the U.S. are showing both stability and surprises, depending on the region. Nationally, rents barely budged, with a slight year-over-year increase of 0.2%, bringing the median asking rent to $1,619. However, rents have actually fallen a bit month-over-month by 0.6%.
October 2024 National Rent Trends
East Coast and Midwest: Notable Rent Increases
In some parts of the country, particularly the East Coast and Midwest, rents have surged more than usual. For instance, Virginia Beach saw the highest jump of all the metros, with an 11.7% year-over-year rise in asking rent, landing at $1,647. Washington, D.C., and Cleveland, OH, also experienced significant increases, up by 11.1% and 9.8%, respectively. Redfin’s experts say that this increase is mainly due to less new construction in these areas compared to places like the Sun Belt.
Sun Belt and Other Regions See Rent Declines
On the flip side, Sun Belt cities like Raleigh, NC, and Tampa, FL, are seeing rent drops. Raleigh took the biggest hit with an 8.8% decline in median rent. Tampa followed closely, down 8.5%. This downward trend isn’t too surprising, as the surge in new construction during the pandemic has led to an oversupply of rental units in these areas, especially in Florida and Texas. Redfin’s Senior Economist Sheharyar Bokhari explains that this flood of new apartments is benefiting renters by creating more affordable options.
A Closer Look at Rents by Apartment Size
Another unique trend highlighted in Redfin’s October report is the slight decrease in rents for all bedroom types. This is actually the third time in four months that rents across 0-1, 2, and 3+ bedroom apartments have dropped. For instance, rents for smaller units (0-1 bedrooms) dropped 0.4% from a year ago, with larger 3+ bedroom units falling even more at 1.5%.
Rent per Square Foot: A Consistent Decline
Redfin’s data also points out that the average price per square foot has been dropping for 18 consecutive months, which is an important shift. For renters, this means that affordability could improve slightly as newer, larger apartments hit the market. Interestingly, even though the national rent trend appears flat, these shifts in square footage prices show that renters are likely getting more space for their dollar in places with more construction activity.
A Mixed Bag for Renters Across the U.S.
The October 2024 national rent trends reveal a mix of slight increases, regional surges, and notable declines depending on where you are in the U.S. Whether you’re seeing rents go up, down, or stay the same, Redfin’s October report gives a snapshot of a changing market that renters and landlords alike should keep an eye on.
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