For all the talk of multifamily rent growth rates going up or down, a new Redfin report on 33 metro regions takes on a different aspect as important, if not more so. What is happening with today's asking rates?
The answer is a year-over-year drop across all bedroom counts for the first time since 2020. The national median asking rent of $1,647. That's down $53 from 2022's record high.
The median asking rent for studios and 1-bedroom apartments was $1,498 a month, down 0.1% year-over-year. For two-bedroom apartments, the average asking monthly rent was $1,730, down 0.3%. And for three or more bedroom apartments, the rent was $2,010, off by 2.4% over last year. All three categories are down at least $50 from recent all-time highs.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.