The Realtor.com August Rental Report reveals a complex landscape of rental affordability across the United States. Despite a slight year-over-year decline in nationwide median rent, the picture varies significantly from one metro area to another.
In August 2024, the national median rent dipped by $5 (-0.3%) compared to the previous year, settling at $1,753. This marks the 13th consecutive month of year-over-year declines, indicating a trend of easing rental prices. However, the current median rent remains just $7 (-0.4%) below the peak observed in August 2022, suggesting that the rental market is far from a full correction.
Rental affordability has seen a modest improvement nationwide. Renters with typical household incomes now allocate 25.1% of their earnings to rent, down from 25.9% in August 2023. This positive shift is attributed to a combination of declining rents and increasing incomes.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
