Rent Prices: The Good, The Bad, and The Ugly

Hot and Cold Rents

As the pandemic reshaped housing needs rent prices experienced a rollercoaster ride with multifamily rents cooling down by 0.8% in April due to an influx of new supply while apartment rents showed modest growth of 0.5%.

The Rental Landscape

Despite the slight growth the national median rent stayed at $1,396 in April hinting at a potential slow summer for the housing market as vacancies in apartments rise to 6.7% in March.

Single vs. Multi

Single family rents outshined multifamily rents with a 3.4% boost in March yet the market is starting to feel the impact of increased supply as build for rent homes become more prevalent.

Regional Revelations

Cities like Seattle New York and Boston are witnessing spikes in single family rents while areas like Austin Miami and New Orleans are experiencing declines amidst changing market dynamics.

Townhomes Take a Hit

In an unexpected turn townhomes are experiencing a rare decline in rent prices after 14 years driven by increased rental supply from multifamily apartments in select markets.

Future Forecast

With mortgage rates on the rise and home prices escalating the rental market remains a viable alternative for those priced out of the home purchase market shaping the future of rent prices.