Realtor.com says that despite rents falling for 11 consecutive months, the typical renter pays $305 more per month for an apartment than in 2019.
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Although median rents have fallen for 11 consecutive months, renters are still paying $305 more per month for a 0-2 bedroom unit than they were before 2020. According to Realtor.com’s latest market report, the median rent in June decreased 0.4% annually to $1,743 per month, which was the lowest median rent since August 2022.
Danielle Hale
“Rents have been falling steadily for nearly a year, albeit at a slower pace,” Realtor.com chief economist Danielle Hale said Thursday. “But rent costs have risen significantly since before the pandemic, and inflation has Further exacerbating budget pressures on renters, highlighting the need for more supply to meet demand and preventing renters from spending an increasing proportion of their income on housing costs.
Florida renters have experienced the most significant increases in housing costs, with Tampa-St. St. Petersburg-Clearwater, FL (+39.5%) and Miami-Fort Lauderdale-Pompano Beach, FL (+39.2%) saw double-digit median rent increases since 2019.
In Tampa, for example, the median rent in June was $1,752, an increase of $496 from 2019.
Indianapolis-Carmel-Anderson, IN (+37.5%); Pittsburgh (+37.4%); Sacramento-Rooseveltville-Folsom, CA (+35.8%); Virginia Beach-Norfolk – Newport News, VA, NC (+32.5%); New York-Newark-Jersey City, NY, NJ, PA (+31.3%); Cree, OH Frankfurt-Elyria (+30.6%); Raleigh-Cary, North Carolina (29.8%); Birmingham-Hoover, Alabama (+29.3%) round out the top 10 with the highest rent increases since 2019 market.
Unsurprisingly, June was the most affordable month for renters in the South.
The most significant year-over-year declines were all in the South. Austin, Texas (-9.5%), San Antonio, Texas (-8.2%), and Nashville, Tennessee (-8.1%) saw the largest decreases in median rent due to strong multifamily construction trends.
Rental trends were mixed on the West and East Coast, with Los Angeles (-1.9%) and San Francisco (-4.2%) experiencing small annual declines, and New York City (+0.6%) seeing modest increases after experiencing considerable growth rise.
Rents increased in the Midwest, with the largest gains in Indianapolis (+4.4%), Milwaukee (+3.7%) and Minneapolis (+3.7%).
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