Realtor.com® April Rental Report: National Rents Drop Again, But Three Midwest Markets Surge to Record Highs

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May 22, 2024, 06:00 ET

Median rents fell -0.7% in April with renters in pricey Austin, Las Vegas, and San Francisco enjoying the biggest savings, meanwhile rents in Indianapolis, Milwaukee, and Minneapolis reach a high

SANTA CLARA, Calif., May 22, 2024 /PRNewswire/ -- Rents fell again last month, with particularly big savings for renters in Austin, Texas; Las Vegas; and San Francisco compared to when those markets peaked, according to the Realtor.com^® Rental Report released today. Still, some areas with low unemployment and a slower pace of new home construction saw record-high rents that could continue to rise into the summer months.

The median asking rent nationally for 0-2 bedroom units fell by -0.7% from April of last year, to $1,723, and declined across all size categories. It was the ninth straight year-over-year drop, though the pace of rent declines has slowed. Rents are just $33 (-1.9%) below their August 2022 peak.

"In the ever-fluctuating real estate market, renters will find that trends vary significantly by location," said Danielle Hale, Chief Economist at Realtor.com^®. "Renters in some historically expensive areas are seeing lower prices compared to what they would have paid at the peak of the market, while many relatively affordable markets are witnessing a continued rise in rental costs to new highs, and the scales could tip to even more markets later this summer."

Renters in some South and West markets see biggest savings; Austin leads the way
The median asking rent for Austin, Texas in April was $1,494, which is down $195 (-11.5%) from its September 2022 peak. That's the largest percent savings, compared to the market's peak, among the 50 biggest metro markets. The decline was partly driven by an influx of new multi-family homes into the Southern market, which has helped to push Austin's rental vacancy rate higher. Rents in Austin have been declining month-over-month since June 2023. Still, April's median asking rent in Austin is $260 (21.1%) more than it was five years ago, before the pandemic. The metro with the second-biggest rent savings since the peak was Las Vegas, where renters could save $184 on average by renting a typical property today, down -11.1% from the June 2022 high. And in San Francisco, a typical renter could save $303 per month, down -9.9% from the July 2022 peak.

Three Midwest metros hit record-high rents and more could follow
By contrast, in parts of the Midwest, rents are climbing. The median asking rents hit their highest levels since March 2019 in three Midwest cities: Indianapolis (up 4.5% annually to $1,334), Milwaukee (up 3.8% to $1,671), and Minneapolis (up 2.5% to $1,529). Driving higher rents are below-average unemployment rates and the slow pace of new multi-home construction. Current rental prices in Cincinnati, Cleveland and Chicago are all slightly below peak but could hit their own record highs this summer if the recent growth trend continues. While rents in many Midwest metro areas are generally more affordable than in cities in other parts of the country, in some key markets renters are facing increasing affordability challenges.

Rents decline across all size categories
On average, rents for units of all sizes continued their months-long trend downward in April. Studios saw the biggest drop, with the median asking rent nationwide falling by 1.7% on a year-over-year basis, to $1,443. That's down -3.2% from its October 2022 peak but 18.9% higher than five years ago. Median rent for one-bedroom units fell -1.4% to $1,601, the eleventh straight month of annual declines. And the median rent for two-bedroom units fell by -0.7% to $1,916. That's -1.9% lower than its August 2022 peak but 24.4% more than five years ago.

National Rental Data – April 2024

Unit Size	Median Rent	Rent YoY	Rent Change – 5 years
Overall	$1,723	-0.7 %	22.5 %
Studio	$1,443	-1.7 %	18.9 %
1-bed	$1,601	-1.4 %	20.9 %
2-bed	$1,916	-0.7 %	24.4 %

Rental Data – 50 Largest Metropolitan Areas – April 2024

Metro	Median Rent (0-2 Bedrooms)	YoY (0-2 Bedrooms)	Peak Rent since Mar. 2019
Atlanta-Sandy Springs-Alpharetta, GA	$1,611	-5.6 %	$1,767
Austin-Round Rock, TX	$1,494	-8.3 %	$1,689
Baltimore-Columbia-Towson, MD	$1,762	-5.6 %	$1,872
Birmingham-Hoover, AL	$1,299	1.5 %	$1,333
Boston-Cambridge-Newton, MA-NH	$2,926	-1.7 %	$3,056
Buffalo-Cheektowaga, NY	NA	NA	NA
Charlotte-Concord-Gastonia, NC-SC	$1,513	-5.6 %	$1,670
Chicago-Naperville-Elgin, IL-IN-WI	$1,834	1.4 %	$1,860
Cincinnati, OH-KY-IN	$1,354	1.0 %	$1,362
Cleveland-Elyria, OH	$1,210	2.1 %	$1,226
Columbus, OH	$1,182	-1.1 %	$1,222
Dallas-Fort Worth-Arlington, TX	$1,491	-2.8 %	$1,599
Denver-Aurora-Lakewood, CO	$1,910	-0.8 %	$1,987
Detroit-Warren-Dearborn, MI	$1,290	0.6 %	$1,352
Hartford-West Hartford-East Hartford, CT	NA	NA	NA
Houston-The Woodlands-Sugar Land, TX	$1,385	-2.7 %	$1,434
Indianapolis-Carmel-Anderson, IN	$1,334	4.5 %	$1,334
Jacksonville, FL	$1,539	-3.0 %	$1,658
Kansas City, MO-KS	$1,288	-2.3 %	$1,352
Las Vegas-Henderson-Paradise, NV	$1,481	-4.0 %	$1,665
Los Angeles-Long Beach-Anaheim, CA	$2,766	-2.2 %	$2,898
Louisville/Jefferson County, KY-IN	$1,219	-3.5 %	$1,280
Memphis, TN-MS-AR	$1,222	-4.9 %	$1,316
Miami-Fort Lauderdale-West Palm Beach, FL	$2,382	-4.3 %	$2,539
Milwaukee-Waukesha, WI	$1,671	3.8 %	$1,671
Minneapolis-St. Paul-Bloomington, MN-WI	$1,529	2.5 %	$1,529
Nashville-Davidson–Murfreesboro–Franklin, TN	$1,523	-8.4 %	$1,681
New Orleans-Metairie, LA	NA	NA	NA
New York-Newark-Jersey City, NY-NJ-PA	$2,876	4.1 %	$2,920
Oklahoma City, OK	$1,006	0.5 %	$1,023
Orlando-Kissimmee-Sanford, FL	$1,677	-5.9 %	$1,810
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	$1,813	1.5 %	$1,832
Phoenix-Mesa-Scottsdale, AZ	$1,540	-4.6 %	$1,684
Pittsburgh, PA	$1,474	1.6 %	$1,475
Portland-Vancouver-Hillsboro, OR-WA	$1,721	2.5 %	$1,760
Providence-Warwick, RI-MA	NA	NA	NA
Raleigh, NC	$1,487	-5.3 %	$1,640
Richmond, VA	$1,477	-3.0 %	$1,556
Riverside-San Bernardino-Ontario, CA	$2,156	-0.8 %	$2,233
Rochester, NY	NA	NA	NA
Sacramento-Roseville-Folsom, CA	$1,953	3.0 %	$1,968
San Antonio-New Braunfels, TX	$1,230	-8.1 %	$1,353
San Diego-Chula Vista-Carlsbad, CA	$2,888	-0.3 %	$3,145
San Francisco-Oakland-Berkeley, CA	$2,766	-4.3 %	$3,069
San Jose-Sunnyvale-Santa Clara, CA	$3,318	3.7 %	$3,344
Seattle-Tacoma-Bellevue, WA	$2,017	-0.3 %	$2,132
St. Louis, MO-IL	$1,318	-1.6 %	$1,373
Tampa-St. Petersburg-Clearwater, FL	$1,741	-2.5 %	$1,828
Virginia Beach-Norfolk-Newport News, VA-NC	$1,518	2.4 %	$1,551
Washington-Arlington-Alexandria,DC-VA-MD-WV	$2,225	1.3 %	$2,263

Methodology
Rental data as of April 2024 for studio, 1-bedroom, or 2-bedroom units advertised as for-rent on Realtor.com^®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within the top 50 largest metropolitan areas. Realtor.com^® began publishing regular monthly rental trends reports in October 2020 with data history stretching back to March 2019.

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Media contact:
Sara Wiskerchen, [email protected]

SOURCE Realtor.com