{"id":3143,"date":"2023-08-22T22:29:03","date_gmt":"2023-08-22T22:29:03","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/08\/22\/rents-fall-in-july-due-to-rising-supply-of-apartments-but-theyre-up-25-since-before-the-pandemic\/"},"modified":"2023-08-22T22:29:03","modified_gmt":"2023-08-22T22:29:03","slug":"rents-fall-in-july-due-to-rising-supply-of-apartments-but-theyre-up-25-since-before-the-pandemic","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/08\/22\/rents-fall-in-july-due-to-rising-supply-of-apartments-but-theyre-up-25-since-before-the-pandemic\/","title":{"rendered":"Rents Fall in July Due to Rising Supply of Apartments\u2014but They\u2019re Up 25% Since Before the Pandemic"},"content":{"rendered":"

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Rents fell across the nation for the third month in a row due to rising supply of apartments.<\/p>\n

The median asking monthly rent fell by 1% from a year ago in July to $1,759, according to a new report from Realtor.com. A studio cost $1,445 per month, and a one-bedroom was $1,642.<\/p>\n

Lower rents likely translate into good news. The U.S. economy has\u00a0been grappling with high inflation<\/a>, which is primarily being driven by rising housing costs. The U.S. Federal Reserve has\u00a0hiked its benchmark interest rate 11 times during the last 12 consecutive policy meeting<\/a>\u00a0to curb rising inflation.<\/p>\n

Rents, however, have still not fallen to pre-pandemic levels. Rents are up nearly 25% in July 2023, compared to July 2019.<\/p>\n

Rents rose the most on an annual basis for a two-bedroom unit. The median rent for a two-bed was $1,948, up nearly 27% from July 2019.<\/p>\n

\u201cRenters in many areas are now spending slightly less on rent relative to their overall income, giving their budgets a little more breathing room at a time of stubborn inflation and ongoing affordability concerns,\u201d Danielle Hale, chief economist at Realtor.com, said in a statement.<\/p>\n

The data indicated a rise in construction of multi-family homes\u2014which includes townhomes and apartments\u2014and an uptick in vacancy rates, Hale added. \u201cWe anticipate this downward pressure on rent prices will continue, providing many renters with much-needed stability in their housing expenses,\u201d she said.<\/p>\n

Rents become more affordable<\/h2>\n

Overall, rents became slightly more affordable this summer. In July, people earning the typical household income and looking to rent will only be spending around 26% of their earnings to lease a rental, down from 26.5% the previous year.<\/p>\n

\u201cThis positive change can be attributed to a combination of declining median rents and rising median household income,\u201d the report said.<\/p>\n

The most affordable markets for rentals<\/a> were in the Midwest, led by Oklahoma City, where renters were only spending around 18% of their median household income on housing in July.<\/p>\n

The least affordable markets for renters include Miami, Los Angeles, San Diego, and New York City. In Miami, where the median monthly rent was $2,455 in July, renters would have spent 44% of their monthly paycheck on rent in July.<\/p>\n

In New York, where the median monthly rent was $2,859 in July, renters would have spent 37% of their income on rent, Realtor.com said.<\/p>\n

(Realtor.com is operated by News Corp subsidiary Move Inc., and MarketWatch is a unit of Dow Jones, also a subsidiary of News Corp.)<\/p>\n

The post Rents Fall in July Due to Rising Supply of Apartments\u2014but They\u2019re Up 25% Since Before the Pandemic<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Getty Images Rents fell across the nation for the third month in a row due to rising supply of apartments. The median asking monthly rent fell by 1% from a year ago in July to $1,759, according to a new report from Realtor.com. A studio cost $1,445 per month, and a one-bedroom was $1,642. Lower…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":3144,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/3143","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=3143"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/3143\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/3144"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=3143"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=3143"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=3143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}