Realtor.com®: Two Years of Declining Rents Have Renters Ready to Make a Move
Median rents fell year over year for the 25th straight month in August as data show increased renter mobility
In August, asking monthly rents dipped by
"Rental declines across the majority of markets in various-sized homes are providing new options for renters, who have been squeezed by significant increases since the pandemic," said
Rent Prices Dropping Across All Unit Sizes
Median rent declined across units in all size categories examined by Realtor.com®. Studio rents dropped to
National Rents by Unit Size,
|
Unit Size |
Median Rent |
Rent YoY |
Consecutive |
Total Decline |
Rent Change - 6 |
|
Overall |
|
-2.2 % |
25 |
-2.6 % |
17.0 % |
|
Studio |
|
-1.7 % |
24 |
-3.4 % |
13.3 % |
|
1-Bedroom |
|
-2.1 % |
27 |
-4.0 % |
14.9 % |
|
2-Bedroom |
|
-2.2 % |
27 |
-3.1 % |
18.6 % |
Greater Mobility as Rent Pressures Ease
Despite consistent year-over-year declines, median rents still remain 17.0% higher than the pre-pandemic level. To put this in perspective, this is lower than what has occurred with overall consumer prices (+26%) and with the median price-per-square foot of for-sale home listings (+51.3%) in the six years ending
With rents easing, more renters are exploring a move. When rents rose in 2021–2022, nearly 80% of renters stayed put, with mobility around 20.8%. Census data shows renter mobility edged up in 2023 (21.5%) and continued to rise in 2024 (21.6%).
Data from the Realtor.com®
Reasons for mobility vary by age, with younger and older renters more likely to move for affordability reasons, while middle-aged renters may be looking for more space to accommodate a growing family.
"Renters focused on affordability are often willing to make compromises, like choosing a longer commute, fewer amenities or fewer on-site services," said
Renters Remain Hopeful About Ownership, But Barriers Persist
Even as the average age of home buyers reached an all-time high of 38 years old in 2024 and many renters remain priced out of buying, optimism about ownership is strong. Nearly 60% of renters surveyed said they plan to buy a home, and of those, more than half expect to do so within the next one to two years. At the same time, barriers such as saving for a down payment, limited affordable inventory, and credit constraints remain top reasons people continue to rent.
|
Market |
Median Asking |
YOY Change |
Six Year Change |
|
|
|
-4.1 % |
9.0 % |
|
|
|
-6.5 % |
12.9 % |
|
|
|
-0.9 % |
13.9 % |
|
|
|
-3.2 % |
12.6 % |
|
|
|
-1.2 % |
12.2 % |
|
|
NA |
NA |
NA |
|
|
|
-2.3 % |
15.4 % |
|
|
|
0.7 % |
15.1 % |
|
|
|
-4.1 % |
15.7 % |
|
|
|
-0.9 % |
25.1 % |
|
|
|
-0.7 % |
21.4 % |
|
|
|
-2.7 % |
15.1 % |
|
|
|
-7.0 % |
7.2 % |
|
|
|
-1.5 % |
11.9 % |
|
|
NA |
NA |
NA |
|
|
|
-3.1 % |
8.3 % |
|
|
|
-1.8 % |
32.3 % |
|
|
|
-4.9 % |
24.6 % |
|
|
|
2.9 % |
26.3 % |
|
|
|
-4.6 % |
19.8 % |
|
|
|
-1.3 % |
12.8 % |
|
|
|
-4.2 % |
21.2 % |
|
|
|
-3.7 % |
12.9 % |
|
|
|
-3.6 % |
34.7 % |
|
|
|
-1.1 % |
16.7 % |
|
|
|
-3.1 % |
2.9 % |
|
|
|
-5.1 % |
21.0 % |
|
|
NA |
NA |
NA |
|
|
|
0.5 % |
26.3 % |
|
|
|
-2.2 % |
8.7 % |
|
|
|
-2.9 % |
20.6 % |
|
|
|
-2.1 % |
8.4 % |
|
|
|
-6.2 % |
19.6 % |
|
|
|
-0.5 % |
39.9 % |
|
|
|
-4.1 % |
14.7 % |
|
Providence- |
NA |
NA |
NA |
|
|
|
-5.9 % |
22.0 % |
|
|
|
-0.5 % |
26.7 % |
|
|
|
-4.8 % |
15.5 % |
|
|
NA |
NA |
NA |
|
|
|
-4.2 % |
25.0 % |
|
|
|
-1.8 % |
20.2 % |
|
|
|
-4.1 % |
19.6 % |
|
|
|
-4.9 % |
11.5 % |
|
|
|
-0.1 % |
-3.2 % |
|
|
|
1.6 % |
6.6 % |
|
|
|
-2.3 % |
4.9 % |
|
|
|
-0.3 % |
39.1 % |
|
|
|
-1.7 % |
21.5 % |
|
|
|
-0.5 % |
16.2 % |
Methodology
Rental data as of
Site visitor survey: To better understand the sentiment and experiences of buyers, sellers, and renters currently on the market for homes, the Realtor.com® economics team conducts a randomized survey of visitors to listing detail pages on the site, the
Surveys are administered randomly to visitors on Realtor.com®. For this report, we consider only respondents who indicate that they are looking for new rental homes on Realtor.com®. Weights are calculated by computing the share of survey respondents falling into categories based on age and adjusting these proportions to match the share of all visitors to Realtor.com® and similar online real estate marketplaces segmented by age.
About Realtor.com®
Realtor.com
® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by
Media contact: press@realtor.com
View original content:https://www.prnewswire.com/news-releases/realtorcom-two-years-of-declining-rents-have-renters-ready-to-make-a-move-302557072.html
SOURCE Realtor.com
