BiggerPockets Daily
Rents Are Falling—But For How Long? The 2025 Rental Market Outlook
Jan 30, 2025
Dive into the latest rental market trends as national median rents drop for the sixth month in a row. Discover the rising vacancy rate hitting 6.9%, particularly in Sun Belt cities like Austin and Denver. Explore the surprising rent growth in the Midwest and consider how the Fed's rate cuts might influence future prices. With nearly 800,000 new multifamily units in the pipeline, is a turnaround on the horizon? Join the discussion for valuable insights tailored for renters, investors, and landlords!
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Quick takeaways
- National rents have declined for six consecutive months, influenced significantly by increased supply and rising vacancy rates at 6.9%.
- Regional disparities in rent trends reveal sharp declines in Sun Belt cities, while Midwestern areas are experiencing unexpected rent growth.
Deep dives
National Rent Trends
Nationally, rents have been declining for six consecutive months, with a 0.2% drop recorded in January. The current median rent stands at $1,370 per month, reflecting a decrease of $3 from the previous month. This decline in rent prices comes after a significant surge during the pandemic, now being approximately 5% lower than their peak in August 2022. However, it is crucial to note that rent prices are still nearly 20% higher than pre-pandemic levels in 2019, raising concerns about affordability across various markets.
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