February 21, 2024 The Newspaper Serving LGBT Los Angeles

Rent Revolt: U.S. Asking Prices Drop 2.1%, Biggest Plummet Since 2020

“Midwest Bucks Trend as Rents Rise – New Opportunities for Savvy Renters

In November, the median asking rent in the United States witnessed a significant year-over-year drop of 2.1%, hitting $1,967—a substantial decline not seen since February 2020, as reported by Redfin. Additionally, there was a 0.6% decrease from October. This downturn is directly linked to the surge in available apartments resulting from a recent construction boom, leading landlords to grapple with an upswing in vacancies. Midwest asking rents are the exception.

Over the past 18 months, the rental market’s momentum has tapered off due to the surplus of available apartments stemming from recent construction activity. Landlords, facing intensified competition for tenants, are sometimes strategically lowering asking rents, offering renters more favorable deals.

Daryl Fairweather, the Chief Economist at Redfin, has noted a perceptible shift, highlighting that renting is becoming a more attractive option, especially with the persistently high costs of homeownership. Despite this, there remains a possibility that more renters may transition to the homebuying market next year as home-sale prices and mortgage rates are expected to decline.

Certain landlords are employing tactics such as one-time incentives like a free month’s rent or reduced parking costs to entice tenants. These incentives are influencing the overall amount renters pay, potentially decreasing more rapidly than indicated in the available data.

The decline in rents is multifaceted, attributed to economic uncertainty, slowed household formation, affordability challenges arising from inflation and pandemic-induced rent surges, and emerging signs of a slowing economy. This economic landscape is prompting Americans to adopt a more frugal approach.

Despite the recent decrease, current rents remain significantly higher—22.1%—than pre-pandemic levels in November 2019. They are only 4.2% below the record high of $2,054 reached in August 2022.

Meanwhile, apartment construction in the U.S. continues at a robust pace, with a 7% year-over-year increase in completed apartments in the third quarter, reaching a seasonally adjusted annual rate of 1.2 million—one of the highest levels in the past three decades. However, the number of apartment buildings with ongoing construction has experienced a 26.2% year-over-year decline in the third quarter, signaling a potential shift in the trend.

Related Posts

(Video) If Not Now Los Angeles Protest at Vice President Kamala Harris’ Home in Brentwood

February 19, 2024

February 19, 2024

The group held a Shiva or Jewish mourning ceremony as a protest. @brentwoodnewsla If Not Now Los Angeles Protest at...

Atmospheric River Update for Los Angeles, Santa Monica, and Malibu for February 19

February 19, 2024

February 19, 2024

Road Closures, Mudslides, and Heaviest Rainfall of This Storm Still on the Way The City of Los Angeles intensified its...

Non-Binary Student Dies After Allegedly Violent Bathroom Fight at Owasso High School in Oklahoma

February 19, 2024

February 19, 2024

High School Faces Questions After They Fail to Call First Responders or Report to Police Nex Benedict, a non-binary 16-year-old...

Nationwide Recall: RAW FARM Raw Cheddar Cheese Linked to E. Coli Outbreak

February 19, 2024

February 19, 2024

RAW FARM LLC collaborates with FDA to recall raw cheddar cheese products In response to a CDC alert about a...

Partner of Author Bret Easton Ellis Arrested for Trespassing in West Hollywood Condo

February 19, 2024

February 19, 2024

Neighbor Was Shocked By Man Entering Her Apartment Without Permission Todd Michael Schultz, the partner of author Bret Easton Ellis...

City Council to Consider Innovative Incentive to Boost Large Family Apartment Construction

February 19, 2024

February 19, 2024

City Council President Introduces Density Bonus Plan to Address Housing Needs The Los Angeles City Council will consider a motion...

Los Angeles Gears Up for Another Slow Moving Storm: City Urges Preparedness

February 18, 2024

February 18, 2024

National Weather Service Issues Flood Watch for Los Angeles County Even though Los Angeles County is still recovering from the...

Rideshare Drivers United Organizes Nationwide Strike On Valentine’s Day

February 16, 2024

February 16, 2024

“National Driver Day of Action” Against Lyft and Uber Includes 44 Cities On the “National Driver Day of Action,” or...

(Video) Ghost Kitchen Kitchen United MIX has closed on Third Street Promenade

February 16, 2024

February 16, 2024

The Kitchen United MIX Location in Westwood is also closed. It’s a Wingstop Now. @smmirrornews Ghost Kitchen Kitchen United MIX...

Local Assistance Centers Open for Storm-Impacted Angelenos This Week

February 15, 2024

February 15, 2024

One-Stop Shops for Recovery Information and Assistance  Beginning Thursday, February 15, a trio of LOCAL ASSISTANCE CENTERS (LACs) will open...

OG Cannabis Café Reopens Its Doors Again in West Hollywood

February 14, 2024

February 14, 2024

Weho’s Cannabis Destination Is Back After a Four-Year Hiatus After a hiatus of four years, a pioneering establishment in the...

Mayor Bass Unveils Permanent Al Fresco Dining Program with Financial Support for Restaurants

February 14, 2024

February 14, 2024

Permanent Al Fresco Program Application Process is Now Open For All  Mayor Karen Bass has announced the commencement of applications...

Los Angeles Culinary Community Mourns the Untimely Passing of Chef Jonathan Whitener

February 14, 2024

February 14, 2024

Tributes Pour In for Co-owner of Here’s Looking at You and All Day Baby By Dolores Quintana After the announcement...

(Video) Sundance Fireside Chat Spotlighting Transgender Storytellers

February 14, 2024

February 14, 2024

Director Yance Ford talks about his film Power and the dynamics of policing @centurycitywestwoodnews Sundance Fireside Chat Spotlighting Transgender Storytellers....

Watch the New Trailer for Sundance Sensation and LGBTQ Love Story Love Lies Bleeding

February 13, 2024

February 13, 2024

Get Ready for an Electric Love Story That Sparks Violence – Starring Kristen Stewart  By Dolores Quintana A24 has released...