The Rental Beast Q1 2024 Market Report provides an in-depth look at the current U.S. rental market, highlighting key trends and shifts. The report is exclusive to the Rental Expert Series program, which is designed to provide real estate professionals with valuable insights, data, educational content, and more to help them succeed in rentals.
A significant finding from the report is the anticipation of rent price changes. About 33% of property owners expect rent prices to rise over the next six months, while 67% believe prices will remain stable. This suggests a positive outlook for the rental market, with expectations of either stability or modest growth.
Comparing Q1 2024 to Q1 2023, there has been a decrease in median rents across most property types, with declines ranging from 2% to 4%. However, single-family homes bucked this trend with a 4% increase in rents, indicating varied rental dynamics across different property types.
The report also highlights the average time properties spend on the market. Single-family homes typically remain available for 18 days, while multifamily homes take about 22 days. This suggests differing levels of demand and inventory between these property types.
Fluctuations in concession percentages over the past year indicate changing landlord policies or market conditions. Additionally, a decline in listing volumes suggests shifting supply dynamics, potentially making it more challenging for tenants to find new rental options.
Overall, the Rental Beast Q1 2024 Market Report depicts a stable yet evolving rental market. Property owners can expect a generally positive environment, while tenants might experience some variability depending on the property type and location. Staying informed about these trends will be crucial for navigating the rental market in 2024.
The Rental Beast Market Reports are critical resources for real estate professionals navigating the ever-evolving rental market.Sign up for the Rental Expert Series here to stay on top of the rental trends and get insights about the market.
