The Rental Beast Q2 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.
The report identifies moderate increases in rent prices across various rental types, marking a continued upward trend. Notably, the median rent for:
In addition to apartment rents, single-family home rents continued their upward trajectory, reaching $1,895. Multifamily units also experienced an increase, with rents climbing to $1,904, reversing previous declines.
Despite these rent increases, the overall U.S. rental market maintained a vacancy rate of 6.6%. The average time on the market for rental properties remained stable, with single-family homes staying listed for an average of 16 days, while multifamily units were listed for 17 days.
A notable trend during this period was the increase in rental concessions. The national median percentage of rental listings offering concessions rose from 17.9% in Q1 2023 to 23% in Q2 2024. Cities like Chicago, Raleigh, and Colorado Springs were particularly affected, with Colorado Springs leading the nation at a 50% concession rate.
The report also delves into the financial considerations of renting versus buying. In several markets, renting remains significantly cheaper than buying, with notable differences in monthly out-of-pocket expenses. For example:
Overall, the report underscores the ongoing competitiveness of the U.S. rental market, with rising rents, increased concessions, and a stable but dynamic environment for renters and property managers alike.
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 to stay on top of the rental trends and get insights about the market.
