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This text initially appeared on Business Insider.
The “year of the American renter” is off to a robust begin — except you are a landlord.
A new report from on-line rental platform Zumper discovered that in January, the going fee for a one-bedroom residence within the US was $1,496, and $1,847 for a two-bedroom setup. These two figures modified little from final month.
Lease is barely beneath the record levels set in September however stays increased than final January. Median year-over-year lease progress charges this month have been 0.3% for one-bedroom flats and 1.4% for flats with two bedrooms, in keeping with Zumper. One-bedroom lease rose by lower than 1% for the fifth-straight month after rising for 12 consecutive months beginning in October 2021.
Lease progress within the US is way from its pandemic peak, in keeping with the January lease report from @Zumper. pic.twitter.com/3QhWPCyaUp
— James Faris (@JamesFaris_) January 25, 2024
Residence costs have been pushed down by surging provide, Zumper famous. New models are going up quickly throughout areas following years during which demand for rental models far outpaced provide.
“2023 was a file 12 months for brand spanking new provide throughout the nation, and the multifamily business will add much more stock in 2024,” Zumper’s researchers wrote of their January lease report. “This bounce in provide is nice information for renters in search of a deal.”
A extra aggressive rental market is not simply driving down costs. Many renters at the moment are having fun with perks that may’ve been extraordinary through the pandemic, together with waived safety deposits and a free month of lease, Zumper discovered. That pattern can proceed as rates of interest slide, which can doubtless deliver homebuyers again from the sidelines.
“Renters have extra leverage proper now than anytime in latest reminiscence,” mentioned Anthemos Georgiades, the CEO of Zumper, in an announcement for the report. “Now’s the time to renegotiate present leases or rating a deal on a brand new residence.”
27 cities the place flats are getting rather more reasonably priced
Precisely half of the highest 100 rental markets within the US noticed median residence costs fall from 2023, in keeping with Zumper. Nevertheless, these declines different extensively by area and have been extra vital within the Solar Belt than within the Midwest.
Under are 27 metropolitan areas the place the going rental fee for a one-bedroom residence is no less than 5% decrease than it was final January, in keeping with Zumper. Together with every metropolis are its year-over-year and month-over-month lease adjustments, common lease value, and nationwide lease rating among the many largest 100 US actual property markets.
1. Scottsdale, Arizona
Scottsdale, Arizona. Tim Roberts Pictures/Shutterstock through BI
Yr-over-year lease change: -17.7%
Month-over-month lease change: -3.5%
Common lease: $1,670
Nationwide lease rating: 24
Supply: Zumper
2. Irving, Texas
Skyline of the Las Colinas space of Irving, Texas. iStock / Getty Photographs Plus through BI
Yr-over-year lease change: -16.1%
Month-over-month lease change: -0.8%
Common lease: $1,250
Nationwide lease rating: 61
Supply: Zumper
3. Winston Salem, North Carolina
Winston-Salem, North Carolina. halbergman/Getty Photographs through BI
Yr-over-year lease change: -14.6%
Month-over-month lease change: -1.1%
Common lease: $880
Nationwide lease rating: 92
Supply: Zumper
4. Greensboro, North Carolina
Sean Pavone/Shutterstock through BI
Yr-over-year lease change: -13.9%
Month-over-month lease change: 5.3%
Common lease: $990
Nationwide lease rating: 82
Supply: Zumper
5. Boise, Idaho
Boise, Idaho. Charles Knowles/Shutterstock through BI
Yr-over-year lease change: -12.8%
Month-over-month lease change: 3.2%
Common lease: $1,290
Nationwide lease rating: 55
Supply: Zumper
6. Augusta, Georgia
Augusta, Georgia. SeanPavonePhoto/Getty Photographs through BI
Yr-over-year lease change: -12.5%
Month-over-month lease change: -1.2%
Common lease: $840
Nationwide lease rating: 95
Supply: Zumper
7. Buffalo, New York
Buffalo, New York. Getty Photographs through BI
Yr-over-year lease change: -10.7%
Month-over-month lease change: 5.9%
Common lease: $1,080
Nationwide lease rating: 74
Supply: Zumper
8. Austin, Texas
Austin, Texas. Evan Semones through BI
Yr-over-year lease change: -10.2%
Month-over-month lease change: 0%
Common lease: $1,490
Nationwide lease rating: 35
Supply: Zumper
9. Asheville, North Carolina
Asheville, North Carolina. Kevin Ruck/Shutterstock through BI
Yr-over-year lease change: -8.4%
Month-over-month lease change: -2.1%
Common lease: $1,420
Nationwide lease rating: 41
Supply: Zumper
10. Arlington, Texas
Shutterstock through BI
Yr-over-year lease change: -8.3%
Month-over-month lease change: 1.9%
Common lease: $1,100
Nationwide lease rating: 70
Supply: Zumper
11. St. Louis, Missouri
The Gateway Arch, St Louis, Missouri. joe daniel value/Getty Photographs through BI
Yr-over-year lease change: -8.3%
Month-over-month lease change: 3.5%
Common lease: $880
Nationwide lease rating: 92
Supply: Zumper
12. Memphis, Tennessee
Memphis, Tennessee. Connor D. Ryan/Shutterstock through BI
Yr-over-year lease change: -8.2%
Month-over-month lease change: 2.3%
Common lease: $900
Nationwide lease rating: 90
Supply: Zumper
13. Windfall, Rhode Island
Windfall, Rhode Island. Mihai_Andritoiu/Shutterstock through BI
Yr-over-year lease change: -8%
Month-over-month lease change: -5.9%
Common lease: $1,600
Nationwide lease rating: 25
Supply: Zumper
14. Glendale, Arizona
Saverino and his boyfriend rented within the Phoenix suburb of Glendale earlier than shopping for a one-bedroom apartment in Mesa for $204,000. halbergman/Getty Photographs through BI
Yr-over-year lease change: -7.7%
Month-over-month lease change: -5.5%
Common lease: $1,200
Nationwide lease rating: 65
Supply: Zumper
15. Colorado Springs, Colorado
Jacob Boomsma/Getty Photographs through BI
Yr-over-year lease change: -7.6%
Month-over-month lease change: 0%
Common lease: $1,100
Nationwide lease rating: 70
Supply: Zumper
16. Wichita, Kansas
Sean Pavone/Shutterstock through BI
Yr-over-year lease change: -7.2%
Month-over-month lease change: -1.5%
Common lease: $640
Nationwide lease rating: 100
Supply: Zumper
17. Houston, Texas
Houston, Texas. Sean Pavone/Shutterstock through BI
Yr-over-year lease change: -6.9%
Month-over-month lease change: -1.6%
Common lease: $1,220
Nationwide lease rating: 63
Supply: Zumper
18. Oakland, California
Oakland, California metropolis skyline. Jonathan Clark/Getty Photographs through BI
Yr-over-year lease change: -6.8%
Month-over-month lease change: -1.4%
Common lease: $2,050
Nationwide lease rating: 13
Supply: Zumper
19. Dallas, Texas
Dallas, Texas. f11photo/Shutterstock through BI
Yr-over-year lease change: -6.8%
Month-over-month lease change: -2.2%
Common lease: $1,360
Nationwide lease rating: 46
Supply: Zumper
20. San Antonio, Texas
Sean Pavone/Shutterstock through BI
Yr-over-year lease change: -6.1%
Month-over-month lease change: 0.9%
Common lease: $1,080
Nationwide lease rating: 74
Supply: Zumper
21. Orlando, Florida
Orlando, Florida. Songquan Deng/Shutterstock through BI
Yr-over-year lease change: -6%
Month-over-month lease change: 0.60%
Common lease: $1,580
Nationwide lease rating: 26
Supply: Zumper
22. Lincoln, Nebraska
Lincoln, Nebraska. Jacob Boomsma/Shutterstock through BI
Yr-over-year lease change: -6%
Month-over-month lease change: 1.3%
Common lease: $790
Nationwide lease rating: 97
Supply: Zumper
23. El Paso, Texas
Northwest in El Paso, Texas John Coletti/Getty Photographs through BI
Yr-over-year lease change: -5.8%
Month-over-month lease change: -5.8%
Common lease: $810
Nationwide lease rating: 96
Supply: Zumper
24. Bakersfield, California
Bakersfield, California MattGush/Getty Photographs through BI
Yr-over-year lease change: -5.4%
Month-over-month lease change: -0.9%
Common lease: $1,050
Nationwide lease rating: 78
Supply: Zumper
25. Jacksonville, Florida
Jacksonville, Florida. ESB Skilled/Shutterstock through BI
Yr-over-year lease change: -5.3%
Month-over-month lease change: 0.8%
Common lease: $1,260
Nationwide lease rating: 59
Supply: Zumper
26. New Orleans, Louisiana
John Coletti/Getty Photographs through BI
Yr-over-year lease change: -5.1%
Month-over-month lease change: 0%
Common lease: $1,500
Nationwide lease rating: 31
Supply: Zumper
27. Albuquerque, New Mexico
Albuquerque, New Mexico. Sean Pavone/Shutterstock through BI
Yr-over-year lease change: -5%
Month-over-month lease change: 3.3%
Common lease: $950
Nationwide lease rating: 85
Supply: Zumper
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