November 2024 Rent Trends
On Tuesday, December 10, we published our monthly National Rent Report, highlighting national rent trend data as well as rent price data by state and by city. To create this report, we analyze rent trends in 100 major U.S. cities.
Overview
In this month’s report, we explained a few key market trends:
?? November rent prices are seeing the impacts of a winter chill.
?? Cities with cold-weather climates made up most of the rent increases.
?? Vermont saw the biggest monthly rent increase at the state level.
National Trends
While rent trends differ from region to region, here’s what you need to know about rent prices on a national level:
As expected, rent declined in much of the country in November.
?? In November, median rents declined for one-bedroom apartments in 47 cities and remained flat in 10.
?? Rochester, NY (-6.4% MoM), San Francisco, CA (-5.1% MoM), and Tallahassee, FL (-3.9% MoM) saw the biggest declines.
Regional Trends
In this month’s report, we dove deep into trends occurring the following region:
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Markets accustomed to cold weather are seeing less seasonal rent swings.
?? A wind chill isn’t enough to slow down renters in many cold-weather climates. While many markets saw seasonal rent declines continue in November, ironically, the markets that saw increases tended to be in regions with harsher winters.
?? In Buffalo, NY, the average daily high temperature decreased by 11 degrees over the course of November… But the median asking rent price for a one-bedroom apartment increased by 13% MoM. It’s a similar story in Billings, MT (+7.9% MoM) and Cedar Rapids, IA (+7.1% MoM).
?? Out of the 22 cities with monthly median rent increases ≥ 1%, 12 are located in regions with less-than-mild winters.
Rent at the State Level
?? For a small rental market, the state of Vermont saw some pretty sizable rent hikes in November. Vermont is the second-least populated state in the US (following Wyoming), and competition can be steep for its limited rental housing supply.
?? In November, the median asking rent for a one-bedroom apartment increased by almost 8% MoM and almost 9% YoY when looking at the state level.
?? Much of this price increase is likely attributed to rising rents in its most populated area, the Greater Burlington region, where a stretched housing supply accommodates both permanent residents and students at the University of Vermont.