Realtor.com® October Rental Report: Rents Fall Again, With More New Units Expected in 2025
News Corporation - Class A (NWSA)
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Source: PR Newswire
Growing supply of multifamily housing suggests a 1.1% increase in rental stock to more than 49 million units by next fall, with the biggest increases in the South and West.SANTA CLARA, Calif., Nov. 22, 2024 /PRNewswire/ -- Rents fell by -0.8% to $1,720 in October, marking their fifteenth consecutive month of year-over-year declines and falling the most for smaller-sized units, according to the Realtor.com® October Rental Report released today. Looking ahead, new rental properties coming onto the market are expected to put continued downward pressure on rents next year."New multifamily construction projects started in the last two years have hit the market in 2024, with a greater supply of units helping to soften rents and bring renters some relief," said Danielle Hale, chief economist at Realtor.com®. "While we expect fewer multifamily homes to be finished in 2025, we still anticipate enough to increase supply, which will keep downward pressure on rents." Growing rental supply remains
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