Redfin Reports Asking Rents for Newly Built Apartments Rise 1.5%, the Biggest Spike in 18 Months
Redfin Corporation (RDFN)
Last redfin corporation earnings: 2/12 04:01 pm
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Source: Business Wire
Rents rose in the West and Midwest in the third quarter, even after a surge in construction SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN) — Asking rents for newly constructed apartments rose 1.5%—the biggest year-over-year increase in 18 months—to a median $1,802 in the third quarter. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.The rise in rents came after two consecutive quarters where rents for new apartments fell by more than 7%.The median rent for newly constructed apartments bounced back above $1,800 in the third quarter for the first time since late 2023—after falling all the way to $1,714 in the second quarter, the lowest level since mid 2021.Rents fall in the Northeast, as other regions see increasesThe regional breakdown tells a number of different stories. Asking rents for new apartments actually fell year over year in the Northeast (-3.6%), after the number of newly finished apartments rose 13% year over year in the
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RDFN
Earnings
- 11/7/24 - Miss
RDFN
Sec Filings
- 11/26/24 - Form 4
- 11/25/24 - Form 144
- 11/22/24 - Form 4
- RDFN's page on the SEC website