After Months of Decreases, Rents Nationwide Are Going Up

Average rents rose by $12 around the country so far this year.

1 minute read

May 17, 2024, 6:00 AM PDT

By Diana Ionescu @aworkoffiction

Close-up of 'Pay rent' note in red marker on day 1 of monthly calendar.

Andrey Popov / Adobe Stock

Rents around the country are once again climbing after months of decline, reports Mary Salmonsen in Smart Cities Dive. “Overall, rents are up $12 this year to date, and only off by $2 from the all-time high of $1,727 set last summer,” Salmonsen adds.

Rents in the single-family build-to-rent sector rose to their all-time high, $2,154, while occupancy in this sector remains high at 95.4 percent. In Boston, year-over-year rent for build-to-rent properties rose by 20 percent. 

Despite strong outmigration, cities like New York and San Francisco have low vacancy rates. “Meanwhile, occupancy has slipped slightly in Midwest and Sun Belt markets, owing to an abundance of new units coming online. However, as demand for these units is still high, negative rent growth is abating in some of these markets.”

The lease renewal rate was at its lowest in two years, signaling instability for renters.

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