Report: May 2024 Rent Trends

By Lilly Milman

Jun 11, 2024

Overview

1. Don’t let a seasonal uptick in rent price fool you: In most rental markets, rent prices are down year over year.
2. Along the East Coast, we are seeing opposing rent trends from the north and the south.
3. At the state level, only half of states are seeing are seeing year-over-year decreases.

National Trends

Overall, rent price growth is slowing down in US cities.

• The national median price of a one-bedroom apartment (now $1,529) increased by 1.2% from April to May, and is up 4.6% over the last three months.
• However, it’s important to look at the bigger picture: Year over year, the median rent price for a one-bedroom apartment is down 2.7%. Two-bedrooms are down 2.3% YoY, followed by three-beds, which are down 0.7% when compared to last year.

Regional Trends

The Northeast & Southeast

• When looking across the East Coast, the North and the South tell very different stories. Northeastern housing markets are seeing rapid rent growth, while in the Southeast, prices are steadily decreasing.
• In the Northeast, the most expensive cities continued to heat up. Rent for one-bedroom apartments in New York City, NY is up 7.5% YoY, and in Boston, MA, it’s up 5%.
• Meanwhile, in Atlanta, GA, rent is down 11.6% YoY for one-bedroom apartments. It’s the same story in Florida, where Miami (-18.8%), Orlando (-13.2%), Tampa (-11%), and Jacksonville (-8.8%) are all seeing significant slowdowns over the past year.

Rent at the State Level

• On the state level, the same regional trends hold up: In the Northeast, asking rent prices are increasing, while the Southeast is seeing a wave of rent cooling. The Midwest and Northeast are responsible for nearly all of the 26 states that saw rent increases year over year.
• The West Coast is following suit, also benefiting from rent decreases at the state level: Washington (-4.85%), Oregon (-4.83%), California (-2.43%), Nevada (-5.05%), and the rest of the Mountain West are all down year over year.  

The Bottom Line