Report: October 2024 Rent Trends

By Lilly Milman

Nov 05, 2024

Overview

1. As expected, rent dropped nationally in October. This is an annual trend.
2. Rent declines abound across the South.
3. Louisiana saw the biggest month-over-month rent drop at the state level.

National Trends

As we see every October, rent is down.

• The national median price of a one-bedroom apartment (now $1,510) decreased by 1.88% from September to October.
• The median rent for a one-bedroom apartment is down MoM by ≥1% in 44 key cities.
• For the last three years, we’ve seen national median rent prices decline by 1-2% from September to October.

Regional Trends

The Southeast

• On average, it’s about 5% cheaper to rent in the Southeast now than it was this time last year.
• The only cities that saw significant median asking rent increases (>1%) since October 2023 are Charleston, SC (+5% YoY) and Little Rock, AK (+7% YoY).

The Southwest

• In the Southwest, the average rent decrease across all rental markets that we track was 6% — and there is not a single city that we track where rent was more expensive this year than it was last year.
• The biggest year over year drops were seen in Texan cities: Corpus Christi (-14% YoY), Dallas (-10% YoY), Austin (-8% YoY), Houston (-8% YoY), and San Antonio (-5% YoY).
• In the Southwest, the median rent price for a one-bedroom apartment is lower than the national median in every city that we track.   

Rent at the State Level

• On a state level, we observed rent drops MoM in many Southern states as well. Louisiana had the biggest median rent price drop (-6%), followed by West Virginia (-3%) and Tennessee (-3%).