Editor’s Note: The above video shows KXAN News’ top morning headlines from Thursday, July 18, 2024.
AUSTIN (KXAN) — Rent prices fell in June for the 10th consecutive month, and the largest declines were in the south, according to Realtor.com.
During the month, Austin saw the biggest year-over-year (YoY) decline at -9.5%, with the median rent (0-2 Bedrooms) being $1,481. Realtor.com said the decline in rents was mainly due to a significant increase in the supply of new rental units.
Following Austin, San Antonio dropped 8.2% YoY and Nashville, Tennessee dropped 8.1% YoY.
“Rents have been steadily falling for almost a year, though the pace of the decline has slowed,” said Danielle Hale, Chief Economist at Realtor.com®. “But rental costs have risen significantly since before the pandemic and inflation has further strained renters’ budgets, underscoring the need for more supply to meet demand and to keep renters from contributing an increasing percentage of their incomes to housing costs.”
Median rent for
- studios fell by -1.2% YoY to $1,463
- one-bedroom units fell -1.1% to $1,618
- two-bedroom units fell by -0.3% to $1,939
According to Realtor.com, the median asking rents across all size categories in the U.S. fell, showing larger declines for smaller units.