flexiblefullpage - default
Currently Reading

Rental Housing Data for December Offer a Range of Mixed Signals

billboard - default
Build to Rent

Rental Housing Data for December Offer a Range of Mixed Signals

Zillow's latest rental market report shows annual rent growth has stabilized, but rent decreases vary by market and affordability remains a challenge

January 10, 2024
Woman renter holding model house in her hands gives a sidelong glance
Image: deagreez / stock.adobe.com

Data show that, overall, the rental market cooled a bit during December 2023, with rents dipping 0.2% from November. That offered some relief for renters facing continuing affordability challenges, according to Zillow's Observed Rental Index. But even with that decrease, rents remain 3.3% higher than they were a year ago, and the income required to comfortably afford rent (households spending 30% of their income on rent) for the median renter has increased by 40.6% since pre-pandemic times. One interesting trend in December Zillow observed was a greater use of rent concessions, with 32.7% of rentals advertising incentives.

Single-family rents fell, on a monthly basis, in 25 major metro areas. The largest monthly drops in single-family rents are in Boston (-1.2%), Jacksonville (-0.8%), Austin (-0.7%), Miami (-0.6%) and  Sacramento (-0.6%).

Single-family rents are up from a year ago in 49 of the 50 largest metro areas. Annual single-family rent increases are highest in Cincinnati (9.4%), Hartford (9.1%), Providence (8.9%), Milwaukee (8.7%) and Buffalo (8.1%).

Read more


leaderboard2 - default

Related Stories

Build to Rent

Build-to-Rent Is Booming, Particularly in These Metros

A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development

Sales + Marketing Trends

Brand Loyalty and Why Builders Should Think Like a Hospitality Brand

Whether its offering that personal touch or incorporating experiences into amenity use, home builders have something to learn from the hospitality industry

Market Data + Trends

Hottest Markets for Rental Activity in February

Looking at February's rental activity, the West continued to be the most desirable region for apartment hunters for the second month in a row, with the South close behind

boombox1 -
native1 - default
halfpage2 -

More in Category

Delaware-based Schell Brothers, our 2023 Builder of the Year, brings a refreshing approach to delivering homes and measuring success with an overriding mission of happiness

NAHB Chairman's Message: In a challenging business environment for home builders, and with higher housing costs for families, the National Association of Home Builders is working to help home builders better meet the nation's housing needs

Sure there are challenges, but overall, Pro Builder's annual Housing Forecast Survey finds home builders are optimistic about the coming year

native2 - default
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.