The housing market in the US is experiencing changes with an increase in national inventory by 4% in Q1 2024. The rental market is facing challenges as only 47% of newly constructed apartments were rented within 3 months, a decrease from the previous year. Rent prices have surged by 26% since 2020, impacting over 22 million renter households.
Only 47% of newly constructed apartments in the US were rented within 3 months, the 2nd lowest share in the last 12 years (only Q1 2020 was lower). Reason? Rising supply following the multifamily construction boom in recent years. https://t.co/l5IYmkeySJ https://t.co/YtRyodl6nl
Rent prices are 26% higher than they were in 2020 and rising in three out of every five markets, per CNBC. Half of all renter households — more than 22 million — spent more than 30% of their income on housing.
The housing market is feeling pressure as contract volume lags behind listing volume. New listings have seen a 2.6% increase, with a 3% rise in the median price.
Just 47% of apartments completed in Q4 were rented within three months, down from 60% a year earlier. That comes as a near-record number of apartments hit the market and the rental vacancy rate hovers at the highest level since 2021. #housing
The Housing Tide Starts Turning: National Inventory Rose 4% In Q1 2024 https://t.co/2ztTgr4uIQ