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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 76 July 2024 J O U R N A L entering the market each month, limiting how much prices can rise. "Demand from young renters re- mains high, as many of them are opting to stay put rather than contend with an increasingly unaffordable homebuying market," said Sheharyar Bokhari, Senior Economist for Redfin. "But so far, rent price growth has been limited because there are enough new apartments to meet demand, even in the busiest time of year for the rental market." Additionally, Redfin revealed that for the past three quarters, the rental vacan- cy rate has remained at approximately 6.6%. That is the greatest level since 2021, though the vacancy rate is no longer increasing as it was during the pandemic. While asking rents increased in May, they remain stable compared to recent years; they jumped as much as 17.5% year over year during the epidemic before falling as much as 4.1% this summer. Still, the median asking rent in May was just $47 lower (-2.8%) than the record high of $1,700 set in August 2022, presenting affordability issues for some tenants. Metro-Level Summary: May 2024 (By Lowest Asking Rents) 1. Houston » Median asking rent: $1,275 » MoM change: 0.2% » YoY change: 6.8% 2. Cincinnati » Median asking rent: $1,372 » MoM change: 2.4% » YoY change: 10.9% 3. Detroit » Median asking rent: $1,403 » MoM change: 1% » YoY change: 3.9% 4. Indianapolis » Median asking rent: $1,447 » MoM change: -0.7% » YoY change: 7.2% 5. Pittsburgh » Median asking rent: $1,450 » MoM change: 3.7% » YoY change: -2.4% 6. Charlotte, NC » Median asking rent: $1,519 » MoM change: 1.1% » YoY change: -3.8% 7. Jacksonville, FL » Median asking rent: $1,520 » MoM change: -1.7% » YoY change: -10.1% 8. Las Vegas » Median asking rent: $1,527 » MoM change: 1.7% » YoY change: 5.3% 9. Dallas » Median asking rent: $1,529 » MoM change: -1.1% » YoY change: -1.3% 10. Phoenix » Median asking rent: $1,541 » MoM change: 0.4% » YoY change: -5.5% Rents Post Double-Digit Gains in Washington, D.C., Dropping in Sun Belt Region In May, the median asking rent in Washington, D.C., increased by 11.1% year over year, the largest increase among the 33