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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 78 August 2024 J O U R N A L got permits to construct 27 multifamily units per 10,000 people this year—the highest level among the 79 metros Redfin analyzed. Next came Austin, Texas (21); Greensboro, North Carolina (20); North Port, Florida (18); Omaha, Nebraska (17); Nashville, Tennessee (15); Tampa, Florida (14); Orlando, Florida (13); Dallas, Texas (13); and Columbus, Ohio (12). The Sun Belt, which saw a spike in popularity during the epidemic and subse- quent building boom, is home to many of these metropolises. Four of the ten metro areas mentioned above are in Florida. Florida is the hub of the house insur- ance issue and is at great risk for storms, flooding, and sea level rise. However, developers continue to construct because there is still a market for their products— partially because of the flood of displaced residents during the pandemic. As home- owners in Florida continue to rebuild fol- lowing Hurricane Ian in late 2022, permits may also be increasing there. California has the two metro areas with the lowest number of multifamily permits per 10,000 residents. During the first five months of the year, zero permits were issued in Stockton, California. Bakersfield, California (0); Providence, Rhode Island (0); El Paso, Texas (1); Baton Rouge, Louisiana (1); Cleveland, Ohio (1); Fresno, California (1); Detroit, Michigan (1); Dayton, Ohio (1); and New Orleans, Louisiana (1), are the next cities in order of precedence. Multifamily Construction Slowed in Most Areas Since the Pandemic Since the pandemic, multifamily development permits have decreased in most metro areas; despite being the second-largest permitter in the United States, Austin has witnessed the highest loss. As previously noted, this year there were 21 permits issued to builders per 10,000 residents in the Texas capital—a decrease from the average of 40 in 2021–2023. The second-biggest decrease was in Jacksonville, Florida (five permits per 10,000 people in 2024 compared to 23 permits per 10,000 people in 2021-2023). Boise, Idaho (4 vs. 17); Colorado Springs, Colorado (7 vs. 24); and Raleigh, North Carolina (9 vs. 21), followed. Due in part to the fact that many peo- ple have been priced out, the aforemen- tioned housing markets have lost some of their recent surge in popularity that occurred during the pandemic. Conversely, 25 metro areas are allow- ing more permits than they did during the pandemic. Greensboro saw the most rise among the metro areas Redfin exam- ined, with builders obtaining 20 multi- family permits for every 10,000 residents this year, compared to an average of just four in 2021-2023. Cape Coral, Florida (27 vs. 16); Omaha, Nebraska (17 vs. 10); Columbus, Ohio (12 vs. 7); and Tampa, Florida (14 vs. 9,) completed the top five. MEDIAN RENT DE- CLINES YOY, HOV- ERING JUST BE- LOW 2022 PEAK A ccording to Realtor.com's most recent rental report, in June, median rent continued to fall, but nationwide rents are sitting just be- low 2022 levels, with rents also declining in all size categories. In June, rents decreased once more, with particularly significant drops in the South due to an increase in newly constructed apartments, per a Realtor. com Rental Report that was published recently. For the 11th consecutive month, the median asking rent for 0–2-bedroom units decreased by -0.4% ($7) from June of previous year to $1,743, which is -0.6% ($11) less than its peak from August 2022. Nevertheless, compared to 2019's pre-pandemic values, several locations have seen rent increases of up to 40%; Tampa, Florida, has had the biggest increase over the previous five years. The top 10 markets experiencing the fastest price growth versus pre-pandemic rents include: » Tampa-St. Petersburg-Clearwater, Florida (+39.5%) » Miami-Fort Lauderdale-Pompano Beach, Florida (+39.2%) » Indianapolis-Carmel-Anderson, Indi- ana (+37.5%)