DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/1530282
77 December 2024 J O U R N A L December 2024 ยป Job Loss Concern: The percentage of employed respondents who say they are not concerned about losing their job in the next 12 months increased from 77% to 79%, while the percentage who say they are concerned decreased 2 percentage points to 20%. As a result, the net share of those who say they are not concerned about losing their job increased 2 percentage points month- over-month to 58%. GOOD NEWS FOR RENTERS SEEKING AFFORDABLE RENTALS T he median asking rent in the U.S. increased by just 0.2% year-over-year to $1,619 in October, according to new Redfin data. Month over month, overall rents decreased by 0.6%. Due to a development boom in some Sun Belt states brought on by a spike in demand during the epidemic, rents have stayed relatively stable over the last two years. However, rental markets may f luctuate greatly depend- ing on where you reside in the nation; in some metro areas, asking rents are increasing by double digits, while in others, they are declining by compara- ble amounts. "New apartments are being com- pleted at the fastest pace on record and that's leading to rents falling in places like Tampa or Jacksonville, where supply now outweighs demand," Redfin Senior Economist Sheharyar Bokhari said. "Construction is slowing, but we will continue to see a wave of new apartment buildings coming onto the market in coming months, which is good news for renters looking for an affordable rental in 2025." Rents in Sun Belt Metro Areas Drop, While East Coast & Midwest See the Highest Increases Compared to the Sun Belt, the U.S. Metro Median Asking Rent (Oct) Median Asking Rent YoY Change Price Per Square Foot YoY Change Virginia Beach, VA $1,647 11.7% 9.8% Washington, DC $2,060 11.1% 11.4% Cleveland $1,350 9.8% 9.0% Chicago $1,768 8.8% 3.0% Baltimore $1,595 8.5% 5.2% Providence, RI $2,100 7.7% 9.3% Memphis, TN $1,249 6.4% 5.4% Minneapolis $1,625 6.2% 8.4% Columbus, Ohio $1,450 6.1% 9.5% Detroit $1,405 6.0% 7.2% Top 10 Major U.S. Metros with Highest Rent Increases Major Metros with Highest Rent Decreases Major Metros with Highest Rent Decreases U.S. Metro Median Asking Rent (Oct) YoY Change Price Per Square Foot YoY Change Raleigh, NC $1,450 -8.8% -10.2% Tampa, FL $1,736 -8.5% -5.4% Jacksonville, FL $1,495 -8.4% -9.3% Austin, Texas $1,515 -8.2% -10.4% San Diego $2,770 -6.4% -4.1% Nashville, TN $1,526 -5.9% -12.0% San Francisco $2,685 -5.8% -6.1% Pittsburgh $1,394 -4.8% -0.7% Orlando, FL $1,720 -4.4% -6.1% Phoenix $1,497 -4.3% -3.7% U.S. Metro Median Asking Rent (Oct) YoY Change Price Per Square Foot YoY Change Raleigh, NC $1,450 -8.8% -10.2% Tampa, FL $1,736 -8.5% -5.4% Jacksonville, FL $1,495 -8.4% -9.3% Austin, Texas $1,515 -8.2% -10.4% San Diego $2,770 -6.4% -4.1% Nashville, TN $1,526 -5.9% -12.0% San Francisco $2,685 -5.8% -6.1% Pittsburgh $1,394 -4.8% -0.7% Orlando, FL $1,720 -4.4% -6.1% Phoenix $1,497 -4.3% -3.7% Number of Units Median Asking Rent YoY Change 0-1 Bedroom Apartments $1,475 -0.4% 2 Bedroom Apartments $1,699 -0.1% 3+ Bedroom Apartments $1,985 -1.5%