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Redfin Stories Asking Rents Elevated 40% Yr Over Yr in Austin

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Nationally, asking rents salvage been up 15% in February, whereas homebuyer mortgage payments increased twice as fleet

SEATTLE–(BUSINESS WIRE)–
(NASDAQ: RDFN) — The frequent monthly asking rent within the U.S. increased 15% year over year to a file high of $1,901 in February, in step with a novel describe from Redfin (redfin.com), the technology-powered true estate brokerage. That’s a truly powerful annual leap since no no longer as much as February 2020 (Redfin’s rental recordsdata goes aid via February 2019). Meanwhile, the nationwide median monthly mortgage cost for homebuyers climbed 31% year over year to $1,716, additionally the largest lengthen in Redfin’s recordsdata.

“The value of housing goes up for homebuyers and renters, however it indisputably’s going up more fleet for homebuyers,” mentioned Redfin Chief Economist Daryl Fairweather. “That’s because mortgage charges salvage increased sharply and could perchance seemingly proceed to perform so. When the value of homeownership increases, many ability homebuyers decide to rent as a replace, which drives up rental prices. American citizens have to brace themselves for persisted inflation across the board and decide a note at to salvage systems to lower fees. That could perchance imply riding less to place on fuel, or transferring to a more practical, walkable metropolis esteem Albuquerque or Buffalo, the place it is going to place you on both housing and fuel. The job market is immense for staff pretty now, so it is a true time to paddle even whereas you happen to presumably can’t work remotely.”

Condo Market Summary

February


2022

Month-Over-


Month

Yr-Over-


Yr

Moderate Month-to-month Lease

$1,901

0.5%

15.5%

Median Month-to-month Mortgage Payment for Homebuyers w/ 5% Down Payment

$1,716

7.5%

30.9%

Mortgage cost increases outpaced asking rent increases in 44 of the 50 biggest U.S. metro areas in February.

Austin Sees Larger Soar In Asking Rents Than Any Other Metro

Lease increases hit 40% in Austin, TX, with Portland, OR no longer far slack at 39%. The Tri-Disclose Dwelling and Florida additionally observed rental increases of 30% or more.

High 10 Metro Areas With Fastest-Rising Rents Yr Over Yr

  1. Austin, TX (+40%)
  2. Portland, OR (+39%)
  3. Fresh York, NY (+36%)
  4. Newark, NJ (+36%)
  5. Nassau County, NY (+36%)
  6. Fresh Brunswick, NJ (+36%)
  7. Fortress Lauderdale, FL (+30%)
  8. West Palm Seaside, FL (+30%)
  9. Miami, FL (+30%)
  10. Denver, CO (+29%)

Upright two of the 50 most-populous metro areas observed rents fall in February from a year earlier. Rents declined 3% in Milwaukee and a pair of% in Kansas Metropolis, MO.

Metro Areas The place Rents Declined Yr Over Yr

  1. Milwaukee, WI (-2.6%)
  2. Kansas Metropolis, MO (-1.5%)

Moderate Asking Rents and Median Month-to-month Mortgage Funds for Homebuyers, February 2022

U.S. Metro


Dwelling

Moderate


Asking


Lease

Yr-Over-


Yr


Exchange in


Moderate


Asking


Lease

Median


Month-to-month


Mortgage


(5% Down)

Yr-Over-


Yr Exchange


in Median


Month-to-month


Mortgage (5%


Down)

Distinction


Between Yr-


Over-Yr


Exchange in


Median Month-to-month


Mortgage &


Moderate Asking


Lease

Anaheim, CA

$3,316

9.8%

$4,403

35.7%

26 pp

Atlanta, GA

$2,040

17.0%

$1,564

39.0%

22 pp

Austin, TX

$2,308

40.4%

$2,202

42.1%

2 pp

Baltimore, MD

$2,024

10.3%

$1,388

18.3%

8 pp

Boston, MA

$3,586

19.2%

$2,619

21.8%

3 pp

Charlotte, NC

$1,695

7.5%

$1,618

37.9%

30 pp

Chicago, IL

$2,262

4.5%

$1,299

20.9%

16 pp

Cincinnati, OH

$1,479

22.7%

$1,033

25.8%

3 pp

Cleveland, OH

$1,311

5.3%

$784

28.4%

23 pp

Columbus, OH

$1,486

8.5%

$1,189

28.0%

19 pp

Dallas, TX

$2,132

24.4%

$1,762

36.3%

12 pp

Denver, CO

$2,729

29.4%

$2,520

36.6%

7 pp

Detroit, MI

$1,560

8.2%

$727

23.9%

16 pp

Fortress Lauderdale, FL

$3,010

30.3%

$1,599

29.9%

0 pp

Fortress Rate, TX

$2,132

24.4%

$1,533

38.6%

14 pp

Houston, TX

$1,770

11.0%

$1,432

33.2%

22 pp

Indianapolis, IN

$1,382

17.6%

$1,101

27.7%

10 pp

Jacksonville, FL

$1,581

23.6%

$1,467

40.2%

17 pp

Kansas Metropolis, MO

$1,414

-1.5%

$1,194

22.2%

24 pp

Las Vegas, NV

$1,760

19.6%

$1,863

44.5%

25 pp

Los Angeles, CA

$3,316

9.8%

$3,685

26.5%

17 pp

Miami, FL

$3,010

30.3%

$1,982

36.1%

6 pp

Milwaukee, WI

$1,581

-2.6%

$1,069

18.9%

21 pp

Minneapolis, MN

$1,812

3.7%

$1,520

23.4%

20 pp

1st viscount montgomery of alamein County, PA

$2,279

14.5%

$1,678

22.7%

8 pp

Nashville, TN

$1,939

16.6%

$1,850

41.3%

25 pp

Nassau County, NY

$3,858

35.7%

$2,581

23.3%

-12 pp

Fresh Brunswick, NJ

$3,858

35.7%

$1,872

27.4%

-8 pp

Fresh York, NY

$3,858

35.7%

$2,951

25.8%

-10 pp

Newark, NJ

$3,858

35.7%

$1,982

23.7%

-12 pp

Oakland, CA

$3,535

16.1%

$4,075

26.4%

10 pp

Orlando, FL

$2,061

29.1%

$1,586

35.4%

6 pp

Philadelphia, PA

$2,279

14.5%

$1,101

18.9%

4 pp

Phoenix, AZ

$2,153

26.1%

$2,009

44.6%

19 pp

Pittsburgh, PA

$1,729

11.1%

$881

16.7%

6 pp

Portland, OR

$2,455

38.7%

$2,313

26.5%

-12 pp

Windfall, RI

$2,175

14.2%

$1,678

32.5%

18 pp

Riverside, CA

$2,653

17.2%

$2,418

36.4%

19 pp

Sacramento, CA

$2,648

18.1%

$2,533

32.4%

14 pp

San Antonio, TX

$1,424

19.0%

$1,357

33.0%

14 pp

San Diego, CA

$3,181

18.9%

$3,524

31.6%

13 pp

San Francisco, CA

$3,535

16.1%

$6,718

25.0%

9 pp

San Jose, CA

$3,426

13.7%

$6,387

36.2%

22 pp

Seattle, WA

$2,762

28.6%

$3,306

29.6%

1 pp

St. Louis, MO

$1,486

3.3%

$947

20.9%

18 pp

Tampa, FL

$2,102

25.1%

$1,548

44.0%

19 pp

Virginia Seaside, VA

$1,659

16.2%

$1,255

23.6%

7 pp

Warren, MI

$1,560

8.2%

$1,101

23.0%

15 pp

Washington, DC

$2,585

12.4%

$2,180

24.0%

12 pp

West Palm Seaside, FL

$3,010

30.3%

$1,762

28.8%

-2 pp

National

$1,901

15.5%

$1,716

30.8%

15 pp

To have a examine the elephantine describe, together with charts and methodology, please focus on about with:


https://www.redfin.com/news/redfin-rental-describe-february-2022/

About Redfin

Redfin (www.redfin.com) is a technology-powered true estate company. We abet other folks salvage a plot to dwell with brokerage, instantaneous dwelling-looking out out (iBuying), leases, lending, title insurance, and renovations companies and products. We promote homes for extra cash and cost half the price. We additionally bustle the nation’s #1 true-estate brokerage space. Our dwelling-looking out out prospects scrutinize homes first with on-compare of excursions, and our lending and title companies and products abet them discontinuance fleet. Potentialities selling a dwelling can decide an instantaneous cash offer from Redfin or salvage our renovations crew repair up their dwelling to promote for prime greenback. Our leases trade empowers millions nationwide to salvage apartments and properties for rent. Since launching in 2006, we salvage now saved prospects more than $1 billion in commissions. We advantage more than 100 markets across the U.S. and Canada and make use of over 6,000 other folks.

For more recordsdata or to contact a local Redfin true estate agent, focus on about with www.redfin.com. To learn about housing market inclinations and download recordsdata, focus on about with the Redfin Recordsdata Heart. To be added to Redfin’s press commence distribution checklist, email [email protected]. To have a examine Redfin’s press heart, click right here.

Redfin Journalist Products and companies:


Angela Cherry, 913-638-8249


[email protected]

Source: Redfin

Launched March 21, 2022

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