{"id":2466823,"date":"2023-06-07T12:21:51","date_gmt":"2023-06-07T16:21:51","guid":{"rendered":"https:\/\/www.valuewalk.com\/?p=2466823"},"modified":"2023-08-25T16:26:30","modified_gmt":"2023-08-25T20:26:30","slug":"is-it-going-to-be-a-flat-rent-summer-may-data-report-indicates-yes","status":"publish","type":"post","link":"https:\/\/www.valuewalk.com\/is-it-going-to-be-a-flat-rent-summer-may-data-report-indicates-yes\/","title":{"rendered":"Is It Going To Be A Flat-Rent Summer? May Data Report Indicates &#8220;Yes&#8221;"},"content":{"rendered":"\n<p><em>For both apartments and single-family homes, asking rent hasn\u2019t changed much since last month. Jonas Bordo of Dwellsy explains why he\u2019s forecasting a flat-rent summer.<\/em><\/p>\n\n\n\n<p><strong>Los Altos, CA <\/strong>(June 2023)\u2014Summer is an expensive season. Vacations, summer camps, lawn care, <a href=\"https:\/\/www.valuewalk.com\/whats-the-ideal-inflation-rate-and-how-does-the-fed-plan-to-get-us-there\/\">gas prices<\/a>, and more eat away at your budget faster than a rogue wave washing over a sandcastle. But if you\u2019re a renter, Jonas Bordo, CEO and cofounder of <a href=\"https:\/\/www.dwellsy.com\/\" rel=\"nofollow\" target=\"_blank\">Dwellsy<\/a>, says there\u2019s some relief in sight\u2014at least the amount you have to send the landlord isn\u2019t rising along with the temperatures.<\/p>\n\n\n\n<h2 class=\"gb-headline gb-headline-d03553a5 gb-headline-text\">Rents Flattened Out In May<\/h2>\n\n\n\n<p>\u201cAfter seeing rent increases between March and April, May\u2019s numbers have largely flattened out,\u201d says Bordo, coauthor along with Hannah Hildebolt of <em><a href=\"https:\/\/amzn.to\/43OKhrJ\" rel=\"nofollow\" target=\"_blank\">Everything You Need to Know About Renting But Didn\u2019t Know to Ask<\/a>: All the Insider Dirt to Help You Get the Best Deal and Avoid Disaster <\/em>(Matt Holt, August 2023,&nbsp;ISBN: 978-1-6377439-2-8, $21.95). \u201cIt\u2019s possible that despite adhering to established seasonal trends, last month\u2019s growth was a short-term blip, and we are now heading into a period of moderation.\u201d<\/p>\n\n\n\n<div class=\"ca-widget\" data-token=\"k8f5c9ac62a4\"><\/div><script async=\"\" defer=\"\" src=\"https:\/\/secure.money.com\/embeds\/embedder.js?v=1\"><\/script>\n\n\n\n<p>From April to May 2023, median asking rent for three-bedroom <a href=\"https:\/\/www.valuewalk.com\/a-1-percent-rent-drop-is-no-pot-o-gold-but-hey-well-take-it\/\">single-family rental homes<\/a> (SFRs) stayed the same at $1,875. To put this in perspective, year-over-year rent growth since May 2022 is 4.5 percent, or $80.<\/p>\n\n\n\n<p>\u201cThat last piece of data is really interesting, because it shows that we are at the end of a period of rapid rent growth for SFRs,\u201d says Bordo. \u201cIn May 2022, annual rent increases were at 12.9 percent. The current rate, 4.5 percent, is trailing just below inflation.\u201d<\/p>\n\n\n\n<p>Median asking rent for one-bedroom apartments <em>did <\/em>rise a (teeny-tiny) bit since April: 0.5 percent, or $6. But since year-over-year prices are down 1.1 percent ($15), apartment-dwellers still have plenty to smile about.<\/p>\n\n\n\n<p>Dwellsy, the largest home rental listing platform in the country, regularly mines its 14+ million residential rental listings for statistics and data. Because Dwellsy allows landlords to post listings free of charge, it has a pool of data that\u2019s more diverse\u2014and more representative of the true rental landscape\u2014than that of pay-to-play listing services. <\/p>\n\n\n\n<p>Each month, Dwellsy breaks down this data regionally across the U.S. so renters and landlords can see up-to-date trends in rental housing and current affordability in over 250 markets. For a more detailed look at Dwellsy\u2019s rent price analysis methodology, see this <a href=\"https:\/\/dwellsy.com\/blog\/rent-analysis-methodology\" rel=\"nofollow\" target=\"_blank\">article<\/a>.<\/p>\n\n\n\n<p>The following graphs show median asking rent by property type for each month in the past year. One-bedroom apartments were chosen as a focus group because they are similar to two-bedroom apartments in terms of inventory, but are more price-accessible. Three-bedroom homes were chosen because they are by far the most common rental home type.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;<\/td><td>Median Asking Rent by Property Type<\/td><\/tr><tr><td>Month<\/td><td>One-Bedroom Apartments<\/td><td>Three-Bedroom Houses<\/td><\/tr><tr><td>May-23<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,295<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,875<\/td><\/tr><tr><td>Apr-23<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,289<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,875<\/td><\/tr><tr><td>Mar-23<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,275<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,835<\/td><\/tr><tr><td>Feb-23<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,282<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,825<\/td><\/tr><tr><td>Jan-23<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,295<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,848<\/td><\/tr><tr><td>Dec-22<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,310<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,720<\/td><\/tr><tr><td>Nov-22<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,310<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,750<\/td><\/tr><tr><td>Oct-22<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,300<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,795<\/td><\/tr><tr><td>Sep-22<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,310<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,795<\/td><\/tr><tr><td>Aug-22<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,325<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,795<\/td><\/tr><tr><td>Jul-22<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,325<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,800<\/td><\/tr><tr><td>Jun-22<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,321<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,800<\/td><\/tr><tr><td>May-22<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,310<\/td><td>&nbsp;$&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,795<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>The table below shows prices for each property type since Dwellsy began tracking this data in January 2021.<\/p>\n\n\n\n<p>\u201cIt\u2019s easy to see why apartment renters might be disgruntled by the recent rise in prices, small though it may be,\u201d comments Bordo. \u201cTheir asking rent has remained relatively flat for over two years, and has actually declined by 1.5 percent during this time.<\/p>\n\n\n\n<p>\u201cIn contrast, single-family home rentals have been on a steep upward trajectory with relatively few price drops,\u201d he continues. \u201cThanks in large part to the pandemic, the ensuing shift to remote and flexible work, and rising <a href=\"https:\/\/www.valuewalk.com\/3-75-mortgage-rate\/\">mortgage rates<\/a>, demand has surged. Asking rent for a three-bedroom SFR has risen 23.6 percent since January 2021.\u201d<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"650\" height=\"470\" src=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2023\/06\/Flat-Rent-Summer.jpg\" alt=\"Flat-Rent Summer\" class=\"wp-image-2466830\" srcset=\"https:\/\/www.valuewalk.com\/wp-content\/uploads\/2023\/06\/Flat-Rent-Summer.jpg 650w, https:\/\/www.valuewalk.com\/wp-content\/uploads\/2023\/06\/Flat-Rent-Summer-300x217.jpg 300w\" sizes=\"(max-width: 650px) 100vw, 650px\" \/><\/figure>\n\n\n\n<p>\u201cAs we move further into the summer months, I predict that rents will continue to remain moderate, perhaps with a few modest increases,\u201d Bordo concludes. \u201cThe past few pandemic-driven years aside, rents do tend to follow seasonal cycles. It\u2019s normal for prices to rise a bit during the warmer months, as that\u2019s peak moving season.\u201d<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>About Jonas Bordo:<\/strong><\/p>\n\n\n\n<p>Jonas Bordo is the coauthor, along with Hannah Hildebolt, of the upcoming book <em>Everything You Need to Know About Renting But Didn\u2019t Know to Ask: All the Insider Dirt to Help You Get the Best Deal and Avoid Disaster<\/em>. He is the CEO and cofounder of Dwellsy, the free residential rental marketplace that makes it easy to find hard-to-find rentals. <\/p>\n\n\n\n<p><strong>About the Book:<\/strong><\/p>\n\n\n\n<p><em>Everything You Need to Know About Renting But Didn\u2019t Know to Ask: All the Insider Dirt to Help You Get the Best Deal and Avoid Disaster <\/em>(Matt Holt, August 2023,&nbsp;ISBN: 978-1-6377439-2-8, $21.95) is available for pre-order from major online booksellers.<\/p>\n\n\n\n<p><strong>About Dwellsy:<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/dwellsy.com\/\" rel=\"nofollow\" target=\"_blank\">Dwellsy<\/a> is the renter\u2019s marketplace: a comprehensive residential home rentals marketplace based on the radical concept that true, organic search in a free ecosystem creates more value than the pay-to-play model embraced by all of the current rental listing services.<\/p>\n ","protected":false},"excerpt":{"rendered":"<p>For both apartments and single-family homes, asking rent hasn\u2019t changed much since last month. Jonas Bordo of Dwellsy explains why &#8230; <a title=\"Is It Going To Be A Flat-Rent Summer? May Data Report Indicates &#8220;Yes&#8221;\" class=\"read-more\" href=\"https:\/\/www.valuewalk.com\/is-it-going-to-be-a-flat-rent-summer-may-data-report-indicates-yes\/\" aria-label=\"More on Is It Going To Be A Flat-Rent Summer? May Data Report Indicates &#8220;Yes&#8221;\">Read more<\/a><\/p>\n","protected":false},"author":2476,"featured_media":2463520,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[26584],"tags":[665556,663964,664532],"states":[],"acf":[],"modified_by":"abu","_links":{"self":[{"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/posts\/2466823"}],"collection":[{"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/users\/2476"}],"replies":[{"embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/comments?post=2466823"}],"version-history":[{"count":4,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/posts\/2466823\/revisions"}],"predecessor-version":[{"id":2471992,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/posts\/2466823\/revisions\/2471992"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/media\/2463520"}],"wp:attachment":[{"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/media?parent=2466823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/categories?post=2466823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/tags?post=2466823"},{"taxonomy":"states","embeddable":true,"href":"https:\/\/www.valuewalk.com\/wp-json\/wp\/v2\/states?post=2466823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}