Top rental markets: Where to find affordable housing in 2024

According to a new Realtor.com report, rental prices may be showing signs of cooling. The median rent now stands at $1,753 per month in major US cities for August, a slight decrease year over year.

Yahoo Finance housing reporter Dani Romero breaks down the details, discussing rental markets across the nation, highlighting those that are more affordable than others. She also explores the top amenities and what renters are currently looking for in their housing options.

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This post was written by Angel Smith

Video Transcript

Renters are seeing some sign of relief.

A new Realtor.com report shows rents across the biggest metro areas in the US are falling.

Median rent prices for the month of August are now sitting just above $1700.

So can we expect the good time to last here?

Yahoo Finance housing reporter Danny Romero has the details.

I mean, the the the good time to last in terms of hopefully some, uh, depreciation or at least, um, prices coming down a little bit.

Well, this is the time to really take the opportunity if you want to stay in the rental market to be in the rental market, Rent is a lot more affordable this year compared to last year.

Realtor.com reported that in August, rents came down around only $5.

Uh, to a little over $1700.

Yes, but we’re talking about on on a yearly basis, right?

So here are the most affordable rental markets.

It’s Oklahoma City in Oklahoma, Columbus, Ohio.

Uh, Round Rock in Texas, Kansas City, Missouri.

Now these in these markets rents are around $1000 to $1500.

Now the least affordable market still remains.

Miami, Florida, Los Angeles, California New York City, of course, and New York, San Diego, California, Boston, Massachusetts.

And this one was a little bit of a surprising one.

Riverside in California, Rents range around $2000.

$2300.

Excuse me to $3000 per month.

The bottom line is that housing of affordability is still going to be a challenge.

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Rents are still 20% higher than they were pre in pre pandemic levels.

Looking ahead, economists are expecting, though, that affordability will improve in the rental market, as there has been this influx of supply that has been added to the market, which will put rental will, which will put pressure on rent prices.

Brad.

I mean, we know Americans want more affordable rents, but as we’re thinking about this climate, what else are renters looking for at this structure?

This caught me off guard.

Zillow reported that renters are looking for pretty pet friendly areas.

Pet friendly.

That’s the That’s the number one.

Yeah, a top amenity for people.

They really want to find an area where they can take their dog like a turf area specifically, uh, and we can see that here in New York City.

There’s so many dogs around in the city, and they’re also looking for a space of to do social activities.

They want happy hour time.

That’s what they’re looking for.

They’re looking for a place where they they can do these social activities.

Aside from that, Zilla reported that renters are also looking, of course, at the amenities to where they can park their car.

There’s the off street parking, uh, in unit laundry, which is a big amenity.

They th those are really top priorities.

Another surprising thing that renters aren’t looking for are fitness centres or even business centres, which I thought was really interesting.

But renters still want the wow factor.

So if you have a bowling alley, people are gonna be, uh they’re more intrigued by those like, wow Factors bowling alley and a place for fluffy.

That’s what people are looking for, Danny.

Thank you so much.

Appreciate it.