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Realtor.com - 2 Danielle Hale - 2 Xu - 2 Hale - 2 Realtor.com's Jiayi Xu - 1 shouldn't - 1 Jiayi Xu - 1 Freddie Mac - 1
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☆ Affordable apartments are getting snapped up quickly — but rental units in these 18 cities are significantly cheaper now than they were last year
  + stars: | 2023-10-23 | by ( James Faris | ) www.businessinsider.com   time to read: +3 min
Rent is steadily sliding in the US, but great deals on apartments are still few and far between. A new report from Realtor.com revealed that rent growth was negative for the fifth straight month in September. That problem is slowly getting addressed as 445,000 new multi-family units come online, though they're selling very quickly. Nearly 70% of new affordable apartments got filled within three months of completion in the second quarter compared to a 57.2% rate for more expensive units, Realtor.com found. The trend was pronounced across all the four major US regions, though less pricey Midwest markets had the most dramatic rise in so-called absorption rates of new rental units.
Persons: Realtor.com, Realtor.com's Jiayi Xu, Danielle Hale, Xu, Hale, shouldn't Organizations: shouldn't Locations: Midwest, Austin , Texas, California, San Francisco, Los Angeles
☆ These are the 10 best cities for apartment dwellers as mortgage rates stay oppressively high — and the 3 housing markets where buying a home is actually cheaper than renting
  + stars: | 2023-09-30 | by ( James Faris | ) www.businessinsider.com   time to read: +4 min
Lower rent prices and multi-decade-high mortgage rates mean that it's smarter to rent than buy in most large US cities right now, according to Realtor.com. Disparities between buying and renting stemmed from a split in how median costs changed in the last 12 months. "The advantage of renting became more pronounced in all rent-favoring markets," Xu and Hale wrote. But there were three cities where buying was actually cheaper than renting in August, according to Realtor.com: Memphis, Tennessee; Pittsburgh, Pennsylvania; and Birmingham, Alabama. Below are the 10 metro areas where renting makes more sense than buying right now, along with the median rent, the median monthly cost of buying and how it compares to renting, and the year-over-year changes for renting and buying.
Persons: Jiayi Xu, Danielle Hale, Xu, Hale, Realtor.com, Freddie Mac Locations: Realtor.com, Memphis , Tennessee, Pittsburgh , Pennsylvania, Birmingham , Alabama
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