Loading...
Market
Significant Rental Price Drop in Any US City by End of 2024
5
Resolution / Starting Odds
Yes • 50%
No • 50%
National real estate market reports
Story
U.S. Average Rent Hits $627, NYC Rents Grow 7x Faster Than Wages
May 7, 2024, 08:11 PM
Rental costs in the U.S. have surged significantly, with the national average weekly rent now at $627, marking a record high. This increase has pushed renters to the outskirts of capital cities across all states. In New York City, rents have grown seven times faster than wages last year, exacerbating the affordability crisis. Overall, U.S. rents have increased by 30.4% since 2019, outpacing the wage growth of 20.2%. Despite these trends, it is still possible to find accommodations in New York City for under $1,000. According to Zillow, rents in most major U.S. metropolitan areas have risen approximately 1.5 times faster than wages over the last four years. However, rental prices are dropping in some metro areas. Additionally, significant income is required to rent apartments in cities like New York City and Boston.
View original story
Similar markets
Significant decrease (>10%) • 33%
Moderate decrease (5-10%) • 33%
No significant change (<5%) • 34%
Prices decrease significantly (>10%) • 33%
Prices moderately decrease (5-10%) • 33%
Prices remain stable or increase • 33%
Yes • 50%
No • 50%
Increase • 33%
Decrease • 33%
No change • 34%
Significant decrease in home purchases • 33%
Moderate decrease in home purchases • 33%
No significant change in home purchases • 34%
Increase in rental prices • 33%
Decrease in rental prices • 33%
No significant change • 34%