With steady demand driving the rental market in Q2-Q3 of this year, we saw notable shifts in major cities. This report highlights emergening and national trends in rent, payment methods, and more, covering the ups, downs, and hidden opportunities in today’s market.
Rent Trends Across Major U.S. Cities
Throughout Q2 and Q3, rent increases varied across locations, with the national average rent rising by 1%—reaching $1,821 by Q3’s close. Cities like Irvine, CA, saw notable rent spikes, climbing 4%, while key areas such as New York and San Francisco followed closely with 2% increases. For landlords, this period underscores the continued resilience of urban rental markets, with stable rent trends indicating sustained demand.
Average Rent Data by Major Cities
| Q2 2024 | Q3 2024 | ||
|---|---|---|---|
| State | Average Rent | Average Rent | % Change |
| National | $1,795 | $1,821 | 1% |
| Arlington, VA | $2,314 | $2,366 | 2% |
| Atlanta, GA | $1,567 | $1,587 | 1% |
| Austin, TX | $1,444 | $1,452 | 1% |
| Boston, MA | $3,428 | $3,471 | 1% |
| Bronx, NY | $1,591 | $1,602 | 1% |
| Brooklyn, NY | $2,697 | $2,740 | 2% |
| Charleston, SC | $1,752 | $1,782 | 2% |
| Charlotte, NC | $1,434 | $1,458 | 2% |
*To explore the latest trends in the rental market from April 2024 to September 2024, download our free report here.
Rent Payments and Methods
A growing trend toward digital payments emerged, with ACH (direct deposit) usage rising to 46%. On-time payments hit an impressive 84%, reflecting an uptick in efficient payment habits. Late payments, however, held steady, indicating the enduring challenges some renters face. Tracking these shifts helps investors stay informed on both renter behaviors and digital payment trends, offering valuable insights for landlords and property managers alike.
Fall Rental Trends: Rates, BRRRR, and Hidden Gems
This fall, asking rents dropped across all bedroom sizes for the first time in four years, driven largely by increased Sun Belt housing construction. For investors, this dip presents a rare window to lock in deals on larger properties before the market stabilizes. Meanwhile, the popular BRRRR (Buy, Rehab, Rent, Refinance, Repeat) model faces scrutiny as rising interest rates and costs challenge profitability. Aspiring investors may find the most value in up-and-coming cities like Sioux Falls, SD, where affordable homes offer a smart alternative to high-demand areas.
Curious to see the full report? Access the comprehensive analysis here for data on average rents, rental payments, and seasonal trends shaping the rental market through 2024.
