In this month’s report, we explained a few key market trends:
🔑 There may be a mismatch between your market’s median rent and your renewal price.
🔑 Miami’s housing market has been called a bubble. Is it about to burst?
🔑 In-migration is contributing to rent at the state level in Wisconsin.
While rent trends differ from region to region, here’s what you need to know about rent prices on a national level:
🔑 The national median rent price for a one-bedroom apartment (now $1,495) decreased by 3.2% from September to October.
🔑 As asking rent prices continue to soften — especially in areas where construction has been high, like the Mountain West and Southeast — property owners are starting to look to their current tenants to help balance their books.
🔑 With newly developed communities offering lower prices and concessions next door, a high renewal price is a tough pill to swallow for renters. Owners may want to consider smart pricing strategies that encourage existing residents to stay where they are.
In this month’s report, we dove deep into the following trend:
🔑 Recently, UBS released a report on housing bubbles most likely to crash — ranking Miami, FL at No. 1. The report cites the gap between rising home prices and lowering rents as a major indicator that housing in the city has been mispriced, as well as the disparity between home prices and incomes.
🔑 Every October since 2022, rent has consistently decreased: By 16% from ’22 to ’23, 5.6% from ’23 to ’24, and by 3.7% from ’24 to ’25.
🔑 These numbers don’t tell the whole story. The larger price drops can be explained by the pandemic housing peak, while the recent dips can be attributed to new housing construction.
🔑 The persistence of cash home sales and strong international in-migration, coupled with the slowing rent declines and relatively stable sale prices hint that — if Miami is a bubble — it is a long way from bursting.
🔑 In 2024, Wisconsin saw the largest population gain through migration in over 20 years. In-migration can have positive impacts on the local economy, while also putting stressors on housing — especially in a supply-strapped state like Wisconsin.
🔑 This month, Wisconsin saw the greatest MoM rent increase for a one-bedroom apartment at the state level (+6.5%), and the second-highest YoY change (+17.9%).