Market update November 2024: Rent growth slows – will it pick up soon?

Between the Federal Reserve making a second interest rate cut in two months and the recent presidential election, the coming months of housing market data may be more volatile than we are used to.

November and December are typically slower for the sales and rental markets, but we could see shifts in activity as they react to the results.

However, October’s data, collected before the election, shows little change in the sales and rentals markets.

• Zumper reports a rise in the national median rent for one-bedrooms by $1 this October, to $1,534, while two-bedroom rents dropped $2 to $1,910.

• Year-over-year increases in October for one- and two-bedroom units were 1.9% and 2.6% respectively, which is consistent with last month.

• 49 of Zumper’s top 100 cities saw a dip in rental prices from the previous month, while gains were reported in 34, and 17 saw no change.

• In the sales market, the national median list price in October was $424,950, which is just $50 lower than last month and last October, according to Realtor.com.

• The number of newly listed homes decreased 8.5% month over month, going from 399,750 in September to 365,690 in October.

• Meanwhile, builder confidence in the market for newly built single-family homes rose three points from October to 46 in November, according to the National Association of Home Builders. The NAHB believes that with election uncertainty behind them, builders can be hopeful for significant regulatory relief that will lead to the construction of more homes and apartments.

• Single-family housing starts in October were at a rate of 970,000, 6.9% below the revised September figure of 1,042,000.

More rental market headlines
Housing market pauses for election – HousingWire
Property managers issuing refunds via instant pay have more satisfied tenants – PYMNTS
Gen Z want more pets – but there's a housing problem – Newsweek