Realtor.com® February Rental Report: Renting Now Beats Buying in All of the Largest U.S. Metros
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The top 5 metros with the largest savings for renters include
The top 10 metros with the largest rent versus buy savings (see below for top 50 metros):
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"With rents continuing to fall and the cost of buying a home remaining high, exacerbated by the rise in mortgage rates in the later half of 2023, renting a home is now a more cost-effective option in all major
The overall advantage of renting continues to grow in most markets
In February, the cost of buying a starter home in the top 50 metros was
The advantages of renting have become more pronounced across the top metros. Looking specifically at the top 10 metros that favor renting over buying, the average monthly costs for buying a starter home were
Renting beats buying in all major metros, especially in south and west; five metros flip from last year
In February, median rents fell across all unit sizes. Despite seven months of annual rent declines, median rents are still
Realtor.com®'s rent versus buy calculator can help consumers determine if the cost of homeownership is a better deal than renting based on their location and budget.
National Rental Data – February 2024
Unit Size | Median Rent | Rent YoY | Rent Change - February 2020 |
Overall | -0.4 % | 17.3 % | |
Studio | -1.5 % | 10.4 % | |
1-bed | -0.4 % | 16.8 % | |
2-bed | -0.8 % | 19.3 % |
Markets ranked by % of saving from buying vs renting a starter home – February 2024
Metro | Median Rent | Monthly Buy Cost | $ Difference (Buy-Rent) | % Difference (Buy-Rent) | Rent Cost: YoY | Buy Cost: YoY |
141.5 % | -4.4 % | -1.6 % | ||||
121.1 % | 0.4 % | 5.6 % | ||||
99.0 % | -3.8 % | 13.9 % | ||||
95.5 % | -1.5 % | -1.3 % | ||||
89.7 % | 0.7 % | 10.7 % | ||||
86.7 % | 2.1 % | -0.8 % | ||||
86.0 % | -4.1 % | 15.8 % | ||||
84.4 % | -0.9 % | -0.1 % | ||||
82.1 % | 1.1 % | 2.3 % | ||||
80.0 % | 1.2 % | 2.6 % | ||||
79.3 % | -2.1 % | -2.8 % | ||||
77.2 % | 3.1 % | 5.7 % | ||||
76.4 % | -1.9 % | -2.2 % | ||||
75.1 % | 5.4 % | 9.8 % | ||||
74.2 % | -0.4 % | 36.2 % | ||||
71.8 % | 2.5 % | 3.6 % | ||||
68.7 % | -0.5 % | 0.2 % | ||||
66.3 % | -3.0 % | 15.2 % | ||||
64.0 % | -1.5 % | -1.0 % | ||||
59.2 % | -2.6 % | 7.7 % | ||||
59.2 % | -0.4 % | -0.2 % | ||||
55.6 % | 1.3 % | 8.2 % | ||||
54.5 % | -1.8 % | 3.2 % | ||||
52.1 % | -4.1 % | 5.3 % | ||||
51.4 % | 1.6 % | 1.8 % | ||||
51.1 % | 1.0 % | 7.7 % | ||||
48.9 % | -1.8 % | 2.4 % | ||||
48.5 % | -1.4 % | 3.7 % | ||||
47.8 % | -0.3 % | 5.8 % | ||||
42.1 % | 3.7 % | 9.9 % | ||||
40.1 % | -1.1 % | 8.6 % | ||||
38.9 % | -3.4 % | -2.9 % | ||||
35.1 % | 3.6 % | 14.7 % | ||||
31.9 % | 0.8 % | 19.9 % | ||||
30.7 % | -2.7 % | 1.3 % | ||||
30.1 % | -0.8 % | 5.4 % | ||||
24.2 % | -1.0 % | 12.6 % | ||||
17.7 % | 2.7 % | 3.1 % | ||||
17.4 % | -0.4 % | 8.4 % | ||||
15.0 % | -1.5 % | 5.7 % | ||||
14.0 % | -1.8 % | 30.1 % | ||||
10.7 % | -1.6 % | 10.0 % | ||||
7.7 % | -3.9 % | 8.3 % | ||||
2.2 % | -5.0 % | 34.8 % | ||||
1.3 % | 1.8 % | 16.5 % |
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Methodology
Rental data as of February 2024 for studio, 1-bedroom, or 2-bedroom units advertised as for-rent on Realtor.com®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within the top 50 largest metropolitan areas. Realtor.com® began publishing regular monthly rental trends reports in October 2020 with data history stretching back to March 2019.
The monthly cost of buying a home was calculated by averaging the median listing prices of studio, 1-bed, and 2-bed homes, weighted by the number of listings, in each housing market. Monthly buying costs assume a
With the release of its January 2024 rent report, Realtor.com® incorporated a new and improved methodology for capturing and reporting more comprehensive rental listing trends and metrics. The new methodology is expected to yield a cleaner, more representative and more consistent measurement of rental listings and trends at both the national and local level. The methodology has been adjusted to better represent the true cost of primary housing for renters. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the rental data released since January 2024 will not be directly comparable with previous releases and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology.
About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
Media contact:
Sara Wiskerchen, press@realtor.com
View original content:https://www.prnewswire.com/news-releases/realtorcom-february-rental-report-renting-now-beats-buying-in-all-of-the-largest-us-metros-302098643.html
SOURCE Realtor.com