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SANTA CLARA, Calif., Oct. 28, 2021 /PRNewswire/ -- From Broadway lights to bustling offices, big cities are back – and so are surging downtown rental prices. Following sharp declines during the pandemic, September data shows rents in the 10 biggest U.S. tech cities like Austin and New York surpassed March 2020 levels by an average of 6.3%, according to the Realtor.com® Monthly Rental Report released today. Nationally, rents grew at a double-digit annual pace (+13.6%) for the second month in a row.
"With rents continuing to surge to new highs nationwide, including in big tech hubs, September data confirms the U.S. rental market has moved past the recovery phase and is fully back in business. Rental demand remains unseasonably high, driven by still-limited housing supply, rising mortgage rates pushing buyers towards renting, and more people returning to big cities," said George Ratiu, Manager of Economic Research for Realtor.com®. "At the same time, it's important to put recent rental activity in the context of housing trends throughout the pandemic. Rents didn't rebound from COVID declines as quickly as for-sale home prices, but rental activity has now reached a level not unlike the homebuying frenzy seen earlier this year, before fall seasonality kicked in. The good news is that if rents continue to parallel home listing prices, rental price growth could potentially begin cooling this winter."
Rents surge in major urban tech hubs following steep pandemic declines
While big city rents dropped or stalled during the pandemic as people fled to less expensive and crowded areas, large urban rental markets began to rebound in April 2021 with the rollout of vaccines. However, rent growth in these major metros has found its stride over the past two months, with September data showing big city rents have not only recovered but are making up for lost time. In most counties at the heart of the nation's 10 biggest tech cities, the September rental growth rate was higher than in March 2020, before the onset of COVID.
"The days of rental deals in metros like San Francisco and Manhattan may be over, but there is a silver lining for renters with more flexible timelines. Big city rental competition and high prices is a sign of normalcy, which could precede more seasonal norms like winter cooling in rent growth in parts of the U.S.," Raitu added. "For renters on tighter schedules, compromises will be key to staying on budget and not getting swept up in bidding wars. If location and size are your must-haves, consider deprioritizing extra amenities or upgrades. You can use tools like the Realtor.com® Rentals app to set up searches and alerts for rentals that match your top criteria."
Rental prices quicken their double digit pace
For the second consecutive month, national rents grew at a double-digit pace over last year and at a higher rate than in August. September's rent growth was faster than in a typical year, but month-over-month has been getting smaller since the summer. This suggests a return to seasonality may be on the horizon for this coming December or January.
Realtor.com® September 2021 Rental Data - 10 Biggest U.S. Tech Hubs | ||||||||
Metro | Pre- | COVID | COVID | COVID Low | Sept. 2021 | Sept. 2021 | Sept 2021 | Sept. 2021 |
Austin, Texas | $1,367 | Oct-20 | $1,300 | -4.9% | $1,647 | 25.3% | 26.7% | 20.5% |
Boston, Mass. | $1,680 | Dec-20 | $1,600 | -4.8% | $1,895 | 3.4% | 18.4% | 12.8% |
Chicago, Ill. | $2,300 | Apr-21 | $2,350 | 2.2% | $2,500 | 2.7% | 6.4% | 8.7% |
Denver, Colo. | $2,635 | Feb-21 | $2,488 | -5.6% | $2,850 | 15.5% | 14.5% | 8.2% |
Los Angeles, Calif. | $1,938 | Dec-20 | $1,700 | -12.3% | $2,095 | 13.8% | 23.2% | 8.1% |
New York, N.Y. | $1,976 | Dec-20 | $1,836 | -7.1% | $2,075 | -3.8% | 13.0% | 5.0% |
San Francisco, Calif. | $1,650 | Dec-20 | $1,593 | -3.5% | $1,695 | 5.5% | 6.4% | 2.7% |
San Jose, Calif. | $2,480 | Jan-21 | $2,242 | -9.6% | $2,517 | 10.8% | 12.3% | 1.5% |
Seattle, Wash. | $2,923 | Jan-21 | $2,610 | -10.7% | $2,895 | 16.7% | 10.9% | -1.0% |
Washington, D.C. | $3,127 | Dec-20 | $2,645 | -15.4% | $3,015 | 9.2% | 14.0% | -3.6% |
Realtor.com® September 2021 Rental Data - 50 Largest Metropolitan Areas | ||||||||
Metro | Overall | Overall | Studio | Studio | 1br | 1br Rent | 2br | 2br Rent |
Atlanta-Sandy Springs-Roswell, Ga. | $1,720 | 22.3% | $1,591 | 16.9% | $1,618 | 23.1% | $1,878 | 22.3% |
Austin-Round Rock, Texas | $1,647 | 25.3% | $1,315 | 21.2% | $1,523 | 26.7% | $1,835 | 26.1% |
Baltimore-Columbia-Towson, Md. | $1,701 | 11.0% | $1,495 | 19.7% | $1,615 | 10.6% | $1,809 | 9.6% |
Birmingham-Hoover, Ala. | $1,115 | 14.4% | $1,056 | 12.9% | $1,070 | 12.8% | $1,175 | 18.1% |
Boston-Cambridge-Newton, Mass.-N.H. | $2,517 | 3.4% | $2,195 | 6.6% | $2,400 | 5.5% | $2,775 | 0.9% |
Buffalo-Cheektowaga-Niagara Falls, N.Y. | $1,213 | 13.9% | $795 | 0.6% | $1,075 | 8.0% | $1,390 | 18.8% |
Charlotte-Concord-Gastonia, N.C.-S.C. | $1,543 | 20.5% | $1,402 | 22.4% | $1,420 | 19.1% | $1,685 | 18.4% |
Chicago-Naperville-Elgin, Ill.-Ind.-Wis. | $1,695 | 2.7% | $1,150 | -14.8% | $1,650 | 3.1% | $1,950 | 2.6% |
Cincinnati, Ohio-Ky.-Ind. | $1,200 | 12.7% | $1,077 | 12.8% | $1,143 | 11.5% | $1,275 | 8.5% |
Cleveland-Elyria, Ohio | $1,140 | 8.6% | $800 | 4.0% | $1,081 | 8.5% | $1,235 | 10.3% |
Columbus, Ohio | $1,185 | 12.5% | $999 | 13.7% | $1,118 | 13.5% | $1,282 | 12.3% |
Dallas-Fort Worth-Arlington, Texas | $1,475 | 18.2% | $1,269 | 20.9% | $1,357 | 20.6% | $1,765 | 22.6% |
Denver-Aurora-Lakewood, Colo. | $1,895 | 15.5% | $1,590 | 16.0% | $1,771 | 17.1% | $2,184 | 16.3% |
Detroit-Warren-Dearborn, Mich. | $1,225 | 7.6% | $995 | 11.2% | $1,060 | 8.9% | $1,375 | 7.0% |
Hartford-West Hartford-East Hartford, Conn. | $1,550 | 7.6% | $1,220 | 6.1% | $1,445 | 4.4% | $1,750 | 9.4% |
Houston-The Woodlands-Sugar Land, Texas | $1,319 | 9.9% | $1,275 | 13.7% | $1,209 | 11.1% | $1,485 | 9.6% |
Indianapolis-Carmel-Anderson, IN | $1,168 | 13.4% | $1,005 | 9.2% | $1,084 | 12.8% | $1,309 | 18.6% |
Jacksonville, Fla. | $1,446 | 23.7% | $1,130 | 38.1% | $1,359 | 28.3% | $1,595 | 28.0% |
Kansas City, Mo.-Kan. | $1,150 | 7.3% | $920 | 2.8% | $1,043 | 6.0% | $1,350 | 8.0% |
Las Vegas-Henderson-Paradise, Nev. | $1,548 | 25.9% | $925 | 15.6% | $1,422 | 27.0% | $1,695 | 27.0% |
Los Angeles-Long Beach-Anaheim, Calif. | $2,850 | 13.8% | $2,122 | 10.5% | $2,600 | 14.0% | $3,395 | 13.9% |
Louisville/Jefferson County, Ky.-Ind. | $1,035 | 8.9% | $890 | 2.9% | $980 | 5.4% | $1,164 | 17.3% |
Memphis, Tenn.-Miss.-Ark. | $1,217 | 22.9% | $1,100 | 9.5% | $1,195 | 24.5% | $1,275 | 25.4% |
Miami-Fort Lauderdale-West Palm Beach, Fla. | $2,500 | 31.6% | $1,972 | 27.2% | $2,200 | 29.4% | $2,894 | 28.6% |
Milwaukee-Waukesha-West Allis, Wis. | $1,417 | 6.1% | $1,100 | 2.8% | $1,315 | 4.0% | $1,660 | 10.7% |
Minneapolis-St. Paul-Bloomington, Minn.-Wis. | $1,510 | 4.1% | $1,200 | 0.4% | $1,436 | 4.4% | $1,835 | 7.9% |
Nashville-Davidson-Murfreesboro-Franklin, Tenn. | $1,576 | 20.1% | $1,555 | 13.5% | $1,517 | 22.0% | $1,620 | 17.5% |
New Orleans-Metairie, La. | $1,350 | 0.0% | $975 | -2.5% | $1,300 | 0.1% | $1,550 | 4.0% |
New York-Newark-Jersey City, N.Y.-N.J.-Pa. | $2,500 | -3.8% | $2,250 | -2.1% | $2,300 | -8.0% | $2,840 | -2.1% |
Oklahoma City, Okla. | $850 | 6.4% | $700 | 0.4% | $760 | 7.0% | $899 | 4.5% |
Orlando-Kissimmee-Sanford, Fla. | $1,655 | 24.5% | $1,450 | 23.9% | $1,550 | 26.0% | $1,855 | 30.5% |
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del-Md. | $1,649 | 3.4% | $1,275 | 0.8% | $1,580 | 3.3% | $1,850 | 3.9% |
Phoenix-Mesa-Scottsdale, Ariz. | $1,700 | 26.4% | $1,284 | 32.5% | $1,530 | 28.0% | $1,899 | 26.6% |
Pittsburgh, Pa. | $1,415 | 11.6% | $1,220 | 15.6% | $1,376 | 13.7% | $1,560 | 13.5% |
Portland-Vancouver-Hillsboro, Ore.-Wash. | $1,710 | 14.1% | $1,395 | 7.4% | $1,656 | 13.4% | $1,930 | 17.0% |
Providence-Warwick, R.I.-Mass. | $1,795 | 8.8% | $1,410 | -7.5% | $1,600 | 4.2% | $1,990 | 13.2% |
Raleigh, N.C. | $1,500 | 22.4% | $1,376 | 22.5% | $1,390 | 23.7% | $1,660 | 23.9% |
Richmond, Va. | $1,299 | 15.8% | $1,085 | 13.0% | $1,173 | 15.0% | $1,454 | 15.8% |
Riverside-San Bernardino-Ontario, Calif. | $2,245 | 26.5% | $1,365 | 10.5% | $1,905 | 23.7% | $2,550 | 31.8% |
Rochester, N.Y. | $1,200 | 4.3% | $875 | 4.0% | $1,100 | 4.1% | $1,325 | 5.6% |
Sacramento-Roseville-Arden-Arcade, Calif. | $1,920 | 20.4% | $1,708 | 16.8% | $1,800 | 21.6% | $2,045 | 20.4% |
San Antonio-New Braunfels, Texas | $1,206 | 13.9% | $1,039 | 12.4% | $1,130 | 17.8% | $1,390 | 16.9% |
San Diego-Carlsbad, Calif. | $2,745 | 25.1% | $2,129 | 16.3% | $2,539 | 27.9% | $3,080 | 23.4% |
San Francisco-Oakland-Hayward, Calif. | $2,895 | 5.5% | $2,395 | 7.0% | $2,700 | 5.5% | $3,370 | 3.1% |
San Jose-Sunnyvale-Santa Clara, Calif. | $3,015 | 10.8% | $2,431 | 19.8% | $2,789 | 12.6% | $3,395 | 9.6% |
Seattle-Tacoma-Bellevue, Wash. | $2,095 | 16.7% | $1,675 | 12.8% | $2,097 | 18.1% | $2,375 | 13.0% |
St. Louis, Mo.-Ill. | $1,150 | 6.0% | $934 | 4.9% | $1,115 | 9.2% | $1,225 | 6.1% |
Tampa-St. Petersburg-Clearwater, Fla. | $1,800 | 33.3% | $1,612 | 37.4% | $1,673 | 39.4% | $2,000 | 34.2% |
Virginia Beach-Norfolk-Newport News, Va.-N.C. | $1,365 | 14.2% | $1,145 | 7.0% | $1,324 | 13.5% | $1,455 | 16.4% |
Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V. | $2,075 | 9.2% | $1,680 | 4.9% | $1,991 | 8.5% | $2,400 | 9.3% |
Methodology
Rental data as of September 2021 for units advertised as for-rent on Realtor.com®. Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). All units were studio, 1-bedroom, or 2-bedroom units. National rents were calculated by averaging the medians of the 50 largest metropolitan areas.
About Realtor.com®
Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of 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. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com®.
Media Contact
rachel.conner@move.com
View original content:https://www.prnewswire.com/news-releases/realtorcom-september-rental-report-big-tech-city-rents-are-back-301410707.html
SOURCE Realtor.com
Copyright 2021 PR Newswire
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