Latest news with #SheharyarBokhari
Yahoo
3 days ago
- Business
- Yahoo
Atlanta rent prices down 1% compared to 2024, but rose month-to-month
The median rent prices across the United States are starting to trend lower, and the same is true for Atlanta. While the dollar amounts differ, Atlanta and the United States writ large both had year-over-year rental price decreases of 1%. Similarly, both the country overall and the city saw rent prices creep upward by 0.5% in May, according to real estate firm Redfin. According to Redfin's latest report, the median rent in Atlanta is $1,549, lower than the U.S. average of $1,633. [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] TRENDING STORIES: 19 arrested for stealing thousands from Mall of Georgia Man accused of depositing check meant for GA county commissioners into personal account Possible burial site discovered during trail construction at Decatur's Legacy Park The data comes from rent prices reported for new listings with buildings that have five more more units available, according to the company. Redfin reported that, nationally, 'the rental vacancy rate for buildings with five or more units was 8.2% in the first quarter" of 2025. The company said rent prices are also less volatile than during the COVID-19 pandemic. 'Apartment construction in America has been hovering near a 50-year high, and even though renter demand is strong, it's not keeping pace with supply,' Redfin Senior Economist Sheharyar Bokhari said. 'Many units are sitting vacant for months, which means renters have power to negotiate concessions and landlords have less leeway to keep rents high.' [SIGN UP: WSB-TV Daily Headlines Newsletter]
Yahoo
4 days ago
- Business
- Yahoo
Redfin Reports Asking Rents Are Falling in 28 Major U.S. Metros—the Most Since 2023
The median U.S. asking rent dropped 1% year over year to $1,633 in May as elevated apartment supply gave renters room to negotiate SEATTLE, June 04, 2025--(BUSINESS WIRE)--(NASDAQ: RDFN) — The median U.S. asking rent fell 1% year over year in May to $1,633, which is $72 below the August 2022 record high, according to a new report from Redfin ( the technology-powered real estate brokerage. On a month-over-month basis, the median U.S. asking rent rose 0.5% in May—typical for this time of year. Overall, 28 of the 44 major U.S. core-based statistical areas (CBSAs) Redfin analyzed saw asking rents decline last month—the highest number since September 2023. "Apartment construction in America has been hovering near a 50-year high, and even though renter demand is strong, it's not keeping pace with supply," said Redfin Senior Economist Sheharyar Bokhari. "Many units are sitting vacant for months, which means renters have power to negotiate concessions and landlords have less leeway to keep rents high." Multifamily construction surged in the wake of the pandemic moving frenzy, and while it has started to taper off, it's still at historically high levels. As it continues to slow, asking rents may rebound. The rental vacancy rate for buildings with five or more units was 8.2% in the first quarter—the most recent period for which data is available. That's tied with the prior quarter for the highest level since early 2021. Less than half of newly built apartments are getting rented out within three months—one of the lowest shares on record. While asking rents are falling, they're much less volatile than they were during the pandemic. May marked the 15th-straight month in which asking rents barely decreased or increased, with a year-over-year change of roughly 1% or less during each of those months. Those changes pale in comparison to the wild swings during the pandemic era, when asking rents jumped as much as 17.7% and fell as much as 4.1%. Austin Asking Rents Drop to Four-Year Low as Building Spree Continues In Austin, TX, the median asking rent dropped 8.8% year over year to $1,385 in May—the lowest level since February 2021 and $414 below the August 2023 record high. That's the largest decline in percentage terms among the 44 major CBSAs Redfin analyzed. Next came Minneapolis (-6.3%), Columbus, OH (-3.5%), Nashville (-3.4%) and Portland, OR (-3.4%). Austin granted permits to build 64.5 multifamily units for every 10,000 people from April 2024 to March 2025—a higher number than any other metro Redfin analyzed in a separate report. Columbus and Nashville also ranked in the top 10 when it came to multifamily permitting. Columbus's 3.5% asking-rent decline marked the largest drop for that metro in records dating back to 2019. With rents falling and homebuying costs rising in many U.S. cities, a lot of Americans are opting to keep renting. "I'm not seeing many first-time homebuyers right now," said Nicole Stewart, a Redfin Premier real estate agent in Boise, ID. "Rental rates here are still more manageable than saving up for a down payment and mortgage. People are finding rentals that are nicer than the house they could afford at the same monthly cost. That's in part because a lot of home sellers are overpricing their properties as they struggle to adjust to the changing housing market." The typical U.S. homebuyer needs to earn over $50,000 more than the typical renter to afford monthly housing payments, and the gap has been widening due to high home prices and mortgages rates. Asking Rents Hit Record High in Four U.S. Metros In Cincinnati, the median asking rent rose 7.4% year over year to a record $1,460 in May—the largest increase among the 44 CBSAs Redfin analyzed. The second largest gain was in Tampa, FL (4.2%), followed by St. Louis (4%), Pittsburgh (3.5%) and Birmingham, AL (2.4%). Aside from Cincinnati, three metros saw rents hit a record high in May: Chicago (up 1.9% Y/Y to $1,781), Memphis (1.9% to $1,274) and Washington, D.C. (2.4% to $2,104). All metros in this section aside from Tampa and Washington D.C. are permitting less multifamily construction than the national average, which may be buoying rents. Asking Rents Are Falling Fastest for Two Bedroom Apartments The median asking rent for 0-1 bedroom apartments fell 0.7% year over year to $1,492. For 2 bedroom apartments, it decreased 1.8% to $1,704—the largest decline since February 2024. And for 3+ bedroom apartments, it fell 0.2% to $2,009—the smallest decline in about a year. To view the full report, including charts as well as additional metro level data and methodology, please visit: About Redfin Redfin ( is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people. Redfin's subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®. For more information or to contact a local Redfin real estate agent, visit To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@ To view Redfin's press center, click here. View source version on Contacts Contact RedfinRedfin Journalist Services:Angela Cherrypress@ Sign in to access your portfolio
Axios
4 days ago
- Business
- Axios
Austin apartment permits have plummeted since the pandemic
Permits for multifamily housing have dropped below pandemic -era levels across the country, according to Redfin, with Austin seeing among the most dramatic fall-offs. Why it matters: Apartment construction influences housing affordability in Austin, where a wave of new apartments ultimately helped curb rent hikes. The construction slowdown, which tariffs could prolong, risks reigniting rent inflation. The big picture: The rise of remote work during the pandemic allowed Americans to relocate to Austin and other cities, leading to a surge in rental demand. Builders ramped up construction in response — but now, rents are flattening and borrowing costs are high, making building less attractive. By the numbers: Developers got permits to build an average of 64.5 multifamily units per 10,000 people in greater Austin from April 2024 to March 2025, according to Redfin's analysis of Census Bureau data. That's down from the nearly 95 multifamily units per 10,000 people during the pandemic surge. Reality check: Austin is still issuing more multifamily permits — buildings with five or more units — than any other metro Redfin analyzed. The local rate of multifamily building permits granted outstrips the national rate of 12.4 multifamily units per 10,000 people in recent months. State of play: The median asking rent in Austin dropped 10.7% year over year to $1,420 in March — $379 below its record high. That was the largest decline in percentage among the 44 major U.S. metropolitan areas Redfin analyzed this spring. Zoom out: 63% of major metros are seeing fewer units approved per 10,000 people compared to the pandemic era. What they're saying: Builders nationwide are "pumping the brakes because elevated interest rates are making many projects prohibitively expensive," Redfin senior economist Sheharyar Bokhari wrote in the report. What's next: Mayor Kirk Watson is offering a resolution at Thursday's City Council meeting ordering city officials to re-examine incentive programs that allow developers to build taller buildings in exchange for affordable housing.
Yahoo
5 days ago
- Business
- Yahoo
Are U.S. home prices finally dropping? What a new analysis found
U.S. home prices dropped slightly in April. The decline was measured at 0.1% by the Redfin Home Price Index, on a seasonally adjusted basis. It's the first month-over-month fall in prices since September 2022, according to the Seattle-based brokerage site. But on a year-over-year basis, Redfin said April home prices around the country were up 4.1%. Still, that's less than the 4.9% growth recorded in March, the lowest annual price growth since July 2023. Redfin senior economist Sheharyar Bokhari said housing costs continue to be an issue. 'Home prices are flat, and that's good news for buyers after years of rapid increases,' Bokhari said. 'But even with prices softening, affordability remains a major hurdle. Elevated mortgage rates and high prices mean that many buyers are stretching their budgets to make a purchase.' He attributed what's seen as a minor change in prices to demand being down while supply is up. Buyers are seen taking 'a wait and see approach' to making major purchases due to concerns over the impact of President Donald Trump's on-again, off-again tariffs that some fear could lead to a recession. That's led to pending home sales falling 3.5% month over month in April, according to Redfin, and the total number of homes for sale hitting a five-year high even with sellers offering more concessions. Mortgage payments also reached an all-time high in April, with the median U.S. monthly mortgage payment at $2,870, Redfin data has shown. The new record was said to result from both high home prices and mortgage rates. The new data released Wednesday had home prices falling in half of the nation's most populous metropolitan areas, a list which does not include any place in Utah. Redfin described the numbers as 'highlighting the overall slowdown.' The company's data found April home prices, adjusted on a seasonally adjusted basis and compared month over month, dropped the most in Charlotte, North Carolina, and Virginia Beach, Virginia, where they were down 1%. The biggest home price increase was in Nassau County, New York, up 1.8%. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-05-2025
- Business
- Yahoo
Redfin Reports Investor Purchases of Condos Fall to Lowest Level in 10 Years, Aside From Start of Pandemic
Overall investor purchases are increasing slightly, but investors are backing away from condos as it becomes harder to make money by renting them out—especially in Florida SEATTLE, May 28, 2025--(BUSINESS WIRE)--(NASDAQ: RDFN) —U.S. real estate investors purchased 46,726 homes in the first quarter, up 2% year over year. That's according to a new report from Redfin ( the technology-powered real estate brokerage. Investor purchases have been relatively stable for the last year, increasing or decreasing by 4% or less each quarter. This puts an end to the wild pandemic-era swings in investor purchases, with purchases increasing by up to 145% year over year in the middle of 2021 and falling by as much as 47% at the start of 2023. In terms of raw numbers, investor purchases are back to roughly pre-pandemic levels. Investor purchases soared at the start of the pandemic, with real estate flippers and landlords rushing to take advantage of ultra-low mortgage rates and the moving frenzy, then plummeted in 2022 and 2023 as rates increased and people stopped moving. Now, investors are more level-headed, purchasing homes when they believe it will provide a good financial return but holding off when there's more risk. "Investor home purchases have leveled off because rapid sale-price and rent growth is no longer the norm," said Redfin Senior Economist Sheharyar Bokhari. "While some investors are still making money by flipping homes or renting them out, particularly in parts of the U.S. where rents are still rising, many of the investors who jumped into the market in 2021 or 2022 have backed off. That's one piece of good news for regular homebuyers: While it's still hard for the average American to afford a home, there are now more homes to choose from and individuals aren't facing stiff competition from investors. That allows buyers the chance to negotiate prices down, and/or ask the seller for concessions." Investors netted a median of $182,980 in capital gains for each home they sold in March, up 2.8% from a year earlier. Just 6% of homes sold by investors were sold at a loss, up only marginally from 5% a year earlier. Investor listings are making up a slightly smaller share of overall listings than last year. Less than one in 10 (8.4%) total U.S. home listings was from an investor in March, down from 8.9% a year earlier and the lowest share in nearly two years. Investors are selling fewer homes now mainly because their buying activity plummeted in 2023. Investor Purchases of Condos Decline 3% Year Over Year to Lowest Level Since Onset of Pandemic While overall purchases are holding steady, investors are backing off of condos. Investors purchased 8,509 condos in the first quarter, down 3% year over year to the lowest level in 10 years (except Q2 2020, when the start of the pandemic nearly ground the housing market to a halt). Investors are buying fewer condos because the condo market is slowing faster than the overall housing market, with buyers concerned condos will lose value. A recent Redfin analysis found that nearly seven in 10 (68%) U.S. condos sold below list price at the start of 2025, the lowest share in five years. Florida's stagnant condo market is one reason investor purchases of condos are down nationwide. Florida condos are struggling largely because HOA fees are surging and insurance costs are rising amid the increase in climate-driven natural disasters. Additionally, many of Florida's condo buildings are oceanfront, making them particularly vulnerable to climate disasters. Redfin agents in other parts of the country, including California and Washington, D.C., say their condo markets are weakening because HOA fees are going up, and because it's difficult to rent out condos in today's market. "People who own condos as rentals are trying to offload them because the money no longer makes sense. And people aren't buying condos to rent them out anymore unless they have cash to burn," said Stuart Naranch, a Redfin Premier agent in Washington, D.C. "It's a tough time to rent out a condo because high mortgage rates make it hard to profit on a financed condo, and outside forces like homeowners' association rental regulations and potential rental caps are adding to the hassle of being a landlord. The flip side is that people who are buying a condo as a home rather than an investment may get a deal because there are a lot of them on the market, without much competition." Investors Pulling Back Fastest From Florida, Continuing a Yearslong Trend Florida is home to three of the five metro areas where investor purchases declined most in the first quarter. Investor purchases fell 19% year over year in Miami, more than any other metro in Redfin's analysis. Next come Orlando, FL (-13%), Warren, MI (-13%), Columbus, OH (-13%), and Fort Lauderdale, FL (-12%). Investors still have a higher market share in Miami than any other metro, with investors buying 30% of all Miami homes in the first quarter. But that's down from a seven-year peak of 35% at the end of 2022, and the lowest share of any first quarter since 2021. Investors have been backing off from Florida real estate for years. Investor purchases of homes in Miami, Orlando and Fort Lauderdale have dropped on a year-over-year basis every quarter since midway through 2022. In Florida, buying a home to rent it out or flip it is not nearly as appealing as it once was because the state's home prices are dropping, inventory is high, and HOA fees and insurance costs are soaring amid the increasing frequency of natural disasters. As stated above, some of the decline in investor purchases in Florida is due to the dwindling popularity of condos. Investors Are Buying Roughly 1 in 5 U.S. Homes Investor market share is holding steady. Real estate investors purchased 19% of U.S. homes that sold in the first quarter, unchanged from a year earlier and up just slightly from 18% two years earlier. Investor market share has been fairly stable for the last several years because investor activity has aligned with that of individual homebuyers. When individual homebuying demand is down, investors are less likely to purchase homes because they're less likely to be able to sell it for a profit. Additionally, today's high interest rates discourage both individuals and investors from purchasing homes. Investors Are Buying More Single-Family Homes While investors are buying fewer condos, they're buying slightly more of every other property type. Investor purchases of single-family homes rose 3% year over year in the first quarter. Purchases of townhouses and multi-family properties were each up 1% year over year. When it comes to market share, investors bought roughly one-third (34%) of multi-family properties that sold in the first quarter. Investors bought 19% of single-family homes, townhouses and condos that sold. Investor Purchases of High-Priced Homes Are Rising, While Purchases of Low-Priced Homes Are Falling Investor purchases of high-priced homes nationwide rose 12% year over year in the first quarter, the biggest increase in three years, while purchases of mid-priced homes rose 2%. Meanwhile, investor purchases of low-priced homes fell 4% year over year. Still, low-priced homes made up nearly half (46%) of investor purchases in the first quarter, while high-priced homes made up 30% and mid-priced homes made up 24%. Investors also have a higher market share of low-priced homes than higher-priced homes. Investors bought 26% of all low-priced homes that sold in the first quarter, while they bought 18% of high-priced homes and 14% of mid-priced homes. To view the full report, including methodology and a full metro-level summary please visit: About Redfin Redfin ( is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people. Redfin's subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®. For more information or to contact a local Redfin real estate agent, visit To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@ To view Redfin's press center, click here. View source version on Contacts Contact RedfinRedfin Journalist Services:Kenneth Applewhaite, 206-414-8880press@
