Rentals across the SH.BA may have fallen for nearly two years, but five large coastal meters were distinguished last month after they had the least affordable markets of the country ”, including one of Florida’s hottest tourist destinations.
Miamiâ was ranked as the least affordable of the 50 best meters, according to Realtor.comâ® April 2025.
The average rent in April was $ 2,345 which means, a typical family will have to spend approximately 38% of their monthly housing salaries.
A lease is considered affordable if tenants spend no more than 30% of their gross family income.
The US Department of Housing and Urban Development-Defines cost-loaded families as those who pay more than 30%.
When it comes to the Miami market, the rents are $ 500 higher than what they should be if they would fall within this range of affordability.
“This improvement is needed, but rents are still prepared in Miami,” says Realtor.com Joyayi XU.
The other four major coastal centers reflected Miami’s trajectory, showing year -to -year improvement in their rented rented reports, but remaining unaffordable for many.
A typical family living in a New York City rental unit in April had to spend more than 37% of their revenue for average rent of $ 2,936, while in Los Angeles the revenue portion was 35.6% and the average rent was $ 2,712.
Boston had the fourth longest retail ratio last month, with a family that had to spend more than 32% of its salaries to allow a monthly rent of $ 2,968 -The highest, the highest among 50 meters followed, following only San Jose, Ca.
San Diego rounded up the top five rental markets acceptable from the holiday, with the premises that should set aside more than 31% of their income to pay $ 2,669 for rent for a typical unit.
“Encouraging, the rental ratio in all five of these meters has declined compared to the same time last year, signaling a modest improvement of affordability in these cost-loaded markets,” notes XU.
Rent continues to fall nationwide
In more positive news for tenants, April marked the 21st month in a row of annual rental drop, for rent $ 29 from the same time in action.
The average rent in the 50 meters largest was $ 1,699, which was $ 5 higher than in March, but $ 60 lower than its roof in August 2022.
Xu points out that the rise of the month over the month is seasonal, as rents tend to grow in spring and summer, before descending in the fall and winter.
“However, this monthly spring growth was more modest than last year, signaling a cooling market,” the economist adds.
The slowest rhythm of the rental market is largely driven by the construction of more family units, which has helped to facilitate increased price pressure, say XU. As a result, the rate of lease vacancies increased to 7.1% in the first quarter of 2025, the highest level at nearly seven years.
When you look at the unit size prices, one -bedroom studios and properties were reduced by 1.9% year by year, setting to $ 1,410 and $ 1,578, respectively, while the two -bedroom units fell by 1.7%, $ 1,887.
Opportunity improves at all but 2 cities
The overall opportunity also slightly improved a year’s action last month. Tenants who earned a typical household income of $ 7,263 spent 23.4% of their salaries to rent a property compared to 24.7% in April 2024.
Among the 50 markets analyzed for the report, Oklahoma City, OK, appeared as the most affordable city of April, with the typical family spending only 16.7% of their monthly salaries in the average rent of $ 994.
Other affordable rental markets included Austin, TX, Columbus, Oh, Raleigh, NC and Minneapolis, with the revenue lease in those cities ranging from 17.2% to 18.5%.
In all track markets, Kansas City, Mo, was the only thing where the share of rented revenue was raised in April, reaching 20.7%, an increase of 1.1 percent of a year’s action.
“Fortunately, this is still below the recommended part, but the trend shows an increasing cost load for Kansas City tenants,” says XU.
In Milwaukee, the rental-revenue report also did not show annual improvement, remaining flat with last year, at 26.8%.
Seeing the most improved markets in terms of affordability, San Diego topped the list in April, as the part of the revenue needed to afford an average lease in Metro California dropped from 35% last year to 31.1%.
Denver, Jacksonville, Fl, Miami, Birmingham, Al, and Phoenixâ all located in the south or west “saw their rented rented reports from April 2024, which means that people in those metro passed less from their monthly fee.
“The main driver behind this trend in both regions is to increase the new rental supply, which is helping to facilitate rental pressures,” says XU.
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Image Source : nypost.com