Median Rents Decline Across Multiple Countries

Average asking rents in Canada fell to $2,109 in December 2024, a 3.2% decrease from the previous year, marking a 17-month low due to increased apartment completions and a slowing economy. In the U.S., median asking rents also dropped by 0.3% to $1,594, the lowest since March 2022, driven by a significant increase in apartment supply and rising vacancies, particularly in cities like Austin and Tampa. Conversely, in Australia, national median weekly rents rose 1.6% to $620 but showed a notable slowdown in growth compared to previous years. In England, rents decreased by 1.7% in December, falling 19% from July highs, although year-on-year figures still reflect a 3.3% increase. Experts suggest that while 2024 saw declining rents, market dynamics may lead to price increases in 2025 due to regulatory changes and ongoing supply-demand imbalances. Overall, the rental markets across diverse regions are experiencing varying trends, with some regions stabilizing and others still facing downward pressure.