Understanding February 2024 Rental Market Trends Across U.S. Cities

As February 2024 unfolds, each city's rental market reveals its unique dynamics. Here's a city-by-city analysis of the rental landscape based on the recent data from November 2023 to February 2024 from Zillow rental market trends data, using a 2-bedroom home in each example.

Note this post will refer to DOM, or days on market. DOM means how many days the average property is marketed for rent. it is roughly how long you wait before you earn rent.

Arizona

• Phoenix has a consistent market with the average DOM in February holding at 52 days. While rents have slightly decreased, the stability in DOM suggests a balanced market rhythm.

California

• San Diego's DOM stands at 45 days with a slight decrease in rent, while Los Angeles has a DOM of 51 days with an increased rent, showing varied market temperatures within the state.

• Sacramento's market is quickening with the DOM at 32 days, and San Francisco's market is turning over faster with a DOM of 46 days.

• San Jose presents a highly competitive market with the lowest DOM at 27 days.

• Oakland offers a contrasting pace with the highest DOM at 68 days, indicating a slower market.

Colorado

• Denver's rental prices are on a slight decline to $2,400 with the DOM improving to 38 days. This quicker turnover is a positive sign for landlords and tenants looking for a swift rental process.

• For a deeper dive on the Denver Rental Market breaking down different property types see Analyzing Denver's Rental Market: Insights from the Latest Data

Florida

• Jacksonville's market is showing signs of stability with a median rent of $1,245 and a DOM fixed at 47 days, indicating a steady market without rapid fluctuations.

• Miami stands at a DOM of 52 days with rising rents, now at $3,000, reflecting a market that, despite longer waits, can command higher rental prices.

• Orlando exhibits a brisk market with the DOM dropping to 34 days and rent rising to $1,899, suggesting growing demand and a competitive environment for renters.

• Tampa shows a stable market with a DOM at 39 days and a consistent rent, indicating a balanced scenario for rental transactions.

Georgia

• Atlanta has seen an increase in the DOM to 50 days with a slight dip in median rent to $2,095, hinting at a slight cooling off in the market.

Missouri

• St. Louis's market is growing with the DOM at 42 days and an increase in rent.

• Kansas City mirrors this with a DOM of 48 days and a stable rent, suggesting a consistent demand.

North Carolina

• Charlotte's market is steady with the DOM remaining at 53 days, reflecting a consistent demand.

• Raleigh's DOM is also stable at 46 days, indicating a market with predictable patterns.

Texas

• Austin has the longest DOM at 59 days, suggesting a slower market despite the rent peaking at $2,300.

• Dallas and Houston both show a DOM of 46 and 59 days, respectively, with Dallas maintaining its rent and Houston showing a decrease, pointing to a more favorable market for renters.

• San Antonio reflects a DOM of 59 days with a decreased rent, indicating a slower pace in the rental process.

Washington

• Seattle continues to see strong demand with the DOM at 43 days and a rising rent, now at $2,919.

• Spokane shows an increasingly competitive market with the DOM decreasing to 36 days and rent climbing to $1,600.

The February data paints a detailed picture of the market trends across these cities. Whether you're a renter or a landlord, it's essential to do your research to understand the nuances of your specific market. Zillow's rental market trends provide a valuable resource for this analysis. By staying informed with the latest data, you can make smarter decisions to navigate the rental landscape successfully. Visit Zillow's rental market trends page to explore the data and leverage it for your rental strategy.